Apartment Developer: 'There's An Acute Crisis Coming' In Housing Market
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Title : Apartment Developer: 'There's An Acute Crisis Coming' In Housing Market
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Title : Apartment Developer: 'There's An Acute Crisis Coming' In Housing Market
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news-today.world | Nearly half of renters pay over 30% of income on housing
On Friday, the housing market received a strong bullish jolt from the latest starts and permits data, which however showed that while traditional single-family units barely budged, there was another sharp spike higher in multi-family, i.e. rental unit construction.
On Friday, the housing market received a strong bullish jolt from the latest starts and permits data, which however showed that while traditional single-family units barely budged, there was another sharp spike higher in multi-family, i.e. rental unit construction.
And, in light of prevailing asking rent prices, this rise in multi-family supply is a welcome development: with most Americans (and certainly Millennials) unable to afford traditional housing, demand for rental housing is off the charts, pushing average asking rents to all time high with supply sure to follow, which in turn will eventually push prices back down again.
All that is Econ 101. There is just one problem: developers are putting up the wrong kinds of buildings, focusing almost entirely on the luxury segment. However, as discussed here recently, the luxury market is by now largely overbuilt, while the shortage of affordable rental housing is growing, as developers remain hamstrung by the now record-high cost of construction.
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All that is Econ 101. There is just one problem: developers are putting up the wrong kinds of buildings, focusing almost entirely on the luxury segment. However, as discussed here recently, the luxury market is by now largely overbuilt, while the shortage of affordable rental housing is growing, as developers remain hamstrung by the now record-high cost of construction.
More
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