CHICAGO—After years of escalating demand for apartments, and a growing affordability crisis, developers in many cities have finally begun to produce enough apartments for renters, who should see rent growth moderate in 2017.
That was the conclusion of Goleta, CA-based software provider AppFolio, Inc., which has just published a study, based on data from Axiometrics, on conditions in 20 core US cities. Still, the affordability crisis remains severe in many areas, with renters paying more than 40% of their monthly income on housing alone.
The chief difficulty has been that during the recession new construction stopped virtually everywhere, but demand for rental housing began surging in many top metro areas.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
