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WASHINGTON (December 17, 2021) – A broad range of stakeholders representing renter households and property owners agree that proactive efforts are necessary to protect the security of renters and allow property owners/managers to viably steward and operate their properties, according to a new report from the Urban Land Institute (ULI).
Stable Residents, Stable Properties concludes that finding common ground among stakeholders in the rental market is critical to creating sound housing policy as the United States struggles to improve resident stability amid a nationwide housing shortage and the ramifications of the COVID-19 pandemic.
“The pandemic exacerbated the preexisting financial insecurity faced by many lower-income renters and essential workers,” said Michael A. Spotts, report author and senior visiting research fellow at the ULI Terwilliger Center for Housing. “This has spillover impacts on property owners/managers, who are facing higher costs and labor shortages. To address these challenges, federal, state, and local governments should engage a range of perspectives to construct policy that bolsters short- and long-term stability for renters and owners and addresses the severe shortage of decent, attainable rental housing.”
The report was predicated upon a framework that emphasized good-faith communication between various stakeholders, a nuanced understanding of the challenges faced by different communities, and the need to address both immediate concerns and long-term systemic obstacles. Research included a literature and data review, 30 interviews, and 280 survey responses from renters, tenant advocates, public officials, housing affordability researchers, property owners, and developers.
Critical points of general consensus include:
Although stakeholders had varied perspectives about policy details, a “do-nothing” approach was strongly disfavored across the board. The report provides several takeaways that could inform future policy-making:
“The specific actions that improve resident stability are bound to vary from community to community and will evolve depending on the market and political context,” Spotts said. “By providing a framework for action, we hope that policymakers will approach this issue holistically to address both the acute and chronic issues that contribute to instability.”
The full Stable Residents, Stable Properties report is available on ULI’s Knowledge Finder platform.
For more information, email [email protected].
About the Urban Land Institute
The Urban Land Institute is a nonprofit education and research institute supported by its members. Its mission is to shape the future of the built environment for transformative impact in communities worldwide. Established in 1936, the Institute has more than 45,000 members worldwide representing all aspects of land use and development disciplines. For more information on ULI, please visit uli.org or follow us on Twitter, Facebook, LinkedIn and Instagram.