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Rent expected to rise in 2020

(WTVY News 4)
Published: Dec. 3, 2019 at 2:04 PM EST
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Renters can expect higher costs in the new year.

A new report from Zillow found the average rent rose each month, year-over-year from 2018 to 2019.

A study by the Harvard Joint Center for Housing Studies warned the U.S. housing supply is falling far short of what's needed.

The director of the center says the limited supply of smaller, more affordable homes, coupled with rising land costs, and the often complex regulations around development, make it unprofitable to build for the mid market buyers.

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