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Why Rent Still Isn't Affordable for Many

Even though builders are putting up apartments and multifamily construction as quickly as they were before the recession, rentals still aren't affordable for many Americans. While many apartments and multifamily homes are avaialbe, roughly one third of Americans still struggle to afford housing and millions have to spend 30% or more of their income on rent. Those affected the most are senior citizens, veterans, those with HIV/AIDS and those with disabilities. 

The rent for workforce housing has increased by 5% but wages have fallen by 10%. As the properties age, their rents do not decline. In the few apartments where prices have declined, the cost of living has also declined and there may be lack of heat or working sewage systems.

Subsidized housing can help people with low enough incomes, however many have waitlists of over a year. Additionally, when developers are given incentives to construct affordable housing, the contracts only require the housing to stay affordable for a set amount of time, meaning that eventually many will be kicked out if their salaries do not increase.

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