Harvard Reports Growing Cost Burdens, Even as Rental Market Cools

In the latest report from Joint Center for Housing Studies of Harvard University, rental markets continued to cool in 4th quarter 2023, but not fast enough to alleviate affordability burdens across the U.S. The quarterly report, which utilized data from RealPage Market Analytics, among other sources, emphasized that apartment occupancy and rent growth has softened after peaking in early 2022. However, average monthly rents persisted above pre-pandemic levels, leading to a record 50% of renter households being cost-burdened. Additionally, housing instability has increased, with rising eviction rates and homelessness reaching an all-time high in 2023. Despite deteriorating affordability and stability, however, rental assistance fell short of a growing need, leaving many households without support. The report points out the need for continued commitment to pandemic-era relief measures to address affordability, housing assistance and improvements to the rental market.

Read the full report from Joint Center for Housing Studies of Harvard University here.