Developers bldg market-rate units to lease for less

By Joe Bousquin | National Apartment Association HQ

Since the end of the Great Recession, the hallmark of this apartment cycle has been luxury units, usually located within the urban core, with a slew of amenities.

Of course, those kinds of communities don’t come cheap, to develop or to lease. The $300K per-unit development cost this cycle has been justified by the ability to push rents that have gone through the roof as well. In many markets today, $2,500 a month just gets you in the door.

The result has been an attainable housing scourge like no other: 49.7 percent of American renters are now classified as “cost burdened” — meaning more than 30 percent of their income goes to rent. Nearly 300,000 renters were added to those ranks in 2018 alone.


Share this!

Additional Articles

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories