The years following the COVID-19 pandemic were difficult for renters. The pandemic was followed by an economic recovery marked by inflation, population growth and rising interest rates. These increased the cost of financing for landlords and limited the ability of first-time buyers to access homeownership.
Overall, these dynamics increased the shortage of affordable housing. Rents have risen sharply in many regions, and housing continues to be the main expense for many.
Of course, access to affordable housing is an important factor in economic well-being — the ability to meet basic needs, absorb financial shocks, build assets and maintain financial means throughout one’s life.
