New York, Dallas, and Austin are the top three cities that studies predict will have the highest rates of new rental units completed in 2023. New York, out of the three cities, will have the highest number of new rental units built by 2023, totaling 33,001. The majority of the new rental units are high-end and offered for an expensive rental price. Survey shows that 41% of renters living in these areas are from an affluent economic class who can afford these high prices. Along with the increase of new rental units, there is a concern that affordable housing options will continue to decrease due to inflation and increased interest rates.
Michael Kolomatsky, There’s a Building Boom, but It’s Not for Everyone, The New York Times, https://www.nytimes.com/2023/09/28/realestate/theres-a-building-boom-but-its-not-for-everyone.html (Sept. 28, 2023).
Tags: affluent, Affordable Housing, Development, development cost, inflation, interest rates, Manhattan, metro areas, rental units, RentCafe