1 in 12
Sooo much interesting data in the 2017 Rental Housing Report from Harvard’s Joint Center for Housing Studies. For instance, 1 in 12 homeowners age 55–64, 1 in 8 owners age 65–74, and 1 in 5 owners age 75+ made own-to-rent transitions between 2005 and 2015. Unfortunately, less than 3% of rental units offer adequate accessibility features (no-step entry, bed/bath on entry level and wide hallways/doorways).
CNBC also reports that between 2009 and 2015, the number of renters aged 55 + rose 28 percent, while those aged 34 or younger only increased 3 percent. Meanwhile, 5 million+ baby boomers are expected to rent their next home by 2020, says Freddie Mac.
Harvard research also shows that the number of rental households has increased by almost a million a year since 2010. The current 43 million total is 25% higher compared to a decade ago. But there’s been a sharp slowdown in rental household growth. Construction of multifamily rental units, too, has leveled off. After almost quadrupling between 2009 and 2015, activity slowed in 2016 and fell by 9% in 2017. (But not in Seattle.)
Update on 12/19: 5.3%
In contrast with multifamily rental construction, single-family housing starts leaped to a 10-year-high in November, going from an annualized rate of 883,000 in October to 930,000. But that’s still significantly below the 50-year average of 1.5 million units per year.