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Dynamics of the Current Rental Housing Market

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19 January 2010    
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Dynamics of the Current Rental Housing Market
HUD Publication CoverpageThe national rental vacancy rate during the second quarter of 2009 was up from both the previous quarter and the same quarter in 2008. However, changes in vacancy rates varied regionally — from a marginal annual decline in the Seattle-Bellevue-Everett metropolitan statistical area (MSA) to a noteworthy yearly increase in the Phoenix-Mesa-Scottsdale MSA.
A new working paper, "U.S. Rental Housing Characteristics: Supply, Vacancy, and Affordability," 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:

  • 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.
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Sabbatical-in-residence program

    HUD's Office of Policy Development and Research (PD&R) is pleased to announce the launch of a Sabbatical-in-Residence Program beginning in spring 2010. The program invites scholars and academics from institutions of higher education and housing/
    community development-based nonprofits to work within our organization to support staff in the furtherance of high priority projects focusing on housing research and policy development.

    Please review the announcement, which provides an overview of the program, identifies the anticipated areas of research focus, and provides information regarding the application and selection process at www.huduser.gov/
    portal/sabbatical.html    .

    Completed applications should be emailed to PD&RIPASabbatical Program@hud.gov no later than 12:00 noon Eastern time on March 1, 2010. Any questions may be directed to Jacqueline Buford at 202-402-5832.

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