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☆ 4 of the most competitive rental markets in the country added virtually no new apartments in 2023. It shows the housing crisis isn't going away.
  + stars: | 2024-03-15 | by ( Eliza Relman | ) www.businessinsider.com   time to read: +3 min
Read previewThe most competitive rental markets in the country are failing to add enough new housing. That's according to a new analysis of the country's 139 largest rental markets by RentCafe, which found that 17 of the 20 most competitive rental markets in the US are building less than the national average. Miami has the most competitive rental housing market in the country, the report found. Just 3.5% of Miami's rental apartments were vacant early this year — far below the five to eight percent vacancy rate that's considered healthy. Seven midwestern cities are among the top 20 most competitive markets in the US.
Persons: —, RentCafe Organizations: Service, RentCafe, Oklahoma City, Silicon Valley , California —, Business, Income Housing Coalition, —, Miami, Chicago . College towns —, University of Arkansas Locations: Oklahoma, Bridgeport, New Haven, Connecticut, Lansing, Ann Arbor , Michigan, Silicon Valley , California, Brooklyn , New York, San Diego, North New Jersey, Miami, Midwest, Milwaukee, North Jersey, Chicago, Fayetteville
☆ NYC and its suburbs won't build new housing, so New Yorkers are flooding into Jersey City and driving up prices
  + stars: | 2023-09-30 | by ( Eliza Relman | Noah Sheidlower | ) www.businessinsider.com   time to read: +9 min
But prices are shooting up in Jersey City as its neighbors refuse to build. AdvertisementAdvertisementNew Yorkers have been taking notice of Jersey City real estate for years, and its popularity as an alternative to the ever-less-affordable housing market in the city is growing. Between 2010 and 2018, Hudson County, which includes Jersey City, built housing at more than twice the rate that New York City did. New housing in Jersey City is overwhelmingly market rate rather than being explicitly built as affordable housing for lower- and middle-income residents. "The issues facing Jersey City tenants are multifaceted, but the primary concern is to guarantee housing stability."
Persons: —, Steven Fulop, Alex Armlovich, Armlovich, Noah Sheidlower, Amy Klein, Klein, Isaac Jiménez, It's, Goldman Sachs, Abdul Rehman Khan, Jiménez, Fulop, That's, Rich Boggiano, Khan Organizations: Apple, Service, Jersey, Jersey City, New, Niskanen, realtors, Big Apple, Research, Jersey City . Financial, Seton Hall Law's Center for Social Justice Locations: Jersey City, The North Jersey, Jersey, Hudson County, York City, New York, North New Jersey, Newark, Elizabeth, Manhattan, Brooklyn, New York City, Hudson, New York City , Westchester, Long, New Jersey
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