Key Takeaways
The national rent-to-income (RTI) ratio has steadily decreased over the last five quarters, reaching 27.6% in Q4 as the median household income continues to outpace rent growth.
Increased housing supply and strong wage growth provide first-time home buyers more options despite elevated mortgage rates.
The rise in inventory from higher completions is expected to be maintained by longer renter tenure.
Migration and demographic shifts affect housing demand – and thus affordability – causing property values and rents to fluctuate in either direction.
