HUD has published a new working paper entitled “U.S. Rental Housing Characteristics: Supply, Vacancy, and Affordability.” The paper reports these findings as part of its overview of the current rental housing market dynamics, in relation to supply, local conditions, the national assisted rental housing stock, and both need and demand for affordable rental housing. Trends in rental housing characteristics over time are also noted. Key findings include:
- The national rental vacancy rate was 10.6 percent in the second quarter of 2009, up from both the previous quarter and the same quarter in 2008.
- In 2008, regional vacancy rates ranged from 4.5 to 18.3 percent.
- From 2006-2008, Section 8 vacancy rates varied marginally and did not exceed 5%; public housing vacancies fell 2%.
- Low-income housing tax credit developments represented approximately half of all newly constructed multifamily units since 2000.
- From 2001-2007, the stock of affordable unassisted rentals dropped 6.3%; high-rent units increased 94.3%.
- Renter households spending at least 50% of their incomes on housing increased from 8.3 million in 2007 to 8.7 million in 2008.
