Apartment Construction Hits Historic High in 2024

Originally published on September 6, 2024, by Veronica Grecu for NAIOP.

In 2024, the U.S. is set to achieve a new milestone in apartment construction: For the first time in history, the number of apartments completed in one year is anticipated to surpass the 500,000-unit mark. Developers are on track to complete over 518,000 rental units, which marks a significant 9% increase compared to 2023 and a 30% rise from 2022.

The New York metro area leads the nation in new apartment construction in 2024, followed by Dallas and Austin. Together, these three metros are expected to account for about 10% of all new apartments nationwide by the end of the year.

Looking ahead, developers plan to bring 2 million new apartments online by 2028, despite facing uncertainties in many markets. Approximately 47% of the 369 metro areas analyzed are projected to build more apartments in the next five years than they did between 2019 and 2023.

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