America’s Rental Housing Crisis

America’s Rental Housing Crisis: Insights from the Joint Center for Housing Studies of Harvard University

Today, I had the opportunity to participate in a Zoom presentation led by the Joint Center for Housing Studies of Harvard University, titled “Deteriorating Affordability: An Update on America’s Rental Housing 2024.” The discussion highlighted the growing challenges in rental affordability across the nation—an issue that is no longer confined to high-cost states like California but has now become a nationwide crisis.

America’s Rental Housing Crisis: Insights from the Joint Center for Housing Studies of Harvard University

Key Takeaways from the Presentation

🔹 Rental Affordability at an All-Time Low

The United States has reached a new peak in rent unaffordability. While California renters and landlords have long faced some of the highest housing costs in the nation, the affordability crisis has now spread across all 50 states. Today, nearly 22 million households—approximately half of all renters—are cost-burdened, meaning they spend 30% to 50% of their income on rent.

🔹 Who is Most Affected?

The youngest renters (under 25) and the oldest renters (over 65) experience the highest cost burdens. More than half of Black and Hispanic renters are rent-burdened. Even among fully employed households, rental costs continue to outpace earnings

🔹 A Nationwide Struggle—From Urban Centers to Rural Communities

Rent affordability is no longer just a challenge in major metropolitan areas. Over one-third of renters in every state are now cost-burdened, with particularly severe impacts in:

  • The West, where high housing costs persist.
  • The South, where lower housing costs are offset by equally low wages.
  • Rural areas, where 40% of renters are now struggling to afford rent.

🔹 Rising Costs and Declining Availability

The increasing cost of rent is not just a result of inflation but also of declining rental stock. Several factors have contributed to this trend:

  • The demolition of older, more affordable units to make way for new developments.
  • Landlords exiting the market due to heightened regulatory pressures.
  • Rising construction costs, including both labor and materials, leading developers to prioritize luxury housing with higher profit margins over affordable units.

The median percentage of income spent on rent has now reached 31%, and alongside rising costs for food, energy, and healthcare, many renters are struggling to cover essential living expenses. A staggering 17% of renters reported falling behind on rent at some point in 2024, highlighting the precarious financial situation many households face.

Where is the Rental Market Headed?

📉 Rents Are Stabilizing—But Demand Still Outpaces Supply
After the sharp increases following the pandemic, asking rents have plateaued in many areas. However, demand for rental housing continues to exceed supply. Despite over 600,000 multifamily units being constructed last year, the need for housing remains critical—partially fueled by the increasing difficulty of purchasing a home in today’s market.

⚖️ Legislative and Policy Efforts Are Increasing
State and local governments are stepping up efforts to address the crisis, recognizing that rental affordability is no longer just a market trend but a policy imperative. However, economic uncertainty looms large, with experts hesitant to make definitive predictions about the future of the housing market.

A Call to Action: The Need for Smart Solutions

In 2024, California legislators declared housing a human right—a powerful statement, but one that lacked concrete plans for how to ensure access to affordable housing for all. To truly address this crisis, policymakers must prioritize increasing housing supply rather than relying on restrictive measures such as rent control, which often exacerbates shortages.

The path forward requires streamlining development processes, reducing regulatory barriers, and investing in sustainable, affordable housing solutions. Instead of discouraging new construction, we must create policies that incentivize environmentally responsible development while expanding rental options for all income levels.

The affordability crisis is a challenge we cannot afford to ignore. It’s time for bold action to ensure that safe, stable housing remains within reach for all Americans.

Jan Leasure, Managing Broker
www.MontereyRentals.com 
831-402-1765

Vacation Rental Trends

Beachouse

One of the key vacation rental trends that vacation rental owners should be aware of in 2025 is the increased demand for unique stays. Unique stays often command higher nightly rates and attract more bookings.

Travelers are seeking one-of-a-kind experiences, such as remote cabins, tiny homes, treehouses, and luxury glamping.  These types of homes are unique just by their very nature.  But what if you have a vacation rental home that can best be described as “average?”  There are things you can do to turn an average house into a unique vacation rental. This can significantly increase bookings and nightly rates.

Here are some ways to make a property stand out:

  • Give your rental a distinct personality by creating a theme or concept
  • Coastal Retreat (nautical decor, surfboards, beach gear)
  • Mid-Century Modern (vintage furniture, retro appliances)
  • Boho Escape (earthy tones, hanging plants, rattan furniture)
  • Hollywood Glam (bold colors, velvet furniture, gold accents)
  • Name the property accordingly (e.g., “The Boho Hideaway”“The Seaside Retreat”) for branding.
  • Have a custom logo or signage (e.g., a wooden entrance sign)

For lots more revenue-generating ideas, reach out to Jan@MontereyRentals.com!

 

Jan Leasure, Managing Broker
www.MontereyRentals.com 
816 Wave Street
Monterey, CA 93940
831-402-1765

VACATION RENTAL ⭐ SEA BLINK CARMEL

SeaBlink Carmel

 ⭐ Introducing ⭐
SEA BLINK 

Just a “blink” away from the beach, this executive 3,200 sf. home is located in Carmel’s coveted Golden Rectangle. The tri-level design sleeps 8 has four bedrooms, 3.5 baths, three workspaces, multiple outdoor patios, glorious gardens and an evergreen lawn.

Monterey Bay Property Management
DRE #01263576 #01936813

BOOK TODAY!

LAST MINUTE CONCOURS ⭐ VACATION RENTALS AVAILABLE

Pacific Perch – #Carmel
Open Aug. 14 – 31 with a 6 night min
$399/night – 6 nights is $3150

BOOK – Pacific Perch
—–

Victorian Dollhouse – Pacific Grove
Open Concours weekend – through September
Monthly only 8/18 – 9/17 is $6950.

BOOK – Victorian-Dollhouse

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#pebblebeach #vacationrental

PEBBLE BEACH ⭐ VACATION RENTAL

www.MontereyRentals.com/pacific-grove/asilomar/license-to-chill

Pebble Beach Paradise 

Pebble Beach Paradise a 4 bedroom 3.5 baths – 2750 sf spacious contemporary #PebbleBeach home that sleeps 8 with two living areas, a see-through fireplace, and a spectacular solarium.

#vacationhome #vacationrental
#monterey #montereybay

BOOK TODAY!

Do you need property management in Monterey County?

Contact Managing Broker:
Jan@MontereyRentals.com – (831) 402-1765

Monterey Bay Property Management was established in 1986 and is the “go-to” company for premier property management services.

A large percentage of our current customers have come through the referrals of previous and current satisfied clients.

Monterey Bay Property Management specializes in the property management of single-family homes, condos, and apartment buildings in Monterey County.

#Monterey #MontereyBay #propertymanagement

Vacation Rental – Pebble Beach – Marcheta Lane

 Monterey Peninsula Country Club – Pebble Beach


2842 sq. ft. | 3 Bedroom | 3 Bath | Sleeps 8 (3K, 1T) Max. Occupancy 8

BOOK NOW!

Situated on the 16th tee of the Monterey Peninsula Shore Course, this stunning home features a sweeping 180-degree panorama that captures 17-Mile Drive, Bird Rock, Monterey Bay and several holes of the MPCC course, host to the annual AT&T Pebble Beach Pro-Am & Concours d’ Elegance in Pebble Beach.

The living room could not be more inviting: leather sofas, a large TV, a gas fireplace and a bistro table facing the ocean. The adjacent dining table seats up to 10, and the gourmet kitchen is a chef’s dream: painted cabinetry, a Viking gas range, double ovens, and a huge center island. The laundry, adjoining the kitchen, has a wine cooler and two additional refrigerator drawers.

When you’re not hiking, biking, golfing, or exploring 17-Mile Drive, walk to Bird Rock (a white sand beach with picnic tables), or watch grazing deer and spouting whales from the front patio. After a majestic sunset, light the firepit, and soak in the bubbling spa. When it’s time to retire, there’s a master on the far side of the living room with a King bed, a fireplace, and a private bath with double sinks, a separate toilet compartment, shower, Jacuzzi tub and a walk-in closet. The second and third guestrooms (with King beds) have French doors that open to the side patio with an in-ground spa. There’s an ocean view den with a desk and a twin trundle bed, and two more bathrooms with showers, all done in beautiful limestone and travertine.

Featuring hand-scraped wood floors with radiant heating, vaulted ceilings with hewn beams and exquisite detailing throughout, this is one of the finest homes in our inventory.

Double car garage with 50amp Tesla charger.

BOOK NOW!

CONCOURS D’ELEGANCE – VACATION RENTALS – #PEBBLEBEACH

Available – August 20-27, 2018

5 Bedroom Ocean View Estate
Cypress Point – Pebble Beach Estate

cypress pt view - pebble beach
5000 sq. ft. | 5 Bedroom | 4 ½ Bath | Sleeps 10 (3K, 1Q, 2T) Max. Occupancy 10

Book Cypress Point Now!

With dramatic ocean views from the entire top floor, this luxury estate is located on the first hole of Cypress Point -one of the most exclusive golf courses in the world. “Champagne at Five” was the original owners’ motto, and it’s easy to see why: this home was made for entertaining. Drive down a private lane onto a circular driveway with parking for over a dozen cars…a rarity in Pebble Beach.


3 Bedroom Golf Course Home
Marcheta Lane – Monterey Peninsula Country Club – Pebble Beach

Marcheta Lane - pebble beach
2842 sq. ft. | 3 Bedroom | 3 Bath | Sleeps 6 (3K, 1T) Max. Occupancy 8

Book Marcheta Lane Today!

Situated on the 16th tee of the Monterey Peninsula Shore Course, this stunning home features a sweeping 180-degree panorama that captures 17-Mile Drive, Bird Rock, Monterey Bay and several holes of the MPCC course.


17-Mile Drive – Pebble Beach Estates
2 Bedroom Golf Course Mediterranean

17 mile dr - pebble beach

2000 sq. ft. | 2 Bedroom | 2 Bath | Sleeps 4 (1K, 1Q) – Max. Occupancy 4

Book 17 Mile Drive!

Location, Location, Location! This “petit” chateau on a gated estate is directly across from the 15th Fairway of the Pebble Beach Golf Links, less than a half mile to the Lodge.


3 Bedroom Ocean View Beach House
Seacliff – Carmel Highlands

Seacliff carmel highlands
3280 sq. ft. | 3 Bedroom | 3 ½ Bath | Sleeps 6 (1K, 1Q, 2T) Max. Occupancy 7

Book Seacliff in Carmel Highlands!

Located just south of Point Lobos at Yankee Point—“Carmel’s Riviera”—this area exudes the peace and beauty the Big Sur coastline is renowned for.


#PebbleBeachConcours #pebblebeach #vacationrentals #montereycarweek #montereycarweek2018 #carmel #carmelhighlands

 

Pebble Beach Vacation Rental – Trappers Trail – #pebblebeach

 Trappers Trail Forest House

Monterey Peninsula Country Club – Pebble Beach

2143 sq. ft. | 3 Bedroom | 2 Bath | Sleeps 6 gutepotenz.de

MORE INFO / BOOK NOW

Completely renovated with an artful blend of natural wood and stone, this home features a dream kitchen anchored by a massive copper range hood (over a six burner gas cooktop), Miele/Bosch appliances, an island topped with matte black granite—and a gorgeous dining/sunroom surrounded by walls of glass.

Two comfortable sofas face a large, brick-lined fireplace in the living room (along with a bistro table and a selection of board games), and a second sitting area off the kitchen has two oversized chairs and a large flat screen TV.

Multiple outdoor spaces invite you to enjoy the peace and tranquility Pebble Beach is famous for. There’s a private patio off the living room, a firepit under the oaks, and a protected seating area off the kitchen.

The master bedroom has a King bed and an en suite bath with a tub/shower, the second guest room has a Queen, the third bedroom has twin trundles, and the hall bath has a walk-in shower.

Located in the Del Monte Forest, this charming home is walking distance to Monterey Peninsula Country Club, and close to 17-Mile Drive, numerous golf courses and the Lodge at Pebble Beach (restaurants, shops, and world-class spa). A short, scenic drive takes you to the Monterey Bay Aquarium and Cannery Row, Fisherman’s Wharf, and Carmel-by–the-Sea, known for its unique shops, art galleries, and restaurants.

MORE INFO / BOOK NOW

#pebblebeach #vacationrental #monterey #travel

 

Vacation Rentals in Pebble Beach, CA

Pebble Beach Paradise

photo_mpcc-pebble-beach-paradise_7750

2750 sq. ft. | 4 Bedroom | 3 ½ Bath | Sleeps 8

Be one of the first guests in this spacious contemporary with two living areas, a see-through fireplace, and a spectacular solarium facing a lushly-landscaped backyard. There are two master suites with Cal King beds and two guest rooms with Queens (all luxurious Stearns & Foster and iComfort mattresses with plush bedding/linens).

The kitchen is equipped with stainless appliances, a four-burner gas cooktop, oven, built-in microwave, double sink, dishwasher and a wine refrigerator. Additional features include three gas fireplaces, a wireless soundbar for music, and six flat screen TVs (two 60″ with DVD in the living room and master bedroom, a 51″ in the family room, and three 32″ in the other bedrooms).

Located on a quiet quarter acre lot, the home has a large, fenced backyard (illuminated with landscape lighting) that is perfect for entertaining in privacy. The deck has a gas barbecue, a dining table that seats eight, two comfortable chaise lounges, and a gas firepit for gathering under the stars.

The home has a two car attached garage (with an epoxy floor for the car enthusiast), and a full-sized laundry room off the kitchen. This warm, comfortable, yet modern home was recently professionally decorated with custom shelving, aged barnwood accents, and numerous one-of-a-kind pieces.

Just one mile (and a nice walk) to the Inn at Spanish Bay and several lovely beaches, this home is only five minutes from Pacific Grove. (Enjoy great restaurants, bistros, shops, and galleries, while avoiding Highway One traffic to Carmel.)

“Paradise” has been defined as a “place of great happiness where everything is exactly as you would like it to be.” This gracious home fits that description perfectly.

BOOK THIS TODAY!


Ocean Pines #30

photo_op-ocean-pines-30_1418

1500 sq. ft. | 3 Bedroom | 2 ½ Bath | Sleeps 6

Located just off scenic 17-Mile Drive, the Ocean Pines condominiums are tucked away in the enchanted Del Monte Forest, with sweeping views of the Pacific coastline through the Monterey pines. The emerald links of America’s most legendary courses are minutes from your doorstep, along with shops, restaurants and the top-rated Spa at Pebble Beach. And with easy access to Highway One, you’re a short drive from Big Sur, the Monterey Aquarium, Cannery Row, and the storybook charms of Carmel-by-the-Sea.

Breakers #30 is a comfortable three bedroom, two and one half bath condominium with beautiful views of the ocean. The spacious living room has a wet bar and a large gas log fireplace, and the condo is equipped with two cable TVs, DVD/VCR, Bose AM/FM and WiFi.

Enjoy the peace and tranquility, take long walks, or hop in the car and explore this uncrowded (if you don’t count the sea otters, seals and sea lions) stretch of California coastline: seventeen magical miles of sea and sky (indianpills.net).

One-car enclosed garage. Coin-op washer/dryer on premises. Sleeps six.

BOOK THIS TODAY!


 L’ermitage – Monterey Peninsula Country Club

photo_mpcc-l'ermitage_2373

2400 sq. ft. | 3 Bedroom | 2 ½ Bath | Sleeps 7

You can walk to the beach from this charming Pebble Beach home – or practice golf on your own private putting green!

Located on a lovely, quiet 1/4 acre with beautiful oaks, it’s a five minute walk to the Monterey Peninsula Country Club and close to Spyglass, Spanish Bay, Poppy Hills, and the world-renowned Pebble Beach Golf Links.

Indoors, pamper yourself with luxury spa towels and linens and enjoy restful nights on the high-quality mattresses. The two Master suites feature a king and a queen with Egyptian cotton sheets and down comforters; both have deck access and fireplaces for romantic evenings. The third bedroom has a queen bed and a loft with a full size bed (recommended for 1-2 kids or teens).

This 3-bedroom, 2.5 bath home has high ceilings and hardwood floors; the living room has a third gas log fireplace and a large flat screen TV. The garden view gourmet kitchen has granite counter tops, a gas cooktop, and everything a culinary enthusiast could desire, from high-end cookware to a waffle maker an espresso/cappuccino machine.

Dishes and cutlery are provided for 12, and the adjacent dining area seats six comfortably. Multiple French doors open to the deck, which has a gas barbecue and a table and chairs for additional seating.

Amenities include WiFi, satellite TV in both the living room and master suite, DVR to record TV programs, and a DVD player in the living room.

There’s an oversized 3-car garage (with one 24″ and three adult bicycles for you to explore the area). Located within minutes of breathtaking ocean views on 17-Mile Drive, it’s close to all Pebble Beach golf courses and the Lodge at Pebble Beach (restaurants, shops, and world-class spa). A short, scenic drive takes you to the Monterey Bay Aquarium and Cannery Row, Fisherman’s Wharf, and charming Carmel-by–the-Sea, known for its unique shops, art galleries, and restaurants.

BOOK THIS PROPERTY TODAY!