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Journal Article
Can Monetary Policy Tame Rent Inflation?
Rent inflation has surged since early 2021. Because the cost of housing is an important component of total U.S. consumer spending, high rent inflation has contributed to elevated levels of overall inflation. Evidence suggests that, as monetary policy tightening cools housing markets, it can also reduce rent inflation, although this tends to adjust relatively slowly. A policy tightening equivalent to a 1 percentage point increase in the federal funds rate could reduce rent inflation as much as 3.2 percentage points over 2½ years.
Report
Gentrification and Changes in the Stock of Low-Cost Rental Housing in Philadelphia, 2000 to 2014
Philadelphia has experienced increased rental housing affordability challenges in recent years, especially in neighborhoods that have undergone gentrification. This report explores one aspect of gentrification?s impact on housing costs by examining its association with changes in Philadelphia?s stock of units that rent for less than $750 per month. Using tract-level U.S. Census Bureau data, this report finds that, between 2000 and 2014, the city lost one out of five units with rents that fell below this cost threshold. These losses were especially acute in gentrifying neighborhoods, as these ...
Journal Article
How Will Affordable Rental Housing Be Preserved?
Affordable rental housing for low- and moderate-income individuals and families is increasingly scarce. Housing finance agencies, nonprofits, and policymakers agree that existing affordable rental housing must be preserved despite formidable complex obstacles in achieving this goal. This article focuses on challenges in rental housing preservation and discusses the programs and perspectives of the Pennsylvania Housing Finance Agency (PHFA), the New Jersey Housing and Mortgage Finance Agency (HMFA), and the Delaware State Housing Authority (DSHA).
Discussion Paper
Rental Housing Affordability in the Southeast: Data from the Sixth District
Housing data are available for most large metropolitan regions in the Atlanta Fed's Southeast region. However, many midsized metropolitan, micropolitan, and nonmetro areas lack detailed data on rental housing affordability and housing supply needs by income level. These data are important for state and local governments, affordable housing developers, and housing advocates to inform housing policy. Therefore, the Atlanta Fed partnered with the Shimberg Center at the University of Florida to analyze census data using a methodology developed for Shimberg's periodic Rental Market Study for the ...
What Are the Long-run Trade-offs of Rent-Control Policies?
While rent-control policies can mean more affordable housing for some, research shows they can also lead to a decline in the supply and quality of rental housing.
Journal Article
Research on Affordable Rental Housing and Subsidy Expiration
There is an abundance of evidence that rental markets across the country are unaffordable. Studies show that, from 2000 to 2010, there was a rapid decline in rental affordability, with rent increases occurring in the face of stagnant or declining incomes in nearly every metropolitan area and across almost every quintile of the income distribution during that period.
Journal Article
Rental Housing Affordability Impacts Educational and Employment Opportunities*
Though safe, stable housing is widely recognized as a basic human need, it is far from assured for many renters in the Third Federal Reserve District. Across Delaware, New Jersey, and Pennsylvania, the lowest-income renters faced severe shortages of affordable and available units (Figure 1) in 2014, leading to widespread housing cost burdens among households with the most limited means. In all three states, the share of lower-income renter households with unaffordable housing costs1 grew significantly from 2005 to 2014, ranging from over two-thirds in Pennsylvania to more than three-quarters ...
Report
Affordability and Availability of Rental Housing in the Third Federal Reserve District: 2012
Using the most recent data available, this suite of materials provides information on rental housing affordability conditions and trends in the Third Federal Reserve District from 2005 through 2010. This analysis not only explores the proportion of renters in the Third District with a housing cost burden but also investigates whether there are sufficient numbers of affordable rental units to meet the needs of low-income households. See "Affordability and Availability of Rental Housing in the Third Federal Reserve District: 2012" for the Cascade Focus PDF summarizing findings for the Third ...
Journal Article
Boosting the Supply of Rural Rental Housing
The housing market has emerged as one of the sectors of the economy where post-pandemic price pressures are most visible. The combination of a long-running slump in new construction following the Great Recession and the huge shocks to supply and demand stemming from the COVID-19 lockdowns have contributed to growing housing affordability challenges across the country. In the span of just two years, from June 2020 to June 2022, the S&P/ Case-Shiller U.S. National Home Price Index increased by nearly 40 percent. The cost of the average 30-year fixed-rate mortgage has also increased at a fast ...
Discussion Paper
After the Eviction Moratorium: How Are Renters Faring?
An estimated 2.7 million U.S. households received an eviction filing in 2018. When the COVID-19 pandemic hit in March 2020, a wave of federal, state, and local regulations halted the eviction process as renters coped with employment disruption and income loss. The federal eviction moratorium ended in August 2021, which raises the question: How have renters in the Fifth District been faring over the past year? Evidence suggests that evictions are increasing back to pre-pandemic levels but are not surging higher as some had feared. This post examines how renters in the Fifth District are faring ...