The Rich Are Driving Up the Rent
Renting in the U.S. is getting more affordable—because the renters are getting wealthier. Where do you fit in?
A housing development in San Jose.
Photographer: David Paul MorrisThis article is for subscribers only.
Following the Great Recession, the cost of rental housing took a growing bite out of U.S. household budgets, as increasing demand for rental units pushed up prices. Now the share of households considered burdened by high rents is falling, according to a report from New York University’s Furman Center for Real Estate & Urban Policy.
That’s good news. But the dynamics driving improved affordability are a mixed bag.