Apparently the U.S. is running out of apartments, and we’re freaking the eff out
Apparently the U.S. is running out of apartments, and we’re freaking the eff out
Finding an affordable, livable apartment is SUCH A DISASTER. Why did no one tell us that this would be so hard?! But apparently it’s about to get even worse, because the U.S. is actually starting to run out of apartments. Wait, what? Is this even possible?
Unfortunately, yes. According to Business Insider, RealPage, a provider of property-management software, said we’ve reached over 96% of rental-apartment occupancy.
Basically, the main problem is that millennials aren’t buying our own places… which is, of course, because we can’t freakin’ afford to. While we love our friends and the amazing midnight hangs that can only occur when you and your squad live in a single place, we’d also like to know what alone time feels like, and haven’t really, ever.
“With loss of renters to home purchase holding below the historical norm, the limited churn of residents is helping keep the occupied apartment count high,” said Greg Willett, RealPage chief economist, in a press release.
The demand for so few apartments is also causing apartment costs to shoot up, resulting in a total MESS.
RealPage found that monthly rents for new-resident apartment leases now average $1,292, which, to some sounds okay, but to many of us is straight up IMPOSSIBLE. It doesn’t help that there’s basically no incentive to providing housing we can actually afford to move into (other than, you know, not wanting starving millennials to spend our days and nights wandering the streets).
We don’t know about you, but we’re gonna go dig up our leases and give them a big, big smooch, and also check on our friends and see if they need any help finding that new apartment. The struggle is real, y’all.
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