1、AMERICASRENTALHOUSING2026JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY AMERICAS RENTAL HOUSING 2026 Joint Center for Housing Studies of Harvard UniversityHarvard Graduate School of Design|Harvard Kennedy SchoolTable of Contents1.Executive Summary.12.Renter Households.83.Rental Housing Stock

2、.144.Rental Markets.205.Rental Affordability.256.Rental Policy Challenges.31Interactive Figures,Data Tables,and Sourceswww.jchs.harvard.edu/americas-rental-housingPrincipal funding for this report was provided by Ballmer Group.2026 by the President and Fellows of Harvard College.The opinions express

3、ed in Americas Rental Housing 2026 do not necessarily represent the views of Harvard University or Ballmer Group.Chapter 1EXECUTIVE SUMMARYRents for new leases have fallen modestly as demand slows and vacancy rates tick up.The pace of multi-family construction is elevated but cooling amid difficult

4、conditions.Affordability remains a chief concern,with cost burdens hitting yet another record high at last measure.The pullback in federal resources leaves state and local governments trying to fill the gaps.The aging rental stock also needs substantial investment,posing another challenge.Rental Mar

5、kets SoftenAfter record-high increases during the pandemic,national rent growth has hovered near zero since mid-2023.In the fourth quarter of 2025,asking rents for professionally managed apartments fell slightly,by 0.6 percent year over year.Across the country,most markets experienced either small d

6、eclines or small increases.In 74 of the 150 largest markets,asking rents fell,while an additional 70 recorded modest growth of less than 4 percent.Rents rose by at least 4 percent in just 6 markets.Slowing household growth contributed to the fourth-quarter drop in rents,following sharp swings in ren