Explaining the Value of a $1 of Rent (updated on June 23, 2022)
Date postedJune 23, 2022
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FACT: only 9 cents of a #rent dollar is considered “profit,” everything else goes to expenses that keep housing operational and industry staff employed.
- #Rents are set by the market, not individual housing providers. Like the broader housing market, rents are based on supply/demand and we simply do not have enough housing.
- Universal housing stability is everyone's goal - it's best for residents and the industry.
- We’ve lost substantial #affordablehousing as mom-and-pops leave the market or stock is lost to age. We must lower barriers to construction – #Congress has a bill to do so, and local law makers must also pursue responsible policies. #NAAadvocates
- #Congress has a bill to expand the #Section8 HCV program – it’s bipartisan and supported by the industry and renters advocates. Tell lawmakers to help America’s renters by passing the Choice in Affordable Housing Act (H.R. 6880). #NAAadvocates
- The rental industry agrees – renters who need support shouldn’t wait years for a #Section8 #Congress can improve the program and ensure more renters and their families have access to #rentalassistance. Pass the bipartisan Choice in Affordable Housing Act. #NAAadvocates
- NAA and our affiliate partners are committed to responsible, sustainable affordability solutions. We need to improve #Section8 and build more housing – the industry actively supports current bills in #Congress that do both. #NAAadvocates
- #Rentcontrol doesn’t help renters most at risk – anybody can apply for a rent control unit regardless of income, increasing competition for limited housing and leaving those who need the most support without a home.
- #Rentcontrol sounds good on paper, but it doesn’t build a single #affordablehousing unit (and prevents them from being built in future). This isn’t sustainable and hurts those that need support.
- FACT: #rentcontrol has halted 1/3 of development projects in St. Paul, according to @RealPage. The policy passed in November 2021 and is already harming #housingaffordability just 7 months later.
- (1/2) America’s #housing stock is not only insufficient, it’s also aging. Nearly half of the nation’s stock was built before 1980, meaning substantial repairs, renovations and even rehabilitation may be required.
- (2/2) Large amounts of capital is required for such repairs – though mischaracterized, investors of all sizes can revitalize #housing that would otherwise be lost and bring revenue to neighborhoods through jobs, property taxes, etc.
- Rental housing is an economic engine that brings jobs, property taxes and revenue to local communities. Pre-pandemic, the industry contributed $3.4 trillion to the U.S. economy and supported 17.5 million jobs.