New apartment construction is helping to lower rents in some areas, but many still face high costs.
Austin: There’s been a big apartment construction boom lately, and it’s starting to show in the rent prices. After a crazy spike in 2021 and 2022, some areas are finally seeing a bit of relief. Rents are still high, but they’re starting to drop in places like Arizona, Georgia, and Utah, where new apartments are popping up everywhere.
But it’s not all sunshine and rainbows. Many folks, especially those with lower incomes, are still feeling the pinch. Even with more apartments being built, the overall rent prices are still pretty steep in many Northeast and Midwest states. It’s a real head-scratcher for everyone trying to figure out how to make housing more affordable.
In Austin, for example, people are actually celebrating lower rents. One renter shared on TikTok that her lease renewal was almost $200 less than before. That’s a huge win! But in places like New Jersey, rents are still climbing, and local governments are struggling to keep up with the demand for new housing.
Some towns are pushing back against new developments, worried about how it’ll affect their communities. It’s a tricky balance, trying to build enough homes while keeping current residents happy. And while some areas are seeing rents drop, others are still facing increases, making it clear that the housing market is all over the place right now.
Experts are debating how many more homes we really need. Some say we’re short millions of units, while others think we might have built too many in the past. It’s a complicated issue, and everyone seems to have a different take on it. What’s clear is that for rents to really come down, we need to build more homes in the places people actually want to live.
