During a recent government meeting, officials addressed the significant decline in affordable rental options, revealing a staggering 40% decrease over the past decade. In stark contrast, rentals priced at $1,000 or more have seen a dramatic increase, doubling in that same timeframe.

The discussion highlighted the rising costs associated with different classes of rental properties. Class A and B rentals, which are considered higher quality, have experienced a 35% increase in costs since 2020. Meanwhile, Class C rentals, typically viewed as lower quality, have also been affected by these rising prices.

A key factor contributing to this trend is the escalating cost of property insurance, which has been a recurring issue for rental property owners. Officials noted that these insurance increases are a common concern among landlords, further exacerbating the affordability crisis in the rental market.

The meeting underscored the urgent need for policy interventions to address the growing disparity in rental prices and to support the availability of affordable housing options for residents.