Housing: Why Rents Are Rising In The U.S. (CNBC)

Fresh numbers from the fall of 2021 suggest that rents will increase at a rapid pace in the coming years. That’s a problem for Americans; many spend 30% or more of their income on rent. A decade-long slowdown in house building is coming to a close, which could help renters.

But the new developments in construction are generally for high-end and luxury apartment units. Experts say the market conditions are pushing people further away from their jobs and weighing on the economy writ large. Market indicators suggest that rent hikes are coming in 2022.

Average rents for a one-bedroom apartment in the booming suburbs of Phoenix, Arizona, have more than doubled year over year, according to data from Apartment Guide. Meanwhile, rents in Manhattan have reached fresh records as life returns to the cities, according to Zumper.

The problems aren’t confined to the usual suspects, however. Rents for single-family homes across the country jumped more than 9% on average in August 2021 from the prior year, according to a report from the analytics firm CoreLogic.

Rents are moving fastest in the buzzy enclaves across the South and West. For Maria Arredondo, a teacher based in Austin, Texas, a sudden rent hike of nearly $400 forced her to make a move. “If I had signed the lease … it would be taking a lot of my savings. And so I decided to move to a new building, losing about 150 square feet,” she told CNBC. Mark Zandi of Moody’s Analytics said the strains on the housing construction market were building well before the pandemic took hold in the states.

“There’s a lot of evidence that the lack of housing closer to where the demand is and urban cores is having a meaningful negative consequence on long-term economic growth.“ Generous monetary and fiscal policies have juiced demand for goods and services coming out of the pandemic. All that extra money sloshing around the economy is bubbling up into the rent. The fresh demand is giving investors a reason to jump into the market.

Experts say that’s boosting desperately needed supply. But there’s a catch: The homes being built are priced into the high end of the market. As a result, the evidence suggests that renters will be paying more for shelter this decade.

Aerial Views: Manchester – Northwest England (4K)

Manchester is a major city in the northwest of England with a rich industrial heritage. The Castlefield conservation area’s 18th-century canal system recalls the city’s days as a textile powerhouse, and visitors can trace this history at the interactive Museum of Science & Industry. The revitalised Salford Quays dockyards now house the Daniel Libeskind-designed Imperial War Museum North and the Lowry cultural centre. 

Views: The Landscapes And Endless Beauty Of Iceland

Iceland, a Nordic island nation, is defined by its dramatic landscape with volcanoes, geysers, hot springs and lava fields. Massive glaciers are protected in Vatnajökull and Snæfellsjökull national parks. Most of the population lives in the capital, Reykjavik, which runs on geothermal power and is home to the National and Saga museums, tracing Iceland’s Viking history.

Art & Culture: History Of Indigo (National Gallery)

Our Conservation Fellow, Kendall Francis takes a closer look at indigo, a blue dye and pigment extracted from the leaves of plants, and how it is used and represented in paintings in our collection.

Kendall’s research reveals histories that are not explicitly portrayed in the paintings and highlights the important contributions from a wider range of people, including the enslaved people who cultivated the crops and extracted the indigo against their will. Supported using public funding by Arts Council England.

Politics: What America Will Fight For, British PM Grounded, China Olympics

A selection of three essential articles read aloud from the latest issue of The Economist. This week: what would America fight for? Also, why two years after a famous election victory, Boris Johnson’s would-be radical administration has run into the ground (09:20). And we explore how Beijing’s Winter Olympics may hasten China’s break with the West (17:10).

Views: Eldhusøya Pathway – Atlantic Road, Norway

“The road across the sea” is the iconic experience with bridges that arch between the islets and reefs along the rough Hustadvika Bay.

Eldhusøya on the Atlantic Road is the largest rest area along the Atlantic Road and is located on a scenic spot at the ocean’s edge, perfect for a rest stop to enjoy the scenery. Parts of the island are wet marshland and vulnerable to pedestrian traffic, so please stick to the well-marked trails.

Atlanterhavsvegen – the Atlantic Road – is a visual delight as it curves elegantly from islet to islet over its seven bridges. Nature and modern engineering meet and create this highly unique driving experience.

The trip takes you from the fertile cultural landscape of the coast across moorland to bare crags along the weather-beaten, open bay of Hustadvika. Take time to watch the sun disappearing below the horizon from here. Atlanterhavsvegen has been described as the world’s most beautiful drive.