Joint Center for Housing Studies of Harvard University
Rental housing demand came roaring back in the second year of the pandemic, reducing vacancy rates and driving up rents. Some of this rebound reflects the lack of inventory in the for-sale market, which has kept many higher-income renters from buying homes. At the same time, lower-income households that took the brunt of job losses during the lockdown still struggle to cover their rents. While unprecedented levels of federal assistance helped keep evictions down, the need for a permanent, fully funded housing safety net is more urgent than ever. A key element of that support must be to protect the existing stock against the threats from climate change.