– Nationwide construction of new housing is witnessing an unprecedented surge
– Over 1.65 million housing units are currently under construction
– The boom might bring a slowdown in escalating rent prices
– The construction boom is primarily led by apartment constructions
– The surge is considered historic as it might be the answer to the long-standing rent woes of tenants
Historic Housing Surge Poised to Ease Rent Woes
A remarkable phenomenon is beginning to change landscapes across America as a historic construction boom sweeps the nation. Over 1.65 million new housing units, with an overwhelming majority of them being apartments, are currently under construction.
Impact on Rent Hikes
The unleashing of construction mayhem is forecasted to moderate the constant rise in rent that has remained a thorn in the sides of tenants for far too long. The scalding increase in rents has been a subject of constant worry for many American families, but it seems that relief is in sight, thanks to this unprecedented housing construction boom.
The Role of Apartments
Apartments are at the heart of this surge, replacing the traditionally popular standalone homes in the new construction landscape. Their smaller footprints and efficiency in accommodating more families are proving advantageous, contributing significantly to the mighty upticks in housing numbers.
The Breezy Take
The on-going housing construction spree in Missouri, and indeed the entire nation, paints an optimistic picture of the future for tenants. If this holds steady, we are looking at a significantly reduced burden on renters due to slightly decreasing rent. This boom, primarily driven by apartments, is a historic occurrence that could very well bring about a seismic shift in the classification of housing needs. It’s a noteworthy development that needs more coverage and celebration. The takeaway? Hold onto your wallets – rent might just become a less worrisome expenditure in the days to come.
Original article: https://missouriindependent.com/2023/10/19/a-historic-housing-construction-boom-may-finally-moderate-rent-hikes/