{"id":54241,"date":"2017-08-02T00:20:57","date_gmt":"2017-08-02T07:20:57","guid":{"rendered":"https:\/\/www.rentcafe.com\/blog\/?p=54241"},"modified":"2019-11-05T01:15:50","modified_gmt":"2019-11-05T09:15:50","slug":"us-apartment-construction-at-a-20-year-high-in-2017","status":"publish","type":"post","link":"https:\/\/www.rentcafe.com\/blog\/rental-market\/us-apartment-construction-at-a-20-year-high-in-2017\/","title":{"rendered":"Apartment Construction at its Highest Level in 20 Years, with Denver, Nashville Joining NYC as 2017\u2019s Hottest Rental Markets"},"content":{"rendered":"

We\u2019d need 4.6 million new apartments by 2030 to meet demand for rental living and keep prices in check, per data from the National Multifamily Housing Council<\/a>. That\u2019s about 373K new units each year on average, a number that’s rather optimistic considering the pace of apartment construction in the last decade. So how feasible is this plan? Our most recent study on the apartment market suggests there’s still hope for the country’s growing renter population.<\/p>\n

According to data from property intelligence company and our sister division Yardi Matrix<\/a>, apartment construction is at a 20-year high<\/strong>, with most of our country\u2019s biggest cities seeing significant upgrades in rental stock. After a slow post-recession period, the market started rebounding in 2012 and by 2014 new supply had amounted to more than 237,000 units delivered in one year, well above historical averages. Between 1997 and 2006, annual completions averaged 212,740 units.<\/p>\n

In 2017, apartment completions are expected to top 345,000<\/strong>, a 21% increase compared to last year\u2019s deliveries when more than 285,000 units saw the light of day.<\/p>\n