Cities across the state of Virginia, and indeed the whole country, are struggling to keep up and supply the demand for affordable rental housing. As new construction apartments are built with expensive amenities targeting those who will pay a high rent, and the cost to purchase a home in Virginia’s cities rising, many find themselves struggling to find an apartment with a rent they can afford.
Excerpt: A majority of millennials, who now outnumber baby boomers, want to live in walkable, urban environments, but developers aren’t building affordable housing fast enough to keep pace with demand, he adds. In 2010 [Daniel] Parolek coined the phrase “the missing middle.” It describes the type of workforce-priced housing that has been largely absent from cities for the past several decades. Such housing is particularly sought by older millennials who may be starting families and who may be forced to consider a move to the suburbs or to less-expensive cities if they can’t find available housing stock at an affordable price… With millennials and baby boomers moving back in, “our cities have gotten safer and more vibrant, and that’s all great news, but the bad news is our lower-wage workers are not finding housing there as easily anymore,” says Nina Janopaul.