As I’ve said many times before, and I’m sure you heard it from any other sources, we are in a housing shortage situation.
Quite simply, there are not enough housing units available for everyone who wants to purchase one. But it’s not just the people who are looking to buy that have this challenge in front of them. The people who want to rent are also experiencing great difficulty in locating suitable housing.
Quite simply put, there is just not enough rental units available. I’ve read where in order to meet the rising demand, 325,000 Apartments must be built every year. And we are having nowhere near enough built at that point in time. Over the last few years, only 60,000 or so apartments were built built each year. Since in this country every year there are 1 million new households who want to rent, this growing demand for apartments, will make a significant impact on the economy of this nation for years to come.