As rents continue to rise, a new study from the National Apartment Association analyzed the factors in 29 major metros that make multifamily apartment construction more difficult to achieve nationwide.
The study, “U.S. Barriers to Apartment Construction Index,” found that Albuquerque was the city with the fewest barriers to apartment construction while Philadelphia has the most, based on the number of responses, according to the NAA.
“NAA undertook this survey to show that barriers create higher construction costs which in turn leads to higher rents while making it extremely difficult to build affordable housing,” said NAA President and CEO Robert Pinnegar in a statement.
“The Barriers Index shows that housing, ultimately, is a local issue requiring local government solutions. Reducing burdensome regulations and standing up to NIMBYism will allow for more construction. Together, the rental housing industry and local governments can begin to meet the demand for apartments,” Pinnegar added.
The study’s index ranked each market according to factors such as community involvement (or NIMBYism), construction costs, affordable housing requirements, infrastructure, density and growth restrictions, land supply, environmental restrictions, process complexity, political complexity and development time, according to a press release.
“Housing affordability is on the top of everyone’s mind,” Pinnegar added. “As cities and states look for solutions, we encourage policymakers to engage all stakeholders, including property owners, to create workable solutions that best serve their community.”
According to the report, the U.S. renter population increased by more than 19.6 million people over the last 10 years.
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