While the June figures were encouraging, Bibby said that the rising costs of building materials are making it increasingly challenging to bring affordable apartment homes to the market. At the same time, more and more firms are having trouble finding labor, further delaying construction.
On the bright side, rental assistance remains a top industry priority, according to Bibby,
“Federal lawmakers should be applauded for passing legislation that resulted in almost $50 billion in rental assistance funds,” he said. “This comes as the industry continues to work alongside its residents to keep them stably housed, setting up payment plans and helping those in need secure rental assistance. However, a national eviction moratorium remains in effect. The continuation of this policy will ultimately only serve to place insurmountable levels of debt on already struggling households. We have much to look forward to, but these challenges are real and need to be dealt with urgently.”