33,000 New Apartments Are Being Built In New York
Any New York City dweller would agree that finding an apartment in the city is close to impossible–even though many NYC apartments are actually sitting vacant. The good news is, though, that our apartment search woes may be coming to an end as more than 500,000 apartments are expected to be completed in 2024 in the U.S., and 33,000 of those are heading to NY.
According to a study by RentCafe this is the the third year in a row the United States’ apartment count will reach new heights, though 2024 is the first year in the history of the U.S. in which the number of apartment completions will surpass the 500,000-unit threshold.
This year, developers are on track to complete a staggering 518,108 rental units in the U.S. This marks a 9% increase compared to 2023 and a staggering 30% increase compared to 2022. And New York metro is leading the pack for the third consecutive year–of those 518,108 units 32,935 of them will be constructed in New York. This construction boom stems from the Northeast’s persistent housing shortage.
Majority of those new apartments will open in Brooklyn alone–9,379 units, to be exact–followed by Manhattan, where 2,979 apartments will be built. Local developers will also build 2,412 units in Jersey City.
Beyond New York 60% of the new apartments expected to open in 2024 are clustered in the ranking’s top 20 metros. Most notably, Dallas, Texas is extremely close to taking the top spot with developers on track to complete 32,932 rentals here. In third place is Austin, Texas where developers are working to complete 21,506 new rentals before the end of 2024.
Rounding out the top ten are as follows:
1. New York, NY
2. Dallas, TX
3. Austin, TX
4. Phoenix, AZ
5. Atlanta, GA
6. Houston, TX
7. Washington, D.C.
8. Charlotte, NC
9. Miami, FL
10. Denver, CO
Looking ahead, over two million new units are expected to be built by 2028.
To compile this report, RentCafe’s research team analyzed new apartment construction data across 369 U.S. metropolitan areas. They only looked at buildings containing 50 or more units, and metros with fewer than 300 units or fewer than two properties/buildings weren’t included.
The Bronx and Staten Island were not included in the New York metro data set. You can find the full report here.
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