showing that this “induced demand” phenomenon does not actually happen, even at the hyperlocal level.
But now, rent growth has returned to its pre-pandemic norm with prices advancing at an annual pace of between one and 3 percent, according to real-. In June 2023, asking rents were just 1.1 percent higher than they had been 12 months before. Given that wages grew at a far faster clip over that same period, a rental home was more affordable for the typical worker this June than it had been a year earlier.
To be clear, although rent growth is slowing, asking prices still remain far above their pre-pandemic level. Which means that, even in areas where there’s been a considerable increase in housing construction, shelter is still muchBut this does not mean that facilitating the construction of market-rate housing will not help such residents. As Parsons data illustrates, their rents would be even higher today were it not for the recent expansion in market-rate housing.
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