The construction of rental housing in the United States is slowing down, largely due to the rising costs of construction materials. Several global events, including the pandemic, tariffs, and the conflict in Iran, have contributed to these increased costs. These factors have made it more expensive to obtain essential materials needed for building, which in turn affects the pace and affordability of new housing projects. As a result, the availability of rental housing may decrease, potentially impacting those looking for affordable living options. Understanding these dynamics is crucial as they highlight the interconnectedness of global events and local economic conditions, and how they can directly influence everyday life, such as housing availability and affordability.
QUESTION: How might the rising costs of construction materials impact the future of housing affordability and availability for your generation?
A simple reason it’s getting harder to build rental housing
