KEY FACTS - Rental Unaffordability Reaches New Heights Figure 3 Figure 3 +

Just 1 percent of markets posted rent growth of at least 10 percent in the third quarter of 2023, a sharp turnaround from the prior year when rents in half of markets increased at that rate. [...] In the third quarter of 2023, 5.5 percent of these units were vacant, more than double the record low of 2.5 percent set in early 2022. [...] Net operang income growth slowed to 3 percent in the third quarter of 2023, from the recent high of 25 percent posted in 2021. [...] (Figure 2) • The bulk of the growth in renter households in the past decade has come from younger generaons. [...] Naonwide, the share of low-rent units dropped from 22 percent of the stock to just 16 percent in the last decade.