The 2021 apartment construction market is going strong, despite the past year’s setbacks. Per a report from RentCafé, developers are putting 334,000 new apartments on the market this year, amounting to just a 2.5% drop from 2020. The steady stream of real estate has resulted in a development boom, with several metro areas benefiting.
- Eight metro areas out of the top 20 are expected to hit a five-year high in apartment construction, including Kansas City, Missouri (4,967 units), and Raleigh, North Carolina (4,836 units).
- Only six cities in the top 20 experienced decreases in apartment construction compared with 13 of 20 in 2020.
- The New York metro area has returned to pre-pandemic levels with 19,375 projected units.
- Dallas-Forth Worth is expecting 21,173 new units by the end of the year, and Phoenix will supply 15,846 to its population.
- Charlotte, North Carolina, and Orlando, Florida, are also booming markets with 10,723 and 8,211 units, respectively.
Access the full study at rentcafe.com/blog/rental-market/apartment-construction-2021.
