Influx Of New Apartments Doesn’t Alleviate Rent Price Woes

August 9, 2016

More than 320,000 new apartment units are expected become available this year, a sizable amount considering how slow building has been since the recession. But, these new homes will have a negligible impact on the large portion of Americans that are barely affording rent each month.

As Realtor.com reports, nearly all of the new rental options will be luxury apartments, which are more profitable for builders.

Housing market researchers have found that high-end renters desire top-notch amenities like round-the-clock concierge services, pet playgrounds, rooftop lounges, theater rooms, and barbecue areas.

The site also found the cities with the most new rental units. Texas has had the highest amount of recent construction, with three cities (Houston, Dallas, and Austin) in the top 10.

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