The pandemic building boom brought 1.2 million apartments to the market in the last three years — the highest levels since the 1970s. And the trend doesn’t seem to be slowing down, with another million projected to be built through 2025.
According to RentCafe’s annual Apartment Construction Report, 2023 is set to be a record-breaking year for construction, with developers planning to unveil 460,860 rentals by year-end. The New York metro is at the forefront:
2023 Highlights:
- New York takes the top spot nationwide with 33,000 new rental units expected by December.
- Brooklyn is home to a third of these, with 9,825 units. Queens follows with 4,430, surpassing Manhattan’s 3,770.
- Outside of NYC, Jersey City will add 2,215 units, while East Orange anticipates 992. Smaller numbers spread from Weehawken to Warren.
2020-2022 Pandemic Building Boom Overview:
- New York was a construction hotspot, second only to Dallas. Over 66,070 apartments were added between 2020 and 2022.
- 2022 stood out with NY introducing 23,801 new rentals, leading the nation.
- Jersey City saw 8,083 new apartments. Brooklyn added 7,859, outpacing Manhattan’s 6,403 and Queens’ 5,489.
