{"id":78178,"date":"2024-07-09T05:00:35","date_gmt":"2024-07-09T12:00:35","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78178"},"modified":"2024-09-27T14:56:49","modified_gmt":"2024-09-27T21:56:49","slug":"america-building-fewer-apartments-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\/","title":{"rendered":"Permits to Build U.S. Apartments Have Dropped Nearly 30% Since the Pandemic"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i>Builders obtained permits to construct 13 multifamily units per 10,000 people this year, down from an average of 18 in 2021-2023. They&#8217;ve<\/i><i> pumped the brakes because borrowing costs are high and there&#8217;s already a near-record number of units hitting the market, which is limiting rent-price growth.<\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i>Landlords may feel empowered to jack up rents in the coming years once the slowdown in permitting trickles down to actual inventory.<\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i>Cape Coral, FL\u2014at risk from natural disasters\u2014is permitting more multifamily housing than anywhere else in the U.S. Austin ranks second, but has seen a significant slowdown in permits.<\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i>Rents are currently falling in many of the metros where multifamily construction boomed during the pandemic.<\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Builders obtained permits to construct 13 multifamily housing units for every 10,000 people in the U.S. so far this year, down from an average of 18 during the same periods in 2021-2023. That\u2019s a drop of nearly 30%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is according to a Redfin analysis of U.S. Census Bureau data covering building permits for multifamily units in buildings with five or more units during the first five months of 2024, and the same periods in 2021-2023. A building permit is an approval given by a local jurisdiction to move forward with a construction project. Not all areas require permits. National figures in this report cover the entire U.S., while the metro sections below cover the 79 U.S. metros with populations of at least 750,000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Multifamily building permits have dwindled not because they\u2019re harder to get, but because builders are seeking fewer of them. Here are two reasons builders are seeking fewer permits:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Elevated interest rates have made it more expensive to borrow money for construction projects.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">There\u2019s already a near-record number of new multifamily units hitting the market due to a building boom in recent years, making it difficult for some property owners to find tenants. Less than half (<\/span><a href=\"https:\/\/www.redfin.com\/news\/apartments-rented-slowest-pace-since-2020\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">47%<\/span><\/a><span style=\"font-weight: 400;\">) <\/span><span style=\"font-weight: 400;\">of new apartments that were completed at the end of last year were rented within three months\u2014the lowest share since 2020.<\/span><\/li>\n<\/ol>\n<p><iframe id=\"datawrapper-chart-He5aB\" style=\"border: none;\" title=\"Cape Coral, FL and Austin, TX Are Permitting the Most Multifamily Housing \" src=\"https:\/\/datawrapper.dwcdn.net\/He5aB\/2\/\" width=\"800\" height=\"634\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Map\" data-external=\"1\"><\/iframe><br \/>\n<span style=\"font-weight: 400;\">While multifamily building permits and <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/HOUST5F\"><span style=\"font-weight: 400;\">starts<\/span><\/a><span style=\"font-weight: 400;\"> have slowed significantly\u2014both have fallen below their 10-year historical average\u2014the number of units being <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/COMPU5MUSA\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">completed<\/span><\/i><\/a><span style=\"font-weight: 400;\"> is still at historic highs. That\u2019s because a lot of projects that started during the pandemic are just now being finished. <\/span><span style=\"font-weight: 400;\">This backlog of new units means property owners in many areas are competing with one another for tenants, which is putting a cap on how much U.S. rent prices can grow. Asking rents are up <\/span><a href=\"https:\/\/www.redfin.com\/news\/asking-rents-highest-since-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">less than 1%<\/span><\/a><span style=\"font-weight: 400;\"> from a year ago\u2014a far cry from the 18% growth seen during the pandemic\u2014though they are still at the highest level since 2022.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;Prospective renters should be aware that now may be a better time to sign a lease than later,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cProperty owners might start jacking up rents again once all of the new apartments hitting the market fill up with tenants and there\u2019s no longer so much supply, which could be the case in a year or two.\u201d<\/span><\/p>\n<h3>Cape Coral and Austin Are Permitting More Multifamily Housing Than Anywhere Else in the U.S.<\/h3>\n<p><span style=\"font-weight: 400;\">In Cape Coral, FL builders got permits to construct 27 multifamily units per 10,000 people this year\u2014the highest level among the 79 metros Redfin analyzed. Next came Austin, TX (21), Greensboro, NC (20), North Port, FL (18), Omaha, NE (17), Nashville, TN (15), Tampa, FL (14), Orlando, FL (13), Dallas (13) and Columbus, OH (12).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many of these metros are in the Sun Belt, which surged in popularity during the pandemic, fueling a building boom in the region. Florida is home to four of the 10 aforementioned metros.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Florida faces high risk from storms, flooding and sea level rise, and is the epicenter of the housing insurance crisis. But builders keep building because there\u2019s still demand\u2014partly due to the influx of out-of-towners who moved in during the pandemic. Permits may also be rising in Florida as homeowners continue to rebuild after Hurricane Ian in late 2022.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The two metros with the fewest multifamily permits per 10,000 people are in California. In Stockton, CA, no permits were issued in the first five months of the year. It\u2019s followed by Bakersfield, CA (0), Providence, RI (0), El Paso, TX (1), Baton Rouge, LA (1), Cleveland (1), Fresno, CA (1), Detroit (1), Dayton, OH (1) and New Orleans (1).<\/span><\/p>\n<h3>Multifamily Construction Has Slowed in Most Areas Since the Pandemic, But There Are 25 Metros Where Permitting Has Increased<\/h3>\n<p><span style=\"font-weight: 400;\">Most metro areas have seen a dropoff in multifamily building permits since the pandemic, with Austin posting the biggest decline, despite still being the second largest permitter in the nation. As mentioned above, builders in the Texas capital obtained 21 permits per 10,000 people this year\u2014but that\u2019s down from an average of 40 <\/span><span style=\"font-weight: 400;\">in 2021-2023. Jacksonville saw the second biggest drop (5 permits per 10k people in 2024 vs 23 permits per 10k people in 2021-2023). Next came Colorado Springs, CO (7 vs 24), Boise, ID (4 vs 17) and Raleigh, NC (9 vs 21).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many of the aforementioned housing markets rose in popularity during the pandemic and have since slowed, in part because many people have been priced out.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other end of the spectrum, 25 metros are permitting <\/span><i><span style=\"font-weight: 400;\">more<\/span><\/i><span style=\"font-weight: 400;\"> than they were during the pandemic. Builders in Greensboro <\/span><span style=\"font-weight: 400;\">obtained 20 multifamily permits for every 10,000 people this year, up from an average of just four in 2021-2023\u2014the biggest increase among the metros Redfin analyzed. Rounding out the top five are Cape Coral (27 vs 16), Omaha (17 vs 10), Columbus (12 vs 7) and Tampa (14 vs 9). Refer to the table at the bottom of this report for full metro-level data.<\/span><\/p>\n<h3>Rents Are Falling in Many of the Metros Where Building Boomed During the Pandemic<\/h3>\n<p><span style=\"font-weight: 400;\">Median asking rents are down from a year ago in 16 of the 33 metros for which Redfin has rent-price data. In many of those metros, rents are falling because multifamily construction has ballooned, meaning building owners are competing for tenants. The 16 metros where rents are falling permitted an average of 14 multifamily units per 10,000 people in 2021-2023. By comparison, the metros where rents are <\/span><i><span style=\"font-weight: 400;\">rising <\/span><\/i><span style=\"font-weight: 400;\">permitted an average of just seven units per 10,000 people.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It makes sense to analyze permits in 2021-2023 (rather than 2024) when looking at current rent-price trends because those are the units that have already hit the market, meaning they have had time to impact rents.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Jacksonville, the median asking rent fell 10% year over year in <\/span><a href=\"https:\/\/www.redfin.com\/news\/asking-rents-highest-since-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">May<\/span><\/a><span style=\"font-weight: 400;\">\u2014the biggest drop among the metros for which Redfin has rent data. Jacksonville was one of the country\u2019s top permitters in 2021-2023, with an average of 23 multifamily units per 10,000 people. The story is similar in Austin, which <\/span><i><span style=\"font-weight: 400;\">was<\/span><\/i><span style=\"font-weight: 400;\"> the nation\u2019s top permitter during the pandemic and saw asking rents drop 7% in May\u2014the third steepest decline among the metros for which Redfin has rent-price data.\u00a0<\/span><\/p>\n<h3>\u200b\u200bMetro-Level Summary: 79 U.S. Metros With Populations of At Least 750,000<\/h3>\n<p><i><span style=\"font-weight: 400;\">Figures are rounded to the nearest whole number.<\/span><\/i><\/p>\n\n<table id=\"tablepress-409\" class=\"tablepress tablepress-id-409\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>U.S. metro area<\/strong><\/th><th class=\"column-2\"><strong>Permits issued per 10,000 people (Jan.-May 2024)<\/strong><\/th><th class=\"column-3\"><strong>Permits issued per 10,000 people (Jan.-May 2021-2023 average)<\/strong><\/th><th class=\"column-4\"><strong>Change in permits issued per 10,000 people (Jan.-May 2024 vs Jan.-May 2021-2023 average)<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Albany, NY<\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">4<\/td><td class=\"column-4\">0<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Albuquerque, NM<\/td><td class=\"column-2\">2<\/td><td class=\"column-3\">6<\/td><td class=\"column-4\">-4<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Allentown, PA<\/td><td class=\"column-2\">2<\/td><td class=\"column-3\">3<\/td><td class=\"column-4\">-1<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Atlanta, GA<\/td><td class=\"column-2\">10<\/td><td class=\"column-3\">9<\/td><td class=\"column-4\">2<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Austin, TX<\/td><td class=\"column-2\">21<\/td><td class=\"column-3\">40<\/td><td class=\"column-4\">-20<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Bakersfield, CA<\/td><td class=\"column-2\">0<\/td><td class=\"column-3\">0<\/td><td class=\"column-4\">0<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Baltimore, MD<\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">5<\/td><td class=\"column-4\">-2<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Baton Rouge, LA<\/td><td class=\"column-2\">1<\/td><td class=\"column-3\">0<\/td><td class=\"column-4\">1<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Birmingham, AL<\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">1<\/td><td class=\"column-4\">2<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Boise, ID<\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">17<\/td><td class=\"column-4\">-13<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Boston, MA<\/td><td class=\"column-2\">7<\/td><td class=\"column-3\">9<\/td><td class=\"column-4\">-2<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Bridgeport, CT<\/td><td class=\"column-2\">2<\/td><td class=\"column-3\">5<\/td><td class=\"column-4\">-2<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Buffalo, NY<\/td><td class=\"column-2\">2<\/td><td class=\"column-3\">1<\/td><td class=\"column-4\">0<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Cape Coral, FL<\/td><td class=\"column-2\">27<\/td><td class=\"column-3\">16<\/td><td class=\"column-4\">12<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">Charleston, SC<\/td><td class=\"column-2\">9<\/td><td class=\"column-3\">11<\/td><td class=\"column-4\">-2<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Charlotte, NC<\/td><td class=\"column-2\">11<\/td><td class=\"column-3\">16<\/td><td class=\"column-4\">-6<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Chicago, IL<\/td><td class=\"column-2\">2<\/td><td class=\"column-3\">3<\/td><td class=\"column-4\">0<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Cincinnati, OH<\/td><td class=\"column-2\">7<\/td><td class=\"column-3\">4<\/td><td class=\"column-4\">3<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">Cleveland, OH<\/td><td class=\"column-2\">1<\/td><td class=\"column-3\">1<\/td><td class=\"column-4\">0<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">Colorado Springs, CO<\/td><td class=\"column-2\">7<\/td><td class=\"column-3\">24<\/td><td class=\"column-4\">-16<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Columbia, SC<\/td><td class=\"column-2\">5<\/td><td class=\"column-3\">6<\/td><td class=\"column-4\">-1<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Columbus, OH<\/td><td class=\"column-2\">12<\/td><td class=\"column-3\">7<\/td><td class=\"column-4\">5<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Dallas, TX<\/td><td class=\"column-2\">13<\/td><td class=\"column-3\">14<\/td><td class=\"column-4\">-1<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Dayton, OH<\/td><td class=\"column-2\">1<\/td><td class=\"column-3\">4<\/td><td class=\"column-4\">-2<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">Denver, CO<\/td><td class=\"column-2\">9<\/td><td class=\"column-3\">19<\/td><td class=\"column-4\">-10<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Detroit, MI<\/td><td class=\"column-2\">1<\/td><td class=\"column-3\">3<\/td><td class=\"column-4\">-1<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">El Paso, TX<\/td><td class=\"column-2\">1<\/td><td class=\"column-3\">1<\/td><td class=\"column-4\">0<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">Fresno, CA<\/td><td class=\"column-2\">1<\/td><td class=\"column-3\">4<\/td><td class=\"column-4\">-3<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">Grand Rapids, MI<\/td><td class=\"column-2\">6<\/td><td class=\"column-3\">3<\/td><td class=\"column-4\">3<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">Greensboro, NC<\/td><td class=\"column-2\">20<\/td><td class=\"column-3\">4<\/td><td class=\"column-4\">15<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Greenville, SC<\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">6<\/td><td class=\"column-4\">-2<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Hartford, CT<\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">2<\/td><td class=\"column-4\">1<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Honolulu, HI<\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">4<\/td><td class=\"column-4\">0<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\">Houston, TX<\/td><td class=\"column-2\">5<\/td><td class=\"column-3\">10<\/td><td class=\"column-4\">-5<\/td>\n<\/tr>\n<tr class=\"row-36\">\n\t<td class=\"column-1\">Indianapolis, IN<\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">8<\/td><td class=\"column-4\">-6<\/td>\n<\/tr>\n<tr class=\"row-37\">\n\t<td class=\"column-1\">Jacksonville, FL<\/td><td class=\"column-2\">5<\/td><td class=\"column-3\">23<\/td><td class=\"column-4\">-18<\/td>\n<\/tr>\n<tr class=\"row-38\">\n\t<td class=\"column-1\">Kansas City, MO<\/td><td class=\"column-2\">6<\/td><td class=\"column-3\">7<\/td><td class=\"column-4\">-1<\/td>\n<\/tr>\n<tr class=\"row-39\">\n\t<td class=\"column-1\">Knoxville, TN<\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">5<\/td><td class=\"column-4\">-1<\/td>\n<\/tr>\n<tr class=\"row-40\">\n\t<td class=\"column-1\">Las Vegas, NV<\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">7<\/td><td class=\"column-4\">-3<\/td>\n<\/tr>\n<tr class=\"row-41\">\n\t<td class=\"column-1\">Los Angeles, CA<\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">5<\/td><td class=\"column-4\">-2<\/td>\n<\/tr>\n<tr class=\"row-42\">\n\t<td class=\"column-1\">Louisville, KY<\/td><td class=\"column-2\">6<\/td><td class=\"column-3\">5<\/td><td class=\"column-4\">1<\/td>\n<\/tr>\n<tr class=\"row-43\">\n\t<td class=\"column-1\">McAllen, TX<\/td><td class=\"column-2\">2<\/td><td class=\"column-3\">2<\/td><td class=\"column-4\">-1<\/td>\n<\/tr>\n<tr class=\"row-44\">\n\t<td class=\"column-1\">Memphis, TN<\/td><td class=\"column-2\">5<\/td><td class=\"column-3\">2<\/td><td class=\"column-4\">2<\/td>\n<\/tr>\n<tr class=\"row-45\">\n\t<td class=\"column-1\">Miami, FL<\/td><td class=\"column-2\">8<\/td><td class=\"column-3\">11<\/td><td class=\"column-4\">-3<\/td>\n<\/tr>\n<tr class=\"row-46\">\n\t<td class=\"column-1\">Milwaukee, WI<\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">2<\/td><td class=\"column-4\">1<\/td>\n<\/tr>\n<tr class=\"row-47\">\n\t<td class=\"column-1\">Minneapolis, MN<\/td><td class=\"column-2\">5<\/td><td class=\"column-3\">15<\/td><td class=\"column-4\">-10<\/td>\n<\/tr>\n<tr class=\"row-48\">\n\t<td class=\"column-1\">Nashville, TN<\/td><td class=\"column-2\">15<\/td><td class=\"column-3\">21<\/td><td class=\"column-4\">-7<\/td>\n<\/tr>\n<tr class=\"row-49\">\n\t<td class=\"column-1\">New Haven, CT<\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">4<\/td><td class=\"column-4\">-1<\/td>\n<\/tr>\n<tr class=\"row-50\">\n\t<td class=\"column-1\">New Orleans, LA<\/td><td class=\"column-2\">1<\/td><td class=\"column-3\">4<\/td><td class=\"column-4\">-2<\/td>\n<\/tr>\n<tr class=\"row-51\">\n\t<td class=\"column-1\">New York, NY<\/td><td class=\"column-2\">10<\/td><td class=\"column-3\">8<\/td><td class=\"column-4\">2<\/td>\n<\/tr>\n<tr class=\"row-52\">\n\t<td class=\"column-1\">North Port, FL<\/td><td class=\"column-2\">18<\/td><td class=\"column-3\">21<\/td><td class=\"column-4\">-3<\/td>\n<\/tr>\n<tr class=\"row-53\">\n\t<td class=\"column-1\">Oklahoma City, OK<\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">0<\/td><td class=\"column-4\">4<\/td>\n<\/tr>\n<tr class=\"row-54\">\n\t<td class=\"column-1\">Omaha, NE<\/td><td class=\"column-2\">17<\/td><td class=\"column-3\">10<\/td><td class=\"column-4\">7<\/td>\n<\/tr>\n<tr class=\"row-55\">\n\t<td class=\"column-1\">Orlando, FL<\/td><td class=\"column-2\">13<\/td><td class=\"column-3\">17<\/td><td class=\"column-4\">-3<\/td>\n<\/tr>\n<tr class=\"row-56\">\n\t<td class=\"column-1\">Oxnard, CA<\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">3<\/td><td class=\"column-4\">1<\/td>\n<\/tr>\n<tr class=\"row-57\">\n\t<td class=\"column-1\">Philadelphia, PA<\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">6<\/td><td class=\"column-4\">-2<\/td>\n<\/tr>\n<tr class=\"row-58\">\n\t<td class=\"column-1\">Phoenix, AZ<\/td><td class=\"column-2\">12<\/td><td class=\"column-3\">13<\/td><td class=\"column-4\">-2<\/td>\n<\/tr>\n<tr class=\"row-59\">\n\t<td class=\"column-1\">Pittsburgh, PA<\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">2<\/td><td class=\"column-4\">2<\/td>\n<\/tr>\n<tr class=\"row-60\">\n\t<td class=\"column-1\">Portland, OR<\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">10<\/td><td class=\"column-4\">-6<\/td>\n<\/tr>\n<tr class=\"row-61\">\n\t<td class=\"column-1\">Providence, RI<\/td><td class=\"column-2\">0<\/td><td class=\"column-3\">1<\/td><td class=\"column-4\">0<\/td>\n<\/tr>\n<tr class=\"row-62\">\n\t<td class=\"column-1\">Raleigh, NC<\/td><td class=\"column-2\">9<\/td><td class=\"column-3\">21<\/td><td class=\"column-4\">-12<\/td>\n<\/tr>\n<tr class=\"row-63\">\n\t<td class=\"column-1\">Richmond, VA<\/td><td class=\"column-2\">8<\/td><td class=\"column-3\">14<\/td><td class=\"column-4\">-6<\/td>\n<\/tr>\n<tr class=\"row-64\">\n\t<td class=\"column-1\">Riverside, CA<\/td><td class=\"column-2\">2<\/td><td class=\"column-3\">4<\/td><td class=\"column-4\">-2<\/td>\n<\/tr>\n<tr class=\"row-65\">\n\t<td class=\"column-1\">Rochester, NY<\/td><td class=\"column-2\">2<\/td><td class=\"column-3\">3<\/td><td class=\"column-4\">-2<\/td>\n<\/tr>\n<tr class=\"row-66\">\n\t<td class=\"column-1\">Sacramento, CA<\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">5<\/td><td class=\"column-4\">-1<\/td>\n<\/tr>\n<tr class=\"row-67\">\n\t<td class=\"column-1\">Salt Lake City, UT<\/td><td class=\"column-2\">7<\/td><td class=\"column-3\">19<\/td><td class=\"column-4\">-12<\/td>\n<\/tr>\n<tr class=\"row-68\">\n\t<td class=\"column-1\">San Antonio, TX<\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">13<\/td><td class=\"column-4\">-9<\/td>\n<\/tr>\n<tr class=\"row-69\">\n\t<td class=\"column-1\">San Diego, CA<\/td><td class=\"column-2\">8<\/td><td class=\"column-3\">7<\/td><td class=\"column-4\">1<\/td>\n<\/tr>\n<tr class=\"row-70\">\n\t<td class=\"column-1\">San Francisco, CA<\/td><td class=\"column-2\">2<\/td><td class=\"column-3\">6<\/td><td class=\"column-4\">-4<\/td>\n<\/tr>\n<tr class=\"row-71\">\n\t<td class=\"column-1\">San Jose, CA<\/td><td class=\"column-2\">6<\/td><td class=\"column-3\">6<\/td><td class=\"column-4\">1<\/td>\n<\/tr>\n<tr class=\"row-72\">\n\t<td class=\"column-1\">Seattle, WA<\/td><td class=\"column-2\">11<\/td><td class=\"column-3\">16<\/td><td class=\"column-4\">-5<\/td>\n<\/tr>\n<tr class=\"row-73\">\n\t<td class=\"column-1\">St. Louis, MO<\/td><td class=\"column-2\">2<\/td><td class=\"column-3\">5<\/td><td class=\"column-4\">-3<\/td>\n<\/tr>\n<tr class=\"row-74\">\n\t<td class=\"column-1\">Stockton, CA<\/td><td class=\"column-2\">0<\/td><td class=\"column-3\">2<\/td><td class=\"column-4\">-2<\/td>\n<\/tr>\n<tr class=\"row-75\">\n\t<td class=\"column-1\">Tampa, FL<\/td><td class=\"column-2\">14<\/td><td class=\"column-3\">9<\/td><td class=\"column-4\">5<\/td>\n<\/tr>\n<tr class=\"row-76\">\n\t<td class=\"column-1\">Tucson, AZ<\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">6<\/td><td class=\"column-4\">-3<\/td>\n<\/tr>\n<tr class=\"row-77\">\n\t<td class=\"column-1\">Tulsa, OK<\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">5<\/td><td class=\"column-4\">-1<\/td>\n<\/tr>\n<tr class=\"row-78\">\n\t<td class=\"column-1\">Virginia Beach, VA<\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">5<\/td><td class=\"column-4\">-2<\/td>\n<\/tr>\n<tr class=\"row-79\">\n\t<td class=\"column-1\">Washington, D.C.<\/td><td class=\"column-2\">8<\/td><td class=\"column-3\">10<\/td><td class=\"column-4\">-2<\/td>\n<\/tr>\n<tr class=\"row-80\">\n\t<td class=\"column-1\">Worcester, MA<\/td><td class=\"column-2\">4<\/td><td class=\"column-3\">1<\/td><td class=\"column-4\">3<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-409 from cache -->\n","protected":false},"excerpt":{"rendered":"<p>Builders obtained permits to construct 13 multifamily units per 10,000 people this year, down from an average of 18 in 2021-2023. They&#8217;ve pumped the brakes because borrowing costs are high and there&#8217;s already a near-record number of units hitting the market, which is limiting rent-price growth. Landlords may feel empowered to jack up rents in [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":42545,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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