The year 2022 was a tough one for renters. The rent-to-income, or RTI, ratio peaked, driven by high multifamily rent increases that were chasing growing property prices and falling cap rates.
Last year was an improvement, at least in theory, according to Moody's Analytics CRE. A combination of decelerating rent increases — negative growth, even — and increasing real incomes have meant that RTI have been declining.
But it hasn't done much to change the fortunes of most households. "Still, metros previously identified as 'rent burdened' remained the same for this edition of the report, even as 85% of all metros experienced RTI decline relative to one year prior," Moody's wrote.
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