Rental housing tends to serve lower-income residents as it ages.

The rental-income index falls much more with building age than the owner-occupied index.

FROM THE PAPERFigure 1 · Occupant income as homes age

Source: Rosenthal (2014) · Figure 1; PDF p. 9

Keep in mind: Filtering is an average market process; individual homes can be renovated, demolished, or move up in quality.

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The rental-income index falls much more with building age than the owner-occupied index.

Source: Rosenthal (2014)
Figure: Figure 1 · Occupant income as homes age · Figure 1; PDF p. 9
Keep in mind: Filtering is an average market process; individual homes can be renovated, demolished, or move up in quality.

Too many people are chasing too few homes. See why—and what communities can do about it.