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Dynamic Changes Continue in U.S. Housing Inventory
HUD’s Office of Policy Development and Research has issued two important reports on the nation’s rental housing markets: Rental Market Dynamics: 2007–2009 and Components of Inventory Change: 2007–2009. The new Components of Inventory Change analysis examines the characteristics of the inventory reported in both years, reconciling the difference by tracking what happened to units recorded in 2007 and identifying the sources of units inventoried in 2009. The new Rental Dynamics report highlights the changes in affordability of the rental housing stock during the same period. The reports are based on American Housing Survey data.
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Most (97.1%) residential units in the 2009 nation’s housing inventory were also part of the 2007 stock.
The total residential units in the inventory increased from 128.2 million to 130.1 million between 2007 and 2009.
In comparison to the two previous reporting periods (2003–05, 2005–07), the unit loss rate of 1.6% remained stable while the rate of growth (2.9%) slowed from 4.1% (2003–07), partly due to a drop in new construction.
The stock affordable for the lowest incomes fell by over 2 million units while significant shifts of units to higher rent categories occurred.
The supply of rental units increased by an estimated 693,600 units.
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