New York is America’s #1 Builder in 2023 

2023 is expected to be a record-breaking year for NY construction, with developers planning to introduce 460,860 rental units by year-end, according to the annual Apartment Construction Report from RentCafe.  

The pandemic has spurred a building boom in the apartment construction sector, with 1.2 million apartments added to the market in the last three years, the highest levels since the 1970s. This trend shows no signs of slowing down, as another million apartments are projected to be built through 2025.  

New York City leads the way in this construction surge, with 33,000 new rental units expected by December. Brooklyn accounts for a third of these units, followed by Queens, Manhattan, Jersey City, East Orange, and several other smaller areas in the region. Between 2020 and 2022, New York City was the second-largest construction hotspot in the nation, adding over 66,070 apartments during that period.