The Recurring Challenges in the Housing Rental Sector

Even before the pandemic started, it has been known that there is a housing problem within the United States. According to Forbes, the common problem within the housing market was both instability and affordability. During the State of the Nation's Housing Report, it has been pointed out that several factors increased the problem. Of those pointed out, the adverse effects of climate change and radical justice movements are primary ones.

However, people from the National Apartment Association (NAA) are optimistic about working together with the new and upcoming administration next year. They hope that both parties will have a common ground when it comes to providing both rental relief and assistance. They are hoping that, like in the previous two administrations, they will be helped out by the new one. Assistance in doing new housing construction projects while removing barriers with federal incentives is the major thing NAA is hoping for.

Root Cause of Most Housing Rental Challenges

What could be the root cause of these challenges in the housing sector? According to Curbed, the primary cause for most challenges is that most renters are cost-burdened. That means that they are spending 30% or more of their income on rent alone. This results in them not being able to afford their own home in the end, mainly two-thirds of renters nationwide.

People with high income are not exempted from this since their rentals are much higher than those earning lower. Additionally, most of them are earning in counties with expensive living. This includes more expensive rental homes, wherein most are forced to choose out of necessity. An unnecessary choice they must swallow to be near their work.

Actions Being Taken to Combat Housing Rental Challenges

According to HUD User, the necessary actions and strategies are being taken by both national and local governments against the said challenges. Actions taken are the giving out of bonds that are tax-exempt and the release of housing trust funds. Both are crucial in both construction and rehabilitation for the reappearance of affordable housing.

Additionally, most states and local governments have put the rise assistance programs for renters in place. Those actions can greatly help many people, especially renters, who are in dire need of assistance. People in charge of those who are optimistic can help the public, even if little. Hopefully, the national government will eventually follow suit with assistance for renters in the country.