Owning a home is no longer the American dream — beating out millions of other renters for an affordable lease is
showed an even starker picture: Rents jumped 19.3% year-over-year in the nation's 50 biggest markets.
Those in search of"higher-quality" apartments are likely having a tough time finding something — vacancy rates are low, and rents for professionally managed units spiked 13.8% in the third quarter of 2021. At the same time, rent is rising and there are fewer units available — the report estimates that there's currently a shortage of 1.5 million units for lower-income renters. that offers affordable- and supportive-housing. The building, home to 37 apartments ranging from studios to three-bedroom units, received 47,000 applications. Real estate agents work an open house in West Hempstead, New York.Insider's Taylor Borden reportedMigration has played a role.