All articles tagged with #apartment construction
Over 100 firefighters battled a massive five-alarm fire at a construction site in Denver, involving a mostly wooden building, with one firefighter injured and residents evacuated; the fire is about 70% contained, with investigations into the cause ongoing.
The apartment construction boom in the US is slowing down due to higher costs and market saturation, especially in the South and West, leading to potential rent increases and a focus on luxury units, while rental markets in the Midwest and Northeast remain tight.
Despite a surge in new apartment construction, US renters face record-high costs and increased financial strain, especially among low- and middle-income households, with rent burdens rising and affordability challenges worsening due to high housing and utility costs, and potential federal funding cuts.
Despite high prices, high interest rates, and low inventory, the housing market continues to be unaffordable, making it one of the worst times to buy a home, according to real estate experts. However, with more apartments under construction than in half a century, renting an apartment is becoming easier, offering a more viable option for those not planning to stay in a house for the long term.
Frisco's 75034 ZIP code in Texas ranks fifth in the United States for apartment building, with 5,872 new apartment units added from 2018 to 2022. The area has experienced significant growth, with its apartment supply more than doubling over the five-year period. Only neighborhoods in Washington, D.C., New York, and Nashville saw more apartment construction.
While nationwide rents have slowed down, the Detroit area has experienced a decline in median rent by 1.06% year-over-year. However, this trend does not provide much relief for many renters across the US who are still facing rent increases. Cities like Cincinnati and Indianapolis have seen rent increases of 5% or more. The construction boom in the rental market has primarily focused on luxury apartments, with median rent in the US rising to $2,029 in June. The increase in supply is concentrated in a few metropolitan areas, leaving most tenants unlikely to see significant reductions in rent. The surge in rents has made it difficult for workers to keep up with inflation, exacerbating the long-term trend of rising rents and stagnant income growth.
The boom in apartment construction in the US is helping to curb rent increases on a national level, with median rent rising just 0.5% in June year over year. However, this trend is not benefiting all renters, as many are still facing significant rent hikes, particularly in cities like Cincinnati and Indianapolis. The majority of new construction is concentrated in a few metro areas and consists of luxury apartments, which rent for over $2,000. While the increase in supply may moderate rent increases over time, it is unlikely to result in significant reductions for most tenants, exacerbating the affordability problem for renters across the country.
The boom in apartment construction in the U.S. is helping to curb rent increases on a national level, with median rent rising just 0.5% in June compared to the previous year. However, this trend is not benefiting all renters, as many are still facing significant rent hikes, particularly in cities like Cincinnati and Indianapolis. The majority of new construction is concentrated in a few metro areas and consists of luxury apartments, which rent for over $2,000. While the increase in supply may moderate rent increases over time, it is unlikely to significantly reduce rents for most tenants, exacerbating the affordability problem.