Apartment List's Chief Economist Explores Rental Market Trends at Federal Reserve Seminar

Apartment List's very own Chief Economist, Dr. Igor Popov, recently shared his expertise as part of a high-profile panel at the Federal Reserve Board in Washington, D.C. He joined the Fed's community development research seminar to examine challenges and opportunities in affordable housing.

During his presentation, Igor offered insights into key shifts in the rental market since the beginning of the pandemic. He started by discussing how rents initially fell in 2020 but then surged nearly 18 percent in 2021, which had a significant impact on household formation. Despite recent cooling, rents remain 22 percent higher than pre-pandemic levels. Igor also delved into the impact of remote work, which spurred suburbanization, while construction faced challenges due to supply shortages.

Looking ahead, Igor anticipates an era marked by challenges related to affordability issues, peaking multifamily development, and stabilization to more typical pre-pandemic growth rates. He emphasized that targeted policy solutions would be critical to support renters nationwide, particularly in light of these changing trends.

“When we look at the bottom 20 percent of the income distribution, and the fact that within that group the median rent burden is on the order of 60 percent, it’s very hard to imagine people having the freedom to make decisions to really try to change circumstances,” said Popov. “Their housing, when they are able to obtain it, is not that much less expensive than the median renters’ household, but their incomes are far lower.”

You can watch Igor’s presentation and the full seminar here or below.

We’re proud to see our Economic Research team and Igor influencing economic discussions. The team’s data-driven insights exemplify Apartment List's commitment to understanding the real-time rental market so we can empower renters and our partners.