In the past five years, the U.S. built nearly 310,000 new affordable apartments, according to sister company Yardi Matrix* \u2014 an unprecedented surge, with nearly one-third of that total delivered in 2024. Affordable housing construction rose 73% compared to the previous five-year period (2015\u20132019), far outpacing the 36% growth in overall apartment construction.<\/p>\n
To better understand where this growth is happening, we analyzed affordable housing construction over the last 10 years. While large coastal markets like Seattle and New York saw major output, fast-growing locations like Austin and San Antonio \u2014 where completed apartments more than doubled \u2014 also emerged as key contributors to the country\u2019s affordable housing pipeline.<\/p>\n
Key takeaways<\/strong>:<\/p>\n More than 91,000 affordable apartments were completed in 2024 alone<\/strong> \u2014 the highest annual total in the past decade. That figure stands out not only for its scale, but also for how sharply it departs from previous years. The surge made 2024 the single largest yearly contribution to affordable housing construction in ten years, setting it apart as a defining moment in the recent building cycle.<\/p>\n Affordable housing in this context refers to apartment buildings where all units are income-restricted. That means rents are set so they stay affordable for households earning up to a certain percentage of the local Area Median Income (AMI), typically in exchange for public subsidies or tax credits. These developments are designed to serve lower- and middle-income renters and often remain affordable for decades.\n
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