1.2 Million New Apartment Units in the US Over the Last Three Years
1.2 Million New Apartment Units in the US Over the Last Three Years
Oaklakeapts.com
Oaklakeapts.com
Image Credits: Unsplash
Image Credits: Unsplash
In the last three years, construction crews have delivered a record 1.2 million new apartment units in the U.S., marking an unprecedented surge in the rental market.
In the last three years, construction crews have delivered a record 1.2 million new apartment units in the U.S., marking an unprecedented surge in the rental market.
Image Credits: Unsplash
Image Credits: Unsplash
About 41% of the entire renter population in the U.S. resides in just 20 high-growth metropolitan areas, where the bulk of the new apartments were built. Demand in other areas remains high.
About 41% of the entire renter population in the U.S. resides in just 20 high-growth metropolitan areas, where the bulk of the new apartments were built. Demand in other areas remains high.
Image Credits: Unsplash
Image Credits: Unsplash
An overwhelming 89% of newly constructed apartments over the past three years cater to high-income renters. This has created challenges for those seeking affordable housing.
An overwhelming 89% of newly constructed apartments over the past three years cater to high-income renters. This has created challenges for those seeking affordable housing.
Image Credits: Unsplash
Image Credits: Unsplash
Dallas takes the lead in apartment construction since 2020, followed by New York and Houston. On a city level, Austin and Houston have been at the forefront.
Dallas takes the lead in apartment construction since 2020, followed by New York and Houston. On a city level, Austin and Houston have been at the forefront.
Image Credits: Unsplash
Image Credits: Unsplash
Economic uncertainties, rising construction costs, and stricter lending standards are expected to slow down the construction of new apartments.
Economic uncertainties, rising construction costs, and stricter lending standards are expected to slow down the construction of new apartments.
Image Credits: Unsplash
Image Credits: Unsplash
Interest rates on construction debt have also increased, impacting project feasibility.
Interest rates on construction debt have also increased, impacting project feasibility.
Image Credits: Unsplash
Image Credits: Unsplash
Chicago is set to add over 6,000 new apartment units in 2023, although it lags behind major cities like New York and Dallas. Texas, with Dallas and Austin, continues to see substantial apartment construction.
Chicago is set to add over 6,000 new apartment units in 2023, although it lags behind major cities like New York and Dallas. Texas, with Dallas and Austin, continues to see substantial apartment construction.
Image Credits: Unsplash
Image Credits: Unsplash
The number of new apartment units is predicted to decline, from 484,000 in 2024 to 408,000 in 2025. The construction industry is expected to gradually recover by 2027 and 2028.
The number of new apartment units is predicted to decline, from 484,000 in 2024 to 408,000 in 2025. The construction industry is expected to gradually recover by 2027 and 2028.