By Maddie Martin
GREEN BAY– As rent prices continue to increase, many are finding it harder and harder to find housing in the Green Bay area.
While there are many factors that contribute to this housing shortage, according to a recent report from Construction Coverage one of the biggest contributing factors is an imbalance of supply and demand.
According to the report, the amount of new housing projects have decreased significantly compared to the past due to inflation in the cost of materials, as well as a lack of labor.
This is contrasted by the fact that the demand for housing is continually increasing, due to an influx of people, specifically Millennials — those born 1981 – 1996 — entering the housing market.
This trend has pushed some to enter the rental market rather than home buying.
According to the report, in Green Bay the median rent for a one-bedroom unit is $876 and $1,096 for a two-bedroom.
While this shortage certainly affects those looking to buy/rent, property owners in the rental industry are also experiencing change.
“We’re losing experienced owners,” explained founding president and current secretary of the Apartment Association of Northeast Wisconsin, Janet Gollnick. “Changing regulations will make renters have to change things that won’t benefit the tenant.”
Janet said that another contributing factor to this affordable housing shortage is the trend of experienced owners leaving the market.
“Our best owners and renters, they try to provide homes that they would live in, within economic range,” said Gollnick, “If we can keep owners who want to provide a home for their tenants, we’ll all win.”
To view the full Construction Coverage report, visit constructioncoverage.com.