Last year in America, the median asking rent for a newly built apartment was an astonishing $1,372 a month. That's about 50 percent more than the typical rent nationwide. It marked a dramatic rise from what brand-new apartments were renting for just a few years ago. And the steep sum shows a troubling disconnect in the country's rental market: While pressure has been building on low- and moderate-income households struggling to find affordable housing, we have largely been adding new supply tailored for the wealthy.'

... [developers are] also responding to the worrisome dynamic that we've made it very, very difficult in many cities to construct market-rate housing that would be affordable to the middle class or modest renters. It's economically challenging for developers to create new apartments the median renter could afford -- at about $875 a month -- while covering the costs of constructing them.

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