Apartment Construction Ramps Up to Meet New Demand

It's unclear if or when the supply of entry level rental housing options will catch up with the demand, but some cities are building quickly.

1 minute read

August 26, 2021, 5:00 AM PDT

By James Brasuell @CasualBrasuell

Texas Apartment Construction

Apartment construction in Dallas. | Trong Nguyen / Shutterstock

334,000 new rental units are expected to be delivered nationwide by the end of 2021, according to an article by Florentina Sarac that explains the findings of a recent report by RentCafé using data from Yardi Matrix to complete the analysis. "And, despite challenges brought forth by the pandemic, eight metros are expected to hit five-year highs of new apartments."

Sarac writes that those figures are comparable to the previous four years "of construction boom," and they stand out even more in contrast with the figures from the housing crisis of 2008. "In 2021, there were nearly three times more apartments under construction than there were in 2011," according to Sarac.

Doug Ressler, manager of business intelligence at Yardi Matrix, is quoted in the article saying that the large amounts of new rental and multi-family supply will be met by large amounts of demand—as potential homebuyers are increasingly priced out of the market and as new renters enter the market.

The article also provides more local focus, noting that "the Dallas-Fort Worth (DFW) metro is set to deliver the most units for the fourth year in a row. At the same time, metros like Phoenix; Charlotte, N.C.; or Orlando, Fla. — which haven’t been construction-crazed in the past — are now making waves with impressive numbers of projected new apartments."

Tuesday, August 24, 2021 in RentCafé

Large blank mall building with only two cars in large parking lot.

Pennsylvania Mall Conversion Bill Passes House

If passed, the bill would promote the adaptive reuse of defunct commercial buildings.

April 18, 2024 - Central Penn Business Journal

Aerial view of Oakland, California with bay in background

California Exodus: Population Drops Below 39 Million

Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.

April 11, 2024 - Los Angeles Times

A view straight down LaSalle Street, lined by high-rise buildings with an El line running horizontally over the street.

Chicago to Turn High-Rise Offices into Housing

Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.

April 10, 2024 - Chicago Construction News

Purple jacaranda trees in bloom in Los Angeles with tall white Art Deco buildings in background.

LA County Releases Draft Community Forest Management Plan

LA County's Chief Sustainability Office just released the discussion draft of Room to Grow, the first Community Forest Management Plan for the county.

April 21 - Los Angeles County Chief Sustainability Office

Aerial view of downtown Seattle, Washington at dusk.

Seattle Downtown Plan Expands Permitted Uses

The Downtown Activation Plan shifts from Euclidean to form-based zoning to encourage more commercial development.

April 21 - Governing

Large water pipe with brown water pouring out into dirt ditch.

Southern Water Infrastructure at Risk From Climate Impacts

A water main breaks somewhere in the United States every two minutes, according to an estimate from the American Society of Civil Engineers.

April 21 - The Conversation

News from HUD User

HUD's Office of Policy Development and Research

Call for Speakers

Mpact Transit + Community

New Updates on PD&R Edge

HUD's Office of Policy Development and Research

Urban Design for Planners 1: Software Tools

This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.

Planning for Universal Design

Learn the tools for implementing Universal Design in planning regulations.