More bad news on sea level rise for U.S. coastal areas

A new government report predicts sea levels in the U.S. of 10 to 12 inches higher by 2050, with some major cities on the East and Gulf coasts experiencing damaging floods even on sunny days.

The report issued by the National Oceanic and Atmospheric Administration and six other federal agencies warns of major consequences from rising seas in the next few decades. Parts of Louisiana and Texas are projected to see waters rise by a foot and a half.

Climate change will spur, on average, as much sea level rise in the next 30 years as in the previous century, the report says. The report “is the equivalent of NOAA sending a red flag up" about accelerating the rise in sea levels,” according to a University of Wisconsin-Madison geoscientist quoted in an Associated Press article.

Sea level rises more in some places than others with sinking land, currents, and water from ice melt impacting local areas. The U.S. will experience more sea level rise than the global average. The greatest impacts will be on the Gulf and East Coasts, with the West Coast and Hawaii seeing less than average rise.

Across the country, multifamily rents have skyrocketed. Year-over-year rents are up by double digits in nine of the top 30 markets, while national YoY rent growth is up 6.3%. Emerging from the pandemic, a perfect storm of migration, enhanced government stimulus and a hot housing market, among other factors, has enabled this extremely strong growth.