Texas was a surprising chart topper in second place, with Dallas expecting to add only a handful fewer units than New York this year. Austin is expected to add 21,506 units. Together, these two markets will account for nearly 10% of all new apartments in the United States in 2024, the study found. Dallas’ consistent population growth, a business-friendly environment, affordability compared to similar-sized metros, and good infrastructure all are attractive for companies and construction projects.
Phoenix secured the fourth spot with an estimated 20,141 new apartments expected to open across the metro area before the end of 2024, and Atlanta rounded out the top five with 18,520 new apartments expected by year-end.
Two million apartments are set to come online by 2028 despite uncertainties in most markets that are causing fewer new projects to start. High-end apartments continue to dominate new developments, as borrowing costs and economic uncertainty are causing developers to reevaluate their strategies, leaving renters in some markets with limited affordable options, said RentCafe. Even with apartment construction reaching a new peak in 2024, higher borrowing costs are affecting the multifamily sector, prompting many developers to adjust their strategies for the coming years toward lower-risk projects in markets with strong demand and job growth.
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Publish date : 2024-08-08 22:52:00
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