Here's why it's so hard to find an affordable apartment to rent

Finding a new apartment to rent can be challenging, especially in dense Northeastern cities like New York and Boston. The rental vacancy rate in these cities is very low, leading to high rental prices. In New York City, the vacancy rate is at a record low of 1.4%, while in Boston, it is 2.6%. This lack of available apartments is particularly challenging for lower-income households, who already struggle to afford rent. Expanding the housing supply is essential to lower rents, but it is difficult in densely populated urban areas. The high cost of securing an apartment, including broker fees, makes it even more difficult for renters to find affordable housing. While the rental vacancy rate is improving nationally, the Northeast still has the lowest vacancy rate. The construction of multifamily rental buildings in other parts of the country has contributed to falling rental prices. However, in some cities like Austin, Texas, the construction boom has led to an increase in housing supply and a drop in median rent. Despite the influx of new residents, the rental market has seen an oversupply of construction, leading to a rise in vacancy rates.