The Number of Rent-Burdened Residents is on the Decline

“The fever is finally breaking.”

By Barbara Ballinger | May 17, 2023 at 08:31 AM

What a difference one month makes. From the fourth quarter 2022 to the first quarter 2023, the number of US primary metros still experiencing higher rent burdens plummeted from 49 metros down to only five, a 91% drop. RTI – the percentage of gross income a median-income tenant pays for the average monthly rent – finally cooled after more than three years of steepening rates nationwide, Moody’s Analytics has announced.

Rent burdened is defined as a typical household paying 30% or more of its income to rent; severely rent burdened means the percentage goes up to 50% and the number of renters that fall in these categories is finally starting to ease.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

Unlimited access to GlobeSt and other free ALM publications
Access to 15 years of GlobeSt archives
Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
1 free article* every 30 days across the ALM subscription network
Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account? Sign In Now

Dig Deeper

Recommended Stories

Credit Funds Eye a CRE Distressed Market

Erik Sherman | May 26, 2023

With banks already under stress, nonbanks that have capital consider a profit opportunity.

Indoor Pickleball Coming to a Converted Mall Near You

Richard Berger | May 25, 2023

Capitalizing on a booming sport, billionaire financier to open 50 locations, the first in July.

Global Net Lease to Acquire The Necessity Retail REIT

Erik Sherman | May 25, 2023

The combined entity will become internally managed, taking over duties previously performed by AR Global.

Resource Center

Malls still play a key role in the wider retail landscape. This white paper analyzes changes in shopping center visitor behavior to see how malls are maintaining relevance in 2023.

White Paper

Sponsored by Placer Labs Inc.

Navigating a Changing Mall: Analyzing Consumer Behavior

Malls still play a key role in the wider retail landscape. This white paper analyzes changes in shopping center visitor behavior to see how malls are maintaining relevance in 2023.

Browse More Resources ›

This info brief outlines the benefits of automating your third-party asset management reporting and validating data in real time. Learn how you can consistently close your reporting cycle on time!

Information Brief

Sponsored by Cherre, Inc.

Automate Third-Party Asset and Portfolio Reporting

This info brief outlines the benefits of automating your third-party asset management reporting and validating data in real time. Learn how you can consistently close your reporting cycle on time!

Browse More Resources ›

Cloud-based access control delivers important benefits like increased convenience, security, and cost savings for your enterprise or property. This guide explores the top four benefits of cloud-based security and how it creates a more welcoming and safer experience.

Guide

Sponsored by Brivo

Top 4 Reasons to Upgrade Your Physical Security With the Cloud

Cloud-based access control delivers important benefits like increased convenience, security, and cost savings for your enterprise or property. This guide explores the top four benefits of cloud-based security and how it creates a more welcoming and safer experience.

Browse More Resources ›

GlobeSt. Multifamily Fall 2023Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information

GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
Exclusive discounts on ALM and GlobeSt events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2023 ALM Global, LLC. All Rights Reserved.