Apartment construction has been ramping up this year. More than 330,000 new rental units are to arrive on the market in 2021, continuing a four-year high in multifamily construction, according to RentCafe’s latest Apartment Construction Report.
“The pandemic shifts and resurgence of the residential rental market bring new residential supply into focus,” said Doug Ressler, manager of business intelligence at Yardi Matrix. “Lack of entry-level housing supply and rising home prices will show the multifamily rental market demand increasing as new renters enter the market and millennials extend their rental commitments.”
For the fourth consecutive year, the Dallas–Fort Worth metro is expected to deliver the most new units. More than 21,000 new units are in the pipeline and are expected to be available on the market there by the end of the year. The New York metro follows in the number two spot, with more than 19,000 new units expected to arrive this year, while Phoenix is third.