New NRHC Report shows Single-Family Rental Homes Account for Smaller Share of U.S. Housing Market
Washington, D.C. (February 22, 2023) –The National Rental Home Council (NRHC) today released Housing Undersupply and the Impact on Single-Family Rentals, an analysis examining the effects of housing underproduction on the single-family rental home market. The report was developed using housing data from the U.S. Census Bureau’s Annual Social Economic Supplement of the Current Population Survey, which found:
- The share of the U.S. single-family housing market comprised of single-family rental homes declined 1.40% between 2011 – 2021. Nationwide, there was a decline in the share of the housing market comprised of single-family rental homes across 42 states.
- Within the overall rental housing market, the share of single-family rental homes declined by 1.60% between 2011 to 2021.
- The number of single-family rental households was 3.10% higher in 2021 than in 2011.
“This report reflects the extent of the housing supply crisis in the United States when you see that demand for single-family rental homes increased over 10 years while the supply decreased,” said David Howard, CEO of NRHC. “When we aren’t building enough homes, the entire housing ecosystem feels the effects.”
“New housing investment and development is critical to ensuring American families have access to a range of housing options to fit their unique lifestyle needs, including both owner-occupied and rental housing.”
According to Freddie Mac, the number of single-family starter homes built in 2020 equaled just one-fifth the number of those constructed annually throughout the late 1970s and early 1980s. As a result, Freddie Mac estimates the current nationwide housing deficit to be 3.8 million units.
“Housing underproduction acts as a clear and concerning drag on the broader market and can also have local economic impacts,” added Howard. “Time and again we’ve seen, read and heard about major employers trying to grow and create more jobs but struggling to find enough housing for their expanding workforce. NRHC and its member companies are fully engaged in the effort to meet the demand for quality, affordably priced rental housing for individuals and families across the country.”
Click here to download a copy of the full report.
The National Rental Home Council (NRHC) is the nonprofit trade association representing the single-family rental home industry. NRHC members provide families and individuals with access to high-quality, single-family rental homes that contribute to the vitality and vibrancy of neighborhoods and communities. For more information on NRHC or the single-family rental home industry visit www.rentalhomecouncil.org
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