Across the U.S., the cost of renting a home is rising at the fastest pace in decades. Record-low vacancy rates caused rents to climb 11.3% in 2021. Double-digit growth rates have carried into this year.

More than a third of American households rent their homes. These skyrocketing rents are putting families at risk of living in sub-par conditions, facing eviction, or worse, becoming homeless. Leading experts agree that a lack of attainable housing is the main cause of homelessness in the United States, according to a new Urban Land Institute report.

During the pandemic, many state and local governments capped rents and limited evictions. These measures allowed millions of renters to stay in their homes. However, these policies did not address the long-term challenge renters face: a severe shortage of high-quality housing they can afford, especially for those of modest means who are most vulnerable to financial shocks.

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