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Journal Article
Rental rebound
Mahon, Joe (2007-09)
Apartment vacancy rates are falling around the Ninth District, but slower home sales are only part of the story.
Fedgazette , Volume 19 , Issue Sep , Pages 14-15

Journal Article
New-Tenant Rent Passthrough and the Future of Rent Inflation
Loewenstein, Lara; Meyer, Jason; Verbrugge, Randal J. (2024-10-16)
New-tenant rent inflation rose sharply during the COVID-19 pandemic, subsequently falling. Concomitantly, consumer price index (CPI) tenant rent, which measures rent increases for both new and continuing renters, rose more gradually and, after falling somewhat, has remained elevated. To illustrate why CPI rent inflation has remained elevated, we combine a measure of new-tenant rents and annual renter mobility rates to create a simulated CPI tenant rent inflation measure. We use this simulation to define a “rent gap” that represents the difference between actual CPI tenant rent inflation ...
Economic Commentary , Volume 2024 , Issue 17 , Pages 10

Journal Article
Rental Housing Affordability Impacts Educational and Employment Opportunities*
Divringi, Eileen (2017-04)
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 ...
Cascade , Volume 1

Speech
Rebalancing the housing market : a speech at the Federal Reserve Board Policy Forum: “The Housing Market Going Forward: Lessons Learned from the Recent Crisis”, Washington, D.C., Sept. 1, 2011
Duke, Elizabeth A. (2011)
Speech , Paper 580

Working Paper
Location, Location, Structure Type: Rent Divergence within Neighborhoods
Adams, Brian; Verbrugge, Randal J. (2021-02-09)
Housing rents are a large share of household budgets and make a large contribution to overall inflation. Rent inflation rates for different types of housing units sometimes diverge, even in the same neighborhoods. We estimate during 2013 to 2016 apartment rents outpaced rents for detached housing in the United States by 0.76 percentage points annually after controlling for location effects. These rent dynamics imply a segmented housing market. They also suggest rent indexes need to be based on data structurally representative of their measurement objective. In particular, indexes based on ...
Working Papers , Paper 21-03

Report
A Qualitative Exploration of Affordability and Availability of Rental Housing in the Third Federal Reserve District: 2015
Baldini, Noelle (2015-06)
In February 2015, the Community Development Studies & Education (CDS&E) Department of the Federal Reserve Bank of Philadelphia released a publication titled Affordability and Availability of Rental Housing in the Third Federal Reserve District: 2015. Following the release of the report, housing professionals were interviewed to further investigate the rental housing affordability challenges in the Third Federal Reserve District. This Beyond the Numbers qualitative companion report takes a more in-depth look at the challenges and trends revealed in the quantitative analysis. This report ...
Beyond the Numbers

Report
Gentrification and Changes in the Stock of Low-Cost Rental Housing in Philadelphia, 2000 to 2014
Chizeck, Seth (2017-01)
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 ...
Cascade Focus

Journal Article
Can Monetary Policy Tame Rent Inflation?
Liu, Zheng; Pepper, Mollie (2023-02-13)
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.
FRBSF Economic Letter , Volume 2023 , Issue 04 , Pages 6

Report
Affordability and Availability of Rental Housing in the Third Federal Reserve District: 2012
Hylands, Thomas; Wardrip, Keith; Strazanac, Joshua (2012-12)
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 ...
Cascade Focus

Report
Assessing high house prices: bubbles, fundamentals, and misperceptions
Himmelberg, Charles P.; Mayer, Christopher J.; Sinai, Todd (2005)
We construct measures of the annual cost of single-family housing for 46 metropolitan areas in the United States over the last 25 years and compare them with local rents and incomes as a way of judging the level of housing prices. Conventional metrics like the growth rate of house prices, the price-to-rent ratio, and the price-to-income ratio can be misleading because they fail to account both for the time series pattern of real long-term interest rates and predictable differences in the long-run growth rates of house prices across local markets. These factors are especially important in ...
Staff Reports , Paper 218

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