Home And Apartment Construction Isn’t Keeping Pace With Job Growth

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The mismatch has resulted in rising rents and longer commutes

July 27, 2017
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According to a new study from Apartment List, only 10 of the nation’s 50 largest metros have built enough housing to keep up with job growth over the last few years.

Curbed reports that the Bay Area, Boston, and Salt Lake City have added more than two jobs for every new housing unit constructed between 2005 and 2015. San Antonio, Denver, New York City, and Seattle are among the other markets that have added more new jobs than new housing.

This mismatch has resulted in rising rental costs for those who stay in the city, and longer commutes for those who move out to the suburbs.

Charlotte added the same number of jobs as San Jose did between 2005 and 2015, but issued permits for three times as many housing units. Rents increased 57 percent in San Jose, but only rose 30 percent in Charlotte.

Denver and Atlanta added roughly the same amount of jobs, but Atlanta approved twice as many permits. Rents rose 52 percent in Denver, but only 25 percent in Atlanta.

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