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
