— Lynchburg, Va., is a sleepy town on Virginia’s eastern shore, a place where people go to the movies and restaurants.
But it also has a history of high rents, and that’s a problem for people who live here.
Lynkburg has a long history of renting.
For many years, it was the epicenter of a housing boom that brought in millions of dollars a year to a town of fewer than 1,000 people.
It was also a place that didn’t have much in the way of job opportunities.
Since the 1990s, however, Lynchburg has grown and changed, and the town is now home to one of the nation’s largest and most expensive apartment markets.
Lynchville is among the nation`s largest cities with rental housing.
But it has also faced a housing shortage.
Rents in the neighborhood have jumped nearly 40 percent since 2010, according to a study by the real estate firm Zillow, and many of the apartments in the area aren`t available for rent.
A rental market in crisis, the city and county are scrambling to find ways to address the problem.
In addition to the apartments that are available for sale, there are several vacant lots that are being eyed for development, said Richard Smith, president of the Lynchburg Planning and Zoning Commission.
To help fix the shortage, Lynchville is considering building more than 60 affordable rental apartments for people of all income levels.
The first phase of the development would cost $40 million and will be funded through tax-increment financing, Smith said.
The city is also working on a pilot program for tenants in the neighborhoods near the train station.
The plan is to build a 30-unit rental apartment complex with affordable rents that will be built on land that already has a train station and would be owned by a nonprofit corporation, said David M. Daugherty, the council`s president.
“This is going to be a very important development for Lynchburg,” Daugrieres said.