The New York City metropolitan area is on track to lead the United States in new apartments constructed among major cities in 2024, according to a report by the real estate firm RentCafe.
With 32,935 new rentals expected to be completed by the end of the year, the New York City metropolitan area is on pace to have the most completions for a third consecutive year. The fact that the city has been dealing with a shortage of rentals has led to a need for these apartments to be built and completed as soon as possible.
Brooklyn accounts for the highest number of these rentals, with 9,379 units. Manhattan is a distant second, with 2,979, followed by Jersey City with 2,412, Queens at 1,232 and White Plains at 1,218.
Ranked right behind the New York City metropolitan area is Dallas, Texas, which is on pace to have 32,932 new apartments built by the end of the year. Austin, Texas finished a very distant third, with 21,506 new units expected at the end of 2024.
The study concluded that the New York City metropolitan area is set to have 150,327 new apartments built from 2024 to 2028. This would present a significant jump from the 116,207 completed from 2019 to 2023, which was the second-most over that span, behind only Dallas, Texas at 128,418.
