The Fact
Harvard’s Joint Center for Housing Studies reported that from 2014 to 2024 the number of U.S. rental units renting for less than $1,400 per month fell by 9.3 million. Over the same period, the number renting for $1,400 or more increased by 11.8 million.
What This Means
The rental market shifted substantially toward higher monthly rents over the decade. For households trying to enter or remain in lower-cost rentals, the number of units in the lower-rent portion of the market became much smaller.
Sources
- Joint Center for Housing Studies of Harvard University, America’s Rental Housing 2026.