Apartment Construction Booms Across United States
The 2021 apartment construction market is going strong, despite the past year’s setbacks. Per a report from RentCafé, developers are putting 334,000 new apartments on the market this year, amounting to just a 2.5% drop from 2020. The steady stream of real estate has resulted in a development boom, with several metro areas benefiting.
- Eight metro areas out of the top 20 are expected to hit a five-year high in apartment construction, including Kansas City, Missouri (4,967 units), and Raleigh, North Carolina (4,836 units).
- Only six cities in the top 20 experienced decreases in apartment construction compared with 13 of 20 in 2020.
- The New York metro area has returned to pre-pandemic levels with 19,375 projected units.
- Dallas-Forth Worth is expecting 21,173 new units by the end of the year, and Phoenix will supply 15,846 to its population.
- Charlotte, North Carolina, and Orlando, Florida, are also booming markets with 10,723 and 8,211 units, respectively.
Access the full study at rentcafe.com/blog/rental-market/apartment-construction-2021.
Construction Executive, an award-winning magazine published by Associated Builders and Contractors, is the leading source for news, market developments and business issues impacting the construction industry. CE helps its more than 50,000 print readers understand and manage risk, technology, economics, legal challenges and more to run more profitable and productive businesses.
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