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December 16 2013

20:56

Chris Herbert Explains Why Rents Are Headed Skyward

...

Our Monday, Dec. 16 hour on the perilous state of the American rental market hit a lot of relevant real estate topics, but we thought guest Chris Herbert of the Joint Center For Housing Studies at Harvard University had the clearest explanation as to why rents are rising:

“Well, I think it’s a basic question of supply and demand. When you have that many more renters coming into the market looking for housing, and the supply of housing isn’t responding as quickly as it might, that’s gonna push rents up, even if incomes are low. There’s that many more people out there competing for that housing and it will help rents go up.

[Our housing stock] hasn’t shrunk. It’s a question of whether it’s owner-occupied or renter-occupied, and one of the things we did see  meeting that demand was a huge shift of single family homes from the owner occupied stock into the rental stock. SO between 2007 and 2011 we saw three million housing units switch tenure. So that certainly helped.”

Herbert was a lead author on the 2013 JCHS report, “America’s Rental Housing: Evolving Markets and Needs,” which is worth a read if you have the time. Are your rents on the rise? Have you seen the larger market forces at play in your own city, town or apartment building? Was Jimmy McMillan of the Rent is Too Damn High Party in New York right? Let us know in the comments below, or on Facebook, Tumblr and @OnPointRadio.

12:42

The Rent Really Is Too High

America’s rental crunch. Big buyers scoop up properties and our rents have gone sky-high.

Guests

Diana Olick, real estate correspondent for CNBC. (@diana_olick)

Susan Wachter, professor of Real Estate and Financial Management at the University of Pennsylvania’s Wharton School of Bussiness. Co-director of the Penn Institute for Urban Studies.

Chris Herbert, research director of the Joint Center for Housing Studies at Harvard Unversity. Was a lead author on “America’s Rental Housing: Evolving Markets and Needs.” (@Harvard_JCHS)

From Tom’s Reading List

Harvard Joint Center for Housing Studies: America’s Rental Housing — “Rental housing has always provided a broad choice of homes for people at all phases of life. The recent economic turmoil underscored the many advantages of renting and raised the barriers to homeownership, sparking a surge in demand that has buoyed rental markets across the country. But significant erosion in renter incomes over the past decade has pushed the number of households paying excessive shares of income for housing to record levels. Assistance efforts have failed to keep pace with this escalating need, undermining the nation’s longstanding goal of ensuring decent and affordable housing for all.”

NPR: When Buying A Home Is Too Costly And The Rent Is Too Damn High — “In general, those who rent tend to make less money, which makes sense. A higher income means you have a better chance of saving up money for the down payment on a home and are more likely to qualify for a mortgage. “People of color are more likely to have lower incomes. And lower-income households have fared quite poorly [as rents have risen],” says Chris Herbert, the lead researcher on the project. The racial skew in the rental market underscores the wide disparities that remain in homeownership.”

Wall Street Journal: Overseas Money Pours Into Miami Real Estate — “Miami is just a bigger example of a recent national tilt toward multifamily buildings—both apartments and condominiums—instead of the single-family homes that dominated during the bubble years leading up to the recession. While the majority of national construction is still of single-family homes, the recent rebound in construction activity—whether measured by new starts or permits—has been centered in multifamily buildings.”

September 14 2011

00:35

Background Briefing - 4 September 2011 - Nowhere to live

Rents are rising even in country towns, and more people are forced into caravan parks, the back rooms of old pubs - or the river bank - even with young children. It can happen to anyone. It will get worse. Various attempts to create more places for people to live at cheap rent are not meeting the need. Reporter Anita Barraud. Further Information: National Housing Affordability Agreement – http://www.fahcsia.gov.au/sa/housing/progserv/affordability/affordablehousing/Pages/default.aspx National Rental Affordability Scheme – http://www.environment.gov.au/housing/nras/index.html The National Housing Supply Council – http://www.nhsc.org.au/default.html The drivers of housing supply and demand in rural and regional centres – http://www.ahuri.edu.au/publications/projects/p40586 Change and disadvantage in Regional Victoria reports 2011 – http://www.dpcd.vic.gov.au/home/publications-and-research/urban-and-regional-research/Regional-Victoria/chnage-and-disadvantge-in-regional-victoria http://www.abc.net.au/rn/backgroundbriefing/stories/2011/3305380.htm

July 15 2011

15:59

June 04 2011

04:20

Long history of a short river: The Maribyrnong

The Maribyrnong is a short river, only 50 km from tip to toe, but it has a long history. The Maribyrnong river valley in Melbourne has been home to the Marin Balug people of the Kulin nation for some 40,000 years and bears many signs of their presence. It was also a major channel for the European occupation of Port Phillip, first as a pathway to the Western District for sheep-owners and their stock, then as a source of bluestone and sand for the growing city and a dumping ground for its noxious wastes. Jenny Lee's walking tour starts above the bend in the river that is the site of the now-defunct Commonwealth Explosives Factory, and takes in sites of Indigenous settlement, industry around the river and the current McMansion invasion. The tour goes for 27 minutes and has 9 stops. YOUR TOUR GUIDE JENNY LEE Jenny Lee became an editor by accident in 1982, when she began working on a multi-author history of Australia (A People's History of Australia, 4 vols, 1988). She edited the literary and cultural quarterly Meanjin from 1987 to 1994. Jenny has been co-ordinator of the postgraduate Publishing and Communications program at the University of Melbourne since 2003. She is deputy chair of the OL Society, which publishes Overland literary journal. Her book Making Modern Melbourne was launched at the 2008 Melbourne Writers Festival and was a Top 10 bestseller on the first weekend of the festival. Making Modern Melbourne charts the city's story from illegal village to modern metropolis. CREDITS This tour is recorded and edited by Jane Curtis, produced by Community Radio 3CR, and funded by the Office of Public Records Local History grant program. http://peoplestour.net/2010/02/long-history-of-a-short-river-the-maribyrnong/

December 05 2010

06:24

Business Daily - China's empty homes

China is preparing new measures to attack rising inflation. It has already tried to slow down its galloping economy by cutting back bank lending and bringing in measures to deflate the bubble in property prices. Millions of middle class Chinese have gambled on buying new apartments. It's even reported that speculators are hoarding a large number of properties to fuel price rises. Fears have been raised that as a result, millions of homes lie empty across China, in what is a parody of healthy economic growth. The BBC's business editor Robert Peston reports from Inner Mongolia on China's ghost towns. Plus leading behavioural economist Professor Dan Ariely of MIT in the US, explains the brain science of why humans are willing to lose money to gain revenge. And our technology correspondent Jeremy Wagstaff examines the global habit of 'miscalls' - the way people use phone calls which never connect to communicate with their loved ones or business contacts.

November 24 2010

01:03

Business Daily - China's empty homes

China is preparing new measures to attack rising inflation. It has already tried to slow down its galloping economy by cutting back bank lending and bringing in measures to deflate the bubble in property prices. Millions of middle class Chinese have gambled on buying new apartments. It's even reported that speculators are hoarding a large number of properties to fuel price rises. Fears have been raised that as a result, millions of homes lie empty across China, in what is a parody of healthy economic growth. The BBC's business editor Robert Peston reports from Inner Mongolia on China's ghost towns. Plus leading behavioural economist Professor Dan Ariely of MIT in the US, explains the brain science of why humans are willing to lose money to gain revenge. And our technology correspondent Jeremy Wagstaff examines the global habit of 'miscalls' - the way people use phone calls which never connect to communicate with their loved ones or business contacts.

October 08 2010

21:07

Foreclosures, Housing & Recovery

We look at real estate now, the new foreclosure scandal, and what housing means for the recovery.

August 26 2010

23:38

Week in the News

Home sales plunge. Mass murder in Mexico. Top Republicans says, “I’m gay.” Our weekly news roundtable goes behind the headlines.
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