New Urban Housing Crisis
Renters Face Low Supply, High Demand
Coping with shortages has become an American way of life in the last decade. Another item now has been added to the list of things in short supply — rental housing. Reasonably priced rental units in good neighborhoods are becoming as hard to find as gasoline for less than $1 a gallon. Nationally, fewer than 5 percent of the rental units are vacant, a level the Department of Housing and Urban Development (HUD) considers “dangerously low.” In many large cities vacancy rates are as low as 2 percent. People who are able to find a place to rent are paying more for the privilege. The gap between what a family pays for rent and for home ...