Real estate expert on ‘strong’ apartment rental demand as housing affordability poses nationwide challenges

Source: Fox Business — 

HESSAM NADJI: Well, the rapid rise in interest rates is causing a lot of concern, especially in the housing market. Affordability is already a challenge. Nationwide, prices for homes are up 36% since the pandemic began. So since the end of 2019, we have some metros like Phoenix, Austin, Atlanta, where home prices have increased 50% since the onset of the pandemic. That’s not sustainable. But on top of that, the higher interest rates, which came very quickly in the last few months. And, of course, affordability gets even more challenged.