The slow pace of construction, crew shortages and construction bans that came with COVID-19 has cut apartment construction by 12%, according to a new report.
There are 283,000 new apartment units expected to hit the market this year, which is much less than a peak in 2018, said the report by RENTCafe Blog.
The downward trend is beginning to mirror the hit from the 2008 economic recession, according to the article by Florentina Sarac, “Apartment Construction in 2020 at 5-Year Low Nationally, Down 12% from Previous year.”
Read more...COVID-19 Slowdown Cuts Apartment Construction by 12% via GlobeSt
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