460,860 New Rentals Are Expected for 2023
According to RentCafe’s annual Apartment Construction Report, 460,000 new rentals are expected to deliver this year with another 1 million to be built through 2025.
In the last three years, the pandemic building boom has brought 1.2 million apartments online, and, by the close of December, another 460,860 are expected to have opened this year, according to RentCafe’s annual Apartment Construction Report.
“However, almost two-thirds of the apartments built during the pandemic boom are clustered in just 20 high-growth metros, which make up about 41% of the total renter population in the U.S. Therefore, for many other places, the new supply barely made a dent in the existing supply,” the report reads. Dallas, New York, and Houston have ranked as the top three metros for apartment construction since 2020.