{"id":1004139490,"date":"2016-03-16T11:05:42","date_gmt":"2016-03-16T19:05:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004139490"},"modified":"2025-02-25T04:23:50","modified_gmt":"2025-02-25T12:23:50","slug":"demand-for-affordable-housing-heats-up","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/demand-for-affordable-housing-heats-up\/","title":{"rendered":"Demand for Affordable Housing Heats Up"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/p>\n

\"Infographic<\/a>

Infographic courtesy of the NYU Furman Center\/Capital One National Affordable Rental Housing Landscape report<\/p><\/div>\n

The renter population has\u00a0grown in both central city and suburban areas, while more renters have been struggling to find affordable housing<\/a> in the 11 largest metropolitan areas in the U.S., according to a recent report from the NYU Furman Center and Capital One on the National Affordable Rental Housing Landscape<\/a>.<\/p>\n

\u201cIn 10 of the 11 largest metro areas, and in metro areas nationwide, the median gross rent rose between 2006 and 2014,\u201d Laura Bailey, Capital One\u2019s managing vice president of community finance, told Commercial Property Executive<\/a><\/em>, noting that this was the case\u00a0both in the central cities and the surrounding suburbs. \u201cWe found that many of the trends we observed in central cities last year are also happening in the surrounding suburbs: The share of renters increased; the price of renting increased; low- and middle-income renters still struggled to find affordable apartments.\u201d<\/p>\n

The rental population is booming. Between 2006 and 2014, the renter population grew faster than the stock of rental units not only in the 11 largest metro areas but in metro areas nationwide, pushing the average rental household size up and putting pressure on the affordability of rental housing.<\/p>\n

\u201cOf the 11 largest U.S. metro areas, Washington, D.C., is the least affordable for the typical American renter in a metro area, followed by the San Francisco, L.A. and New York City metro areas,\u201d Bailey said. \u201cOf the cities we studied, the Chicago, Dallas and Houston metro areas were the most affordable to the median U.S. renter household.\u201d<\/p>\n

The report notes that the depth of the housing shortage requires innovative solutions focused on both creating new affordable housing and preserving existing affordable housing, along with\u00a0a deep collaboration between the\u00a0public and private sectors<\/a>.<\/p>\n

\u201cUnfortunately, the report is an accurate representation of the housing challenges facing this country,\u201d Stephanie Berman, Carrfour Supportive Housing\u2019s president &\u00a0CEO, told CPE<\/em>. \u201cIn South Florida, where the population is continuing to grow, we are seeing firsthand the increased need for more affordable housing options. However, there simply is not enough quality supply to satisfy this rising demand.\u201d<\/p>\n

Carrfour Supportive Housing receives calls from families seeking affordable housing on a daily basis, and even with 30 communities comprising about 2,000 units across the county, it’s at full capacity with long waiting lists.<\/p>\n

\u201cIt\u2019s very frustrating that we can\u2019t help everyone in need,\u201d Berman said. \u201cBuilding more housing is one part of the equation, but we also need to be mindful of the quality of our developments and the supportive services that we\u2019re offering.\u201d<\/p>\n

\"Daryl<\/a>

Daryl Carter, Founder, Chairman & CEO, Avanath Capital Management LLC<\/p><\/div>\n

While government programs such as the National Housing Trust Fund, created by Congress, and the Sadowski Trust Fund, created by Florida\u2019s legislature, provide dedicated funding sources for affordable housing, proceeds are often diverted from these revenue streams to cover other expenses.<\/p>\n

\u201cThese programs, and others like them, need to be adequately funded in accordance with existing law to ensure affordable housing is developed where it is most needed,\u201d Berman said. \u201cAnd of course, additional investment on the part of the private sector can expand access to housing. Companies also have a responsibility to pay employees a reasonable wage. Anyone who is in a position to influence compensation has an opportunity to help tackle the issue of affordability in their own community.\u201d<\/p>\n

Daryl Carter, Avanath Capital Management LLC\u2019s founder, chairman &\u00a0CEO, also sees a correlation between the report findings and his portfolio.<\/p>\n

\u201cWe own a variety of affordable communities in many of those major markets, and I can tell you that in our portfolio, rent is a little less than $1,100 a month and we are almost at 100 percent occupancy and have considerable waiting lists at many of our properties,\u201d he told CPE.<\/em> \u201cThe biggest challenge is, rents are going up but incomes aren\u2019t.\u201d<\/p>\n

Looking ahead, Bailey said she expects to see a continuation of many of the trends that have been prevalent in recent years.<\/p>\n

\u201cThe renter population will continue to grow and there will continue to be a considerable gap in supply and demand, which will push rental vacancy rates down,\u201d she said. \u201cLow-income and middle-income renters will also continue to struggle to find affordable housing in the nation\u2019s largest cities and metro areas.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

As the renter population grows, it has become increasingly difficult to find affordable housing. A report from the NYU Furman Center and Capital One examines the implications.<\/p>\n","protected":false},"author":451,"featured_media":1004139701,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,23891,21742],"tags":[],"class_list":["post-1004139490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-national","category-latest"],"acf":[],"yoast_head":"\nDemand for Affordable Housing Heats Up - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/demand-for-affordable-housing-heats-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Demand for Affordable Housing Heats Up\" \/>\n<meta property=\"og:description\" content=\"As the renter population grows, it has become increasingly difficult to find affordable housing. 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