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New Construction Reduces Housing Shortage in Most States—Not CT

Nationwide, housing shortages have eased since 2020 as new construction improved affordability, helping drive down the nation's median rent by 1.7% in April compared with last year, according to Apartment List.
Some states have built far more housing than residents since 2020. Vermont added nearly 10 times as many housing units—around 12,000—as new residents, while The District of Columbia and New Mexico each added five times as many.
Connecticut, New Jersey, and Rhode Island are the only states that have lost housing units per capita since 2020. New Jersey added about 260,000 residents but only about 66,500 new housing units.
Seeking to block state-mandated affordable housing quotas, New Jersey towns like Montvale petitioned the Supreme Court in February. At a public hearing in Ridgewood, officials faced objections ranging from "accusations against local leaders of conspiracies, accepting campaign donations and personally benefitting from the rezoning."
Apartment construction drove rent declines in Sun Belt metros including Austin, Denver, Orlando, Phoenix, and Tampa. Travis County, Texas, which includes most of Austin, added about 99,500 new residents and 120,000 new units since 2020.

Insights by Ground AI