Apartment Construction in US at Highest Level in Five Decades

According to RentCafe’s Yearly Report, which uses data from Yardi Matrix and was released on Monday (8-22-22), by the end of 2022 there is expected to be 420,000 or more new apartments built in the US nationwide. This will mark the first time since 1972 that apartment deliveries have exceeded 400,000 units. According to the article, the news is in good timing as demand for rental apartments has grown due to high interest rates and inflation.

Leading the pack in the apartment building boom is the New York metro (excluding the Bronx and Staten Island), which is expected to deliver the most in the US with over 28,000 units. The number is almost double last year’s completed units. However, the Dallas-Fort Worth metro plex is not far behind with 23,571 units expected to be delivered by the end of the year.

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