RentCafe predicts new apartment construction will peak in 2024 at 518,108 units before dropping to a 10-year low over the next few years.
A report from RentCafe shows new apartment construction in the United States is expected to reach a record high of 518,108 in 2024, reports Mary Salmonsen in an article for Multifamily Dive. That sounds like good news for renters feeling the housing affordability crunch. However, according to the same report, the majority of those units are high-end projects that cater to middle- and higher-income renters. It also predicts says new apartment construction will likely fall year over year between 2025 and 2027, ending in a 10-year low, mainly because higher borrowing costs have made it more difficult for developers to start new projects.
That said, here are the top 20 U.S. metros for new apartments in 2024, according to RentCafe:
- New York City: 32,935
- Dallas: 32,932
- Austin, Texas: 21,506
- Phoenix: 20,141
- Atlanta: 18,520
- Houston: 18,301
- Washington, D.C.: 15,079
- Charlotte, North Carolina: 14,658
- Miami: 14,177
- Denver: 12,913
- Nashville, Tennessee: 12,192
- Seattle: 11,842
- Tampa, Florida: 11,111
- Orlando, Florida: 10,732
- San Antonio: 9,617
- Raleigh, North Carolina: 9,228
- Los Angeles: 8,924
- Minneapolis: 8,400
- Boston: 8,022
- Portland, Oregon: 7,499
Read the full story: The cities expecting the most apartment deliveries this year
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