According to newly published findings by apartment search website RentCafe, new construction is set to reach a historic national high this year, and the New York metro area is leading the country for the third consecutive year in terms of new apartments set to be completed in 2024.
What's more, 2024 is the first year in the history of US apartment construction in which the number of completions will surpass the 500,000-unit threshold. Looking ahead, 2 million apartments are set to come online by 2028, despite uncertainties in most markets that are causing fewer new projects to start.
Of those roughly 518,000 units, almost 33,000 are in New York, with Brooklyn leading at 9,379 apartments. Gotham is expected to maintain the crown of most development in the years to come, with more than 150,000 apartments projected to be completed by 2028.
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