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Report: Scarcity of Affordable Rentals to Increase in Coming Years

  • November 15, 2011

by Erin Calandriello

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Affordable housing in Roseland

A recent report from the DePaul University Institute for Housing Studies indicates that low- to moderate-income Cook County renters are going to find it even more challenging to afford rentals in the future, according to The Chicago Tribune.

The report showed that in 2009, nearly 40 percent of Cook County renters, who needed affordable housing, couldn’t find it, and this percentage is only expected to grow by 2020 due to demographic and economic changes affecting the market. The biggest issue is that rents are increasing as household incomes are decreasing.

From the Tribune:

“The access to housing that people can afford at 30 percent of their income, there’s not enough there,” said Geoff Smith, the institute’s executive director. “These households are rent-burdened. It reduces their economic stability, their economic opportunity. These are folks that work in all sorts of jobs and contribute to the economy in different ways. It’s important that we have an affordable rental stock for them to live in.”

This article originally published at http://chicago.urbanturf.com/articles/article/report_affordable_rentals_will_get_more_scarce_in_coming_years/4585

Mark Fischer

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