Apartment Construction Reaches a 50-Year High

By the end of 2022, there is expected to be no less than 420,000 new apartments built nationwide, according to RentCafe’s Yearly Report using data from Yardi Matrix. This is the first time apartment deliveries have exceeded 400,000 units since 1972. The news is in good timing as demand for rental apartments has grown amid high interest rates and inflation.

Leading the apartment building boom is the New York metro (excluding the Bronx and Staten Island), which is expected to deliver the most in the U.S. with over 28,000 units. The number is almost double last year’s completed units.

This expectation moves Dallas-Fort Worth out of the top position held since 2018. Dallas-Fort Worth is expected to deliver 23,571 units this year, placing it second in the U.S., while Miami’s ranking has climbed six positions from 2021 to secure the third spot.

So far in 2022, Houston is currently leading the way with the highest number of opens. As one of three Texas locations on the list, it has built 4,746 units in the first half of the year. Austin closely follows with 4,236 new apartments in the first six months.

Continuing to break records, 10 of the top 20 metros are set to reach five-year building highs. The list includes New York; Miami; Austin; Phoenix; Seattle; Orlando, Florida; Nashville, Tennessee; Raleigh, North Carolina; Portland, Oregon; and Tampa, Florida.

The rest of the top 20 includes the Twin Cities; San Francisco; Seattle; Atlanta; Denver; Washington, D.C.; Chicago; Charlotte, North Carolina; San Jose, California; and Los Angeles.

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