AdvertisementRents are dropping in Southern and Sun Belt cities after a surge in new apartment construction. While rents are continuing to rise, particularly in the Northeast and Midwest, they're falling in markets across the South and Sun Belt. AdvertisementRents fell in 15 of 21 Southern markets — falling across the region by 1.4% — over the last year, Harvard's Joint Center for Housing Studies reported this fall. But renters in booming Sun Belt and Southern cities still face affordability issues. Cities from Cleveland to Boston aren't building enough new multifamily housing to keep up with a resurgence in demand in walkable, high-density neighborhoods in urban cores.

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Persons: Jay Lybik, Lybik, Cleveland Organizations: Sun, metros, Harvard's, for Housing Studies, Nationwide Locations: Southern, Midwestern, Northeastern, Northeast, Midwest, Dallas, Phoenix, Raleigh, Charlotte, Nashville, Austin, Southeast, Southwest, Cleveland, Boston, walkable, South Cleveland, Manhattan