A new report from the Joint Center for Housing Studies at Harvard University describes two rental markets in the U.S. One, with the greatest demand, has limited supply and rising rents. The other, with high vacancy, has excess supply and slow rent growth.
For the first category, "rental affordability is the worst on record," the report stated bluntly. "The number of renters with cost burdens has hit an all-time high, and the stock of low rent units has continued to fall."
The study defines cost-burdened households as those that spend more than 30% of income on housing and utilities.
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