According to a recent Harvard study, more than 18 million rental units in the United States are at risk from climate hazards as extreme weather events become more common. In 2023, the U.S. experienced 28 weather and climate disasters, resulting in a total of $92.9 billion in damages. The study, conducted by Harvard’s Joint Center for Housing Studies, highlights the vulnerability of occupied rental units to climate-related risks. It emphasizes that several areas in the U.S. are particularly susceptible to extreme weather hazards.

The findings of the study indicate that urgent action is required to mitigate the risk to rental units. As climate disasters continue to increase in frequency, it is crucial to implement measures that can protect these units from potential damage. This may involve implementing resilient building practices, such as fortifying structures against extreme weather conditions. Additionally, there is a need to enhance awareness and preparedness among both landlords and tenants regarding climate-related risks.

The study underscores the importance of identifying areas that are most vulnerable to climate hazards. By analyzing data, researchers can identify regions that require targeted interventions and resources to mitigate the risk to rental units. This information can guide policymakers and stakeholders in implementing strategies to reduce the impact of climate disasters on rental housing.

The threat of environmental hazards to rental units is a pressing issue that needs immediate attention. The study’s findings serve as a call to action for policymakers, housing organizations, and communities to work together in developing comprehensive strategies to protect rental units from climate-related risks. By taking proactive measures, it is possible to safeguard these units and ensure the resilience of the rental housing market in the face of increasing climate hazards.

Key Statistics

According to the Harvard study, there are currently 18 million rental units at risk due to the increasing frequency of climate disasters. This means that these rental units are vulnerable to damage or destruction caused by events such as hurricanes, floods, wildfires, and extreme weather conditions.

States with the Highest Concentration of Vulnerable Units

The study highlights several states that have the highest concentration of vulnerable rental units. These states include:

1. Florida: Being a coastal state, Florida is particularly susceptible to hurricanes and flooding. The state has a large number of rental units located in areas that are prone to these climate disasters.
2. California: With its high risk of wildfires and earthquakes, California has a significant number of rental units that are exposed to these potential disasters. The state’s dense population and urban areas make it more susceptible to damage.
3. Texas: Texas also faces multiple climate-related risks, including hurricanes, tornadoes, and flooding. The state has a large number of rental units located in coastal regions and flood-prone areas.
4. Louisiana: Louisiana is highly vulnerable to hurricanes and flooding due to its low-lying coastal geography. The state has a significant concentration of rental units that are at risk.

Potential Consequences on the Rental Market

The consequences of climate disasters on the rental market can be severe and far-reaching. Some potential consequences include:

1. Displacement of Renters: Climate disasters can lead to the displacement of renters, forcing them to seek alternative housing options. This can lead to increased competition for available rental units, driving up prices and reducing affordability.
2. Decreased Rental Supply: Rental units that are damaged or destroyed by climate disasters may take time to rebuild, resulting in a decreased rental supply. This can lead to a shortage of housing options for renters, further exacerbating affordability issues.
3. Increased Insurance Costs: Landlords may face higher insurance costs as a result of climate-related risks. This could potentially lead to increased rental prices as landlords try to offset these additional expenses.