Apartment Construction Booms Across the U.S. and South Florida
August 23, 2024
A new study by RentCafe reveals that U.S. apartment construction is on track to hit a historic high of over 500,000 new units in 2024, marking a 9% increase from last year and a significant 30% rise from 2022. Among the major metro areas contributing to this surge, South Florida, particularly the Miami area, ranks No. 9, with more than 14,100 apartments expected to be completed this year.
The study predicts that over 2 million new apartments will be available nationwide by 2028. However, the construction boom may slow down between 2025 and 2027. RentCafe attributes this upcoming decline to rising borrowing costs, influencing developers to reconsider their strategies. Many developers are expected to prioritize lower-risk projects or focus on areas with high demand and strong job growth.
Leading the way in new apartment construction in 2024 are the following cities:
- New York City: 32,935 units
- Dallas: 32,932 units
- Austin: 21,506 units
- Phoenix: 20,141 units
- Atlanta: 18,920 units
- Houston: 18,301 units
- Washington, D.C.: 15,079 units
- Charlotte: 14,658 units
- Miami: 14,177 units
- Denver: 12,913 units
