Despite a quick slowdown in housing, apartment construction has maintained stayed above 400,000, according to a new report from RentCafe…(RentCafe)
- This year, 420,000 new apartments are expected nationwide which is down slightly from the 423,000 built-in 2021.
- The last time apartment competitions were over the 400,000 unit mark was in 1972 when it hit 464k.
The Big Apple is back. New York City took the top spot with a record 28,153 brand new rental apartments expected to be finished before the end of the year, which is almost double the number of apartments that were completed throughout the metro in 2021. Texas, meanwhile, is leading when it comes to cumulative totals as three of the top five cities were all in the Lonestar state. Dallas was number two with 23,571 units, Austin was number four with 18,288 units and Houston rounded out the top five with 17,759 units.
- Miami was number three after climbing six positions from 2021 with 19,125 units in 2022
In and out. New entries on the list include Nashville, Chicago, and Portland. Meanwhile, Boston, San Jose, and Kansas City were knocked off the list in 2022.
Doug Ressler, manager of business intelligence at Yardi Matrix, said things are finally getting back to normal but we still have a ways to go. “The construction industry is finally returning to pre-pandemic levels of activity but is still being hampered by three familiar challenges: labor shortages; material costs and availability”