A jump in apartment construction in the U.S. may help provide some relief to renters who’ve faced soaring prices — eventually.
This year, 420,000 apartments are expected to be delivered nationwide, according to a study by listing service RentCafe. It would be the second year in a row that the industry tops 400,000 units, a mark that was last reached in 1972.
The construction boom was driven by demand, particularly in Southern cities such as Dallas and Miami where many Americans flocked during the pandemic. Other places that were deserted during the worst of the COVID-19 crisis, including New York City, have seen an influx of returns.
Soaring home prices nationwide also has prevented many from purchasing a house, adding pressure to the rental market.
Read more at Crainscleveland.com
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