Construction of rental properties has stayed head-to-head with pre-pandemic’s frenzied pace.

Multifamily Construction Remains Strong

Unlike new home building, new construction of rental properties has continued to keep pace with pre-pandemic years, according to a new report from RentCafe.

Some 330,000 new multifamily buildings having 50 or more units to rent are expected to become available to tenants across the country this year.

Study Determines Metros with Most Newly Constructed Multifamily Units

RentCafe’s new study homed in on metros having the most newly constructed rental units for tenants this year.  (RentCafe did not include metros with fewer than 300 units in total or metros having fewer than two rental buildings in this report.)

This RentCafe report is coming at just the right time…occupancy rates currently stand at 97% and there is an unprecedented stampede of renters searching for rental housing.

Metros with the Most Apartment Units

 

Metro                 # Units Added                   Change Y/Y

 

Dallas                      21,173                              -13.0%

*New York                19,375                              +11.0%

Phoenix                     15,846                              +76.0%

Houston                    15,760                              +12.0%

Los Angeles               13,682                              +9.0%

Washington DC           12,607                              +9.0%

Austin TX                    11,919                             -10.0%

Atlanta                        11,409                              +5%

Miami                          11,235                              +5.0%

Charlotte NC                 10,723                              +100%

Boston                          8,455                                -5.0%

Minneapolis                   8,250                                -0.3%

Orlando                         8,211                                +78.0%

San Francisco                7,872                                +36.0%

Seattle                         7,572                                +35%

Tampa FL                     6,690                                +46.0%

San Jose CA                 5,625                                +79.0%

Denver                        5,581                                -46.0%

Kansas City MO            4,967                              +47.0%

Raleigh NC                  4,836                                +45.0%

*New York’s numbers do not include data from the Bronx and Staten Island.

Thanks to RentCafe and The New York Times.

 

 

 

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