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NYC Metro Takes the Lead in New Apartment Construction
The New York City metro area is leading as apartment construction nationally has hit a 50-year high in 2022, RentCafe reported. It’s expected to deliver the highest number of new apartments in the country for 2022: a record 28,153, nearly double 2021’s total of units completed.
If all units are completed, New York would topple Dallas-Fort Worth (23,571 apartments) from the lead in new development, which it held for four consecutive years, according to RentCafe.
“That’s a remarkable comeback for a metro that has been bleeding residents as a direct consequence of the pandemic and subsequent restrictions,” said RentCafe.
However, the metro has faced “a serious lack of available units for several years now,” RentCafe said. “A combination of rising interest rates, lack of available units and growing need for more living space have many would-be homebuyers continuing to rent. As a consequence, New York developers have upped their game.”
- ◦Development
