In 2022, half of all renters were cost burdened, spending more than 30 percent of their income on rent and utilities. According to a new report from the Harvard Joint Center for Housing Studies, this represents a record high of 22.4 million Americans who are cost burdened. In fact, among those renters, 12.1 million were severely cost burdened, paying over half of their income for housing and utilities. This surge also represents an all-time high.

While the report notes the rental market is cooling, evictions have risen, and we have the highest homeless numbers on record as a country. As a result, the need for rental assistance appears to be greater than ever before.

Historically high rent increases were recorded in 2021 and 2022. However, rent growth has almost completely stopped. In some markets, rents have even fallen.