Business: The Tight U.S. Apartment Squeeze

Rents soar as construction cannot meet demand

Apartment hunting in many cities has taken on aspects of stalking big game. First there is the uncertain trek through the wilderness of newspaper classifieds, riddled with bait-and-switch ads for apartments that were just rented, sorry. There is the patient wait for the quarry, an exercise in stealth, timing and cunning. Finally—if the hunter is lucky—there is what appears to be the target: lg studio, din. area, dressrm, window, kit. D/W, so expo. Then comes the price for bagging what is really a one-room flat: perhaps $350, plus another $350 security, plus maybe another $350...