Currently Reading

Metros Where New Rental Construction is Thriving

Advertisement
Multifamily

Metros Where New Rental Construction is Thriving


September 10, 2021
apartment construction
Photo: Christian Delbert | stock.adobe.com

A new report from RentCafe found that despite the pandemic, the number of newly constructed rental units has kept pace with years prior. For the fifth consecutive year, the number of new apartments exceeded 330,000 and dropped 2.5% from 2020 levels. The metros posting the highest expected rental unit openings this year range from Seattle to Dallas, but Charlotte, NC posted the highest one-year change in rentals added, up 10,723 units for a 100% increase. Read more to see the full list in The New York Times.

New development in the Dallas metro area has been on the upswing in recent years, and that area landed at the top of the list, with 21,173 new rental units expected to open this year (although the number represents a 13 percent decrease compared to 2020). The New York metro area was second, with 19,375 units set to open, an 11 percent gain over the previous year. (It should be noted that the New York figures do not include building data from the Bronx and Staten Island.)

In third place was booming Phoenix, with 15,846 new units projected, a year-over-year gain of 76 percent. The greatest yearly increase among the top 20 was Charlotte, N.C., in 10th place for the total number of units; Charlotte is expected to gain 10,723 units in 2021, a 100 percent increase over 2020.

Only six metro areas, including the aforementioned Dallas, are expected to see fewer new apartments than they did in 2020. Denver’s new unit count dropped the most over the previous year among the top 20 metros, down 46 percent, with 5,581 units expected to open.

Read More
 

Related Stories

Off-Site Construction

Pandemic Boosts Business for Off-Site Construction Company

Just as the pandemic spurred a building boom, it did the same for off-site construction company Factory OS. Factory OS constructs apartment…

Financials

Millions of Renters Left Waiting as Aid Disbursement Lags

CNBC says the $45 billion in rent aid has been “bafflingly slow” to reach Americans, leaving more than 6 million households behind on payments.…

Housing Markets

The Most and Least Affordable Cities for Renters

About 8.8 million Americans were behind on rent payments as of December last year, according to data from the Consumer Financial Protection Bureau…

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.