NYC Apartment Boom: Where Are The New Units Being Built?

NYC Leads the US Apartment Construction Boom

With more than 500,000 new apartments expected to be completed in 2024, the US is experiencing an unprecedented apartment construction boom. The New York metro area is leading the way with an expected 150,327 new units by 2028. This comes after the area already completed 116,207 new apartments between 2019 and 2023, second only to Dallas.

The increase in new apartment construction is not limited to large metros. Smaller cities like Youngstown, Ohio, and Sherman, Texas, are also seeing significant growth in apartment construction. Youngstown is expected to complete 6,449 new units in the next five years, while Sherman is expected to complete 4,001.

This boom in apartment construction is driven by a number of factors, including rising rental demand, increasing population growth, and a shift away from homeownership. The New York metro area is particularly attractive to renters due to its strong job market and diverse cultural scene.

While the Bronx and Staten Island are currently excluded from the study's totals, the City Council has recently approved a rezoning plan in the Bronx that could add about 7,000 new housing units. This will further contribute to the growth of new apartment construction in the New York metro area.