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The number of affordable units — with rents under $600 — also dropped to 7.2 million that year, 2.1 million fewer than a decade earlier. Photos You Should See View All 45 ImagesThose factors contributed to a dramatic rise in eviction filings and a record number of people becoming homeless. "It just hits you like, ‘This is for nothing.’"In Auburn, Massachusetts, pervasive rent hikes have already hit the last bastion of affordable housing. Just off an interstate alongside a pond, residents at the American Mobile Home Park face rent increases upwards of 40%. The group Lawyers For Civil Rights has sent a letter to the landlord accusing it of “unconscionable rent increases," and failing to provide critical services like adequate garbage and snow removal.

Persons: Caitlyn Colbert, Colbert, “, ”, —, Whitney Airgood, Obrycki, ” Colbert, haven’t, Amy Case, Ann Urbanovitch, Zach Neumann, Monique Gant, Gant, Nick Graetz, ” Graetz, Chris Herbert, Jared Polis, ___ Casey, ___ Organizations: DENVER, Harvard Joint Center for Housing Studies, Harvard, Habitat, Humanity, American Mobile, Civil Rights, Associated Press, Colorado Judicial, Community Economic Defense, Princeton, ”, Colorado Gov, America Statehouse News Initiative, America Locations: Denver, U.S, ”, Auburn , Massachusetts, Colorado, Washington, Massachusetts, Boston

☆ Rental markets are softening, but half of U.S. tenants spend more than they can afford, Harvard report finds
▼ + stars: | 2024-02-02 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Rent prices are coming down in some areas, but not at the pace needed to relieve tenants struggling to pay rent. Half of renters in the U.S. spent more than 30% of their income in 2022 on rent and utilities, according to the new America's Rental Housing report by the Joint Center for Housing Studies of Harvard University. The report considers those who spend 30% or more of their income on housing "rent burdened" or "cost burdened," which means those high costs may make it difficult for them to meet other essential expenses. The share of cost-burdened renters increased by 3.2 percentage points from 2019 to 2022. While cost burden has increased across income levels, the consequences are much higher for low-income households, said Airgood-Obrycki.

Persons: Whitney Airgood Organizations: Joint Center for Housing Studies of Harvard University, Finance Locations: U.S, Here's

☆ Rental markets are cooling, but it 'doesn't mean they're falling,' Harvard researcher says. Here's what that means for renters
▼ + stars: | 2024-02-01 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Recep-bg | E+ | Getty ImagesRent costs are beginning come down after record-high asking prices. "Rental markets are cooling, but in a lot of places, it doesn't mean they're falling. It means they're growing at a slower pace," said Whitney Airgood-Obrycki, senior research associate focused on affordable housing at the Joint Center for Housing Studies of Harvard University. Prices are beginning to come down as supply boosts vacancy and demand slows from record highs in 2022. Increasing the supply of higher-rent Class A units often encourages tenants to upgrade to new units, making prices in those units level out and boosting vacancy in Class B and C units, Airgood-Obrycki said.

Persons: Whitney Airgood, Susan M, Wachter, Obrycki Organizations: Joint Center for Housing Studies of Harvard University, Prices, Finance, Wharton School, University of Pennsylvania Locations: Here’s, Airgood

☆ Rent is unaffordable for over half of US tenants, but the cost is cooling
▼ + stars: | 2024-01-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

The median asking rent was $1,713, which was down $4 from November and down $63 from the July 2022 peak. However, median rent is still $309 higher than the same time in 2019, before the pandemic. What’s more, 12 million of those renters are severely cost burdened, which means they are paying more than half of their income on housing. Following changes in housing needs during the pandemic and an already existing low supply of multifamily housing in some markets, rents surged in 2021 and 2022. Without continued new supply in addition to enhanced rental support, the Harvard report concludes affordability will remain a critical concern for many renters.

Persons: Chris Herbert, ”, Whitney Airgood, Douglas Elliman, Miller Samuel Real, “, Anthemos Georgiades, ” Georgiades Organizations: DC CNN, Harvard University’s, for Housing Studies, Harvard Joint Center for Housing Studies, Harvard, Census Bureau, Builders, National Association of Home Builders, Baby Boomers Locations: Washington, United States, Manhattan

☆ U.S. rents surge, leaving behind generation of younger workers
▼ + stars: | 2022-09-21 | by ( Rose Horowitch | ) www.reuters.com time to read: +6 min

REUTERS/Amr AlfikySept 21 (Reuters) - The cost of renting a home in the United States is surging and young workers have felt the sharpest pain, many of them taking on additional jobs or roommates to afford housing costs. Household rents in 2021 jumped 10% from pre-pandemic levels, according to Census Bureau estimates released last week. The 23-year-old spent a year in an apartment in New York City's Queens borough with a door that wouldn’t lock. Recent college graduate Caleb Seamon, 22, started delivering for Uber Eats alongside his full-time job at a think-tank to afford housing. Even so, Seamon says he only found a New York apartment because one of his roommate's parents acted as guarantors.

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