Housing twitter, if you haven't checked out the @Harvard_JCHS America's Rental Housing 2020 report that came out last Friday, please take the time to do so (if, that is, you like housing facts). Key takeaways in the thread below. jchs.harvard.edu/americas-renta…
@Harvard_JCHS Since 2010, almost all growth in renters has been high-income households. (From 2000-2010, the growth was mostly low-income renters.) With more than half a million high income renters added over last three years, it's no wonder there's upward pressure on the housing market 
@Harvard_JCHS While most new production is focused on high-end units, it's not enough to satisfy demand. Vacancies have been dropping over the past couple years, especially among the lowest-quality units, driving prices upwards.
@Harvard_JCHS Construction costs are rising much faster than inflation, making it nearly impossible to build unsubsidized units that would be affordable to middle- or low-income households, even if those units weren't snatched up by higher-income renters.
@Harvard_JCHS While large multifamily rentals and single family rentals (outside New England) dominated new construction, smaller multifamily bldgs (2-19 units) tend to be more affordable; but also harder to build given current zoning and the uncertainties of local permitting processes.
@Harvard_JCHS Notably, the ownership of rental properties is shifting away from individuals to institutional owners (LLCs, REITs, LLPs), especially among the mid-sized (5-24 unit) properties, which tend to contain the older, more affordable units.
@Harvard_JCHS Institutional investors, seeing the growth in high-income renters and the low vacancy rates, consider these older, lower value units as prime candidates for purchase and upgrading, which depletes the supply of mid- and low-cost units.
@Harvard_JCHS There's a lot of skepticism about "filtering", especially when it comes to filtering DOWN but the report makes a strong case that there is quite a bit of filtering UP going on due to the strong market pressure for rental units.
@Harvard_JCHS Finally, if you want a look at what this means for families in the Boston region looking for 3+ bedroom units, check out MAPC's brand new report "Crowded In and Priced Out: Why It’s so Hard to Find a Family-Sized Unit in Greater Boston" metrocommon.mapc.org/reports/10
