Americans who've lost their homes to foreclosure are now looking to rent, tightening up already low vacancy rates and driving up prices. Meanwhile, foreclosed homes sit empty.
"Foreclosures have helped swell the ranks of renters, according to a study released Wednesday by Harvard University's Joint Center for Housing Studies. The study shows that U.S. renter households increased by nearly one million last year -- four times the pace of renter growth from 2003 to 2006 -- to 35.1 million.
Competition for rental properties has pushed up average rents to a record $775 a month, says the Harvard center. Since only about one-third of rental properties are single-family houses as opposed to apartments, it can be hard for foreclosed homeowners to find an equivalent, affordable place to rent, says William Apgar, the center's senior scholar.
And though hundreds of thousands of houses and condos have gone back to the banks that lent money on them, few of these properties are being offered to tenants because lenders don't want to be in the property-management business. So they sit vacant."
FULL STORY: The Accidental Renters
HUD Updates Fair Market Rate Definition
The U.S. Department of Housing and Urban Development announced two actions last week intended to expand the reach of federal housing voucher programs.
U.S. Now Thoroughly Rent Burdened
Average U.S. rent burden reached 30 percent for the first time ever at the end of 2022, according to a recent analysis.
More Research Needed to Understand the Rental Market
Large institutional investors are changing the realities of the U.S. rental housing market, but a lack of information makes it hard for cities to respond.
What ‘The Brutalist’ Teaches Us About Modern Cities
How architecture and urban landscapes reflect the trauma and dysfunction of the post-war experience.
‘Complete Streets’ Webpage Deleted in Federal Purge
Basic resources and information on building bike lanes and sidewalks, formerly housed on the government’s Complete Streets website, are now gone.
Downtown Los Angeles on the Rise: A Promising 2025
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San Francisco Slow Streets Bucks Citywide Trend, Reducing Injuries by 61 Percent
Low-cost interventions aimed at slowing traffic are making a major impact on road safety.
How Single-Family Conversions Benefit Both Homeowners and Cities
Converting single-family homes to triplexes can ease the housing crisis and offer affordable, flexible options for more households. Why is it largely illegal?
Report: Transportation Equity Requires More Than Electrification
Lower-income households often lack the resources to buy electric cars, signaling a need for a more holistic approach to improving mobility and lowering transportation costs.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Economic & Planning Systems, Inc.
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research