Highest Apartment Construction Records in 2022
Multifamily Industry News
Highest Apartment Construction Record in 2022
According to a recent report by RentCafe.com, multifamily development in the United States is at a historic high. The demand for apartments soars amid an increasingly competitive housing market. Before the end of December, 420,000 new rental units will be completed across the country. The last time apartment completions exceeded 400,000 units was in 1972.
New York Constructed The Most Apartments
The New York metro is expected to see the highest number of units this year, surpassing the Dallas-Fort Worth metro for the first time since 2018.
On the other hand, a record 28,153 new rental units are projected to be delivered before the end of 2022 in New York. That’s almost 50 percent more than total completions throughout the metro in the previous year — a remarkable comeback, considering the lingering effects of the pandemic that have prompted many residents to relocate from the metro since the start of the health crisis. For example, in 2021 alone, New York’s population decreased by 1.6 percent, which translates into roughly 328,000 people.
Dallas-Fort Worth Construction Slows Down
Meanwhile, construction activity in Dallas-Fort Worth is slowing down after a four-year streak, despite the fact that the metro area has seen some of the largest population gains in the country. This year, 23,571 new apartments are set to be completed throughout the metro, a 10 percent decrease compared to 2021 levels.
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