The aim of this working paper is to document key empirical facts on U.S. rental housing market conditions – reporting both current conditions (as of second quarter 2009) as well as notable historic trends. This analysis draws upon the findings of existing scholarly work and includes original analysis utilizing a mix of public and proprietary data.

This working paper is not a comprehensive assessment of U.S. rental housing market conditions; rather it focuses on describing market dynamics in the context of rental housing supply, variations across local rental housing markets, conditions in the nation’s assisted rental housing stock, and the evolving need and demand for affordable rental housing.