Here’s why it’s so hard to find an affordable apartment to rent
More than half of tenants nationwide pay more than 30 percent of their income in rent, which is considered the maximum for affordability. That’s because there aren’t enough units: Vacancy rates in many cities are at historic lows, forcing prices up. “Due to more than a decade of underbuilding, a significant shortage of housing options led to America’s housing affordability crisis,” according to Orphe Divounguy, a senior economist at Zillow. Although more apartments have come online in the past two years, construction starts in January sunk 40% from a year prior and new permits for multifamily construction were down 27%.
Source: https://www.cnn.com/2024/02/19/economy/us-rental-apartment-prices?cid=ios_app