10/05/2022

U.S. Apartment Construction on Track to Reach 50-year High in 2022

New York City is poised to surpass Dallas-Fort Worth in terms of deliveries

As demand for apartments continues to soar amid an ever-competitive housing market, multifamily development in the U.S. is at a historic high this year, according to a recent report by RentCafe.com. No less than 420,000 new rental units are projected to be completed throughout the country before the end of December. The last time apartment completions surpassed the 400,000 units mark was in 1972.

Specifically, New York developers have upped their game and the metro is projected to see the highest number of units this year, surpassing Dallas–Fort Worth metro for the first time since 2018.

Multifamily development activity is finally back to pre-pandemic level as developers have picked up the pace in both 2021 and 2022, despite headwinds related to labor shortages, material costs and availability and supply chain issues, according to Doug Ressler, manager of business intelligence at Yardi Matrix.

Please select this link to read the complete press release from Multi-Housing News.