Breaking Down One Dollar of Rent: 2023
Monthly rent payments are more than just a transaction between a resident and a rental housing provider. It's a pivotal contribution to the American economy, community growth and the backbone of the rental housing industry. Rent payments directly support 17.5 million jobs. They also finance local necessities like education and emergency services through property taxes.
The rental housing industry, which is predominantly made up of small mom-and-pop owners, operates on narrow profit margins. Imposing harmful public policies without understanding the economic intricacies can jeopardize the ability of rental housing providers to cover their expenses, which can lead to a reduction in housing quality and quantity. It is critical for policymakers to prioritize a comprehensive understanding of the rental housing intricacies and work towards collaborative solutions that foster a sustainable and prosperous housing market.