In 2024, the New York City metropolitan area is projected to complete 32,935 new rentals, leading major U.S. cities for a third consecutive year.
Brooklyn is at the forefront in the new apartment surge with 9,379 units, vastly outpacing Manhattan's 2,979 and securing the highest completion rates.
Between 2024 and 2028, the New York City area is expected to see the construction of 150,327 new apartments, a significant increase from previous years.
The report indicates that the New York City area faced a rental shortage, underscoring the urgency and importance of constructing these new apartments.
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