Wednesday, July 19, 2017

Rental Housing Study Briefing

In response to concerns raised about affordable housing, and particularly market-rate affordable housing, during discussions of the Long Branch and Glenmont Sector Plans, Park and Planning proposed and the Council funded a county-wide Rental Housing Study. The Planning Department provides this background on the purpose of the study.

The economic trends of Montgomery County and the Metropolitan DC region have exacerbated a rental housing shortage. And providing the appropriate housing stock to meet the demand for affordable housing is a challenge. The purpose of the study is to identify Montgomery County's rental housing issues and needs, and offer holistic and sustainable approaches to meeting them. A goal of the study is to help guarantee long term affordability of rental housing for a diverse range of households. The study will provide recommendations for increasing the availability of affordable rental housing by determining factors that contribute to increased housing costs, identifying best practices that could be implemented to preserve and add to the affordable rental stock, and recommending potential changes to current policies and programs. 

At yesterday's briefing on the study, we learned that 33 percent of all residential housing units are rental units; that 74 percent of renter households earn less than 100 percent of area median income; and that only 19 percent of rental units are affordable to households earning less than 50 percent of area median income.

The Planning, Housing and Economic Development Committee will start looking at these issues and recommendations on October 2. Read the full study or watch the briefing.

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