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June 27, 2017 Comments Off on What US Markets Are Most Challenging to Build Apartments? Views: 1574 National News, Top National Stories

What US Markets Are Most Challenging to Build Apartments?

The National Apartment Association and National Multifamily Housing Council commissioned a survey to find out the biggest challenges facing apartment developers. Hoyt Advisory Services’ report, titled the Barriers to Apartment Construction Index, evaluated and ranked 50 metro areas based on specific factors, including local regulations and the amount of available land to develop.

The top five toughest cities to add new apartments are Honolulu, Boston, Baltimore, Miami and Memphis.

The easiest cities to build new apartments included New Orleans, Little Rock, Kansas City, Indianapolis and St. Louis.

NMHC’s Bob DeWitt notes: Factors contributing to a costlier and more time-consuming apartment building process include: sharp increases in hard costs (land and materials), regulatory barriers, outdated zoning laws, unnecessary land use restrictions, arbitrary permitting requirements, inflated parking requirements, environmental site assessments.

Read more at Business Wire

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