Rents for apartments and single-family homes are rising nearly as fast as home prices. As already high rents climb higher, frustrated renters may move further away from employment centers or look for smaller apartments.
But that doesn’t solve the larger problems of low supply for a growing number of renters and would-be renters choosing to remain in their parents’ homes.
Exacerbating the issue is increased legislative interest in rent control — which, rather than addressing affordable housing issues, often creates more challenges, including reduced supply of available units and reduced income to states and municipalities because of slowed or halted development.
Last year in California, a statewide rent control initiative was narrowly defeated, but the issue remains on the legislative agenda. And many additional cities and states are exploring legislation in this arena as an intended affordable housing solution.