With Rents continuing to rise has now pushed developers to build more housing units.
Some 420,000 new apartments are expected to be completed in cities across the U.S. this year, marking a historic 50-year high in multifamily construction, according to data from the listing service RentCafe, Axios’ Jacob Knutson reports.
Why it matters: The new supply of units could eventually bring down rental prices, which have recently soared alongside housing prices.
2022 is expected to be the second year in a row in which more than 400,000 apartments were completed, with 423,000 delivered nationwide in 2021, according to RentCafe.
Axios Closer By Hope King and Nathan Bomey · Aug 22, 2022