Industry experts have become concerned about affordability of rental housing in America, and how difficult it has become to address the problem through new construction. According to the report on America’s Rental Housing 2017 published by the Joint Center for Housing Studies at Harvard University, “The lack of new, more affordable rentals is in part a consequence of sharply rising construction costs, including labor and materials.” The Harvard report goes on to say, “Tight land use regulations also add to costs by limiting the land zoned for higher-density housing and entailing lengthy approval processes.”

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Source: NAHB