 |
| Lynn Fisher |
WASHINGTON DC -- The
Mortgage Bankers Association's Research Institute for Housing America (RIHA) released
a new report, detailing how household formation by Millennials and the shift of
many potential homeowners to a rental market during the depths of the Great
Recession combined to create the current affordability crisis in rental
housing.
The report, Diverted
Homeowners, the Rental Crisis, and Foregone Household Formation, analyzes
various supply and demand factors that have led to this crisis and provide
detailed analysis of the shifts in homeowner and rental demand.
“Demand for rental housing
has greatly outstripped supply, rapidly pushing vacancies down and rents up
even as incomes fell. The supply is still trying to catch up with the demand,”
said Lynn Fisher, RIHA’s Executive
Director and MBA’s Vice President for Research and Economics.
“In the middle of the last
decade, right as the Millennials were anticipated to begin forming their own
households and increase demand for rental housing, the supply side of the
market stalled due to the turmoil in credit markets.
“At the same time,
homeowners diverted from ownership piled into the rental market. The single family rental sector certainly
grew, but was only able to accommodate some of the increase.”
The analysis was conducted
by Dowell Myers, Gary Painter, Hyojung
Lee, and JungHo Park of the Sol Price School of Public Policy at the
University of Southern California.
For a complete copy of the company’s
news release, please contact:
Ali Ahmad
(202) 557-2727
No comments:
Post a Comment