Apartment Construction Surges, With Washinton, DC, in the Lead: Yardi Matrix

Originally published on October 12, 2023, by Andrea Nicole for RentCafe.com.

U.S. cities are buzzing with new apartment buildings — more than we’ve seen in decades. So, if you’ve noticed more cranes against your city’s skyline recently, you’re not alone. In fact, this boom is turning certain neighborhoods into hotspots for new apartments, attracting mostly young, high-earning folks chasing the dream of urban apartment living.

With that in mind, we took a closer look at this trend in the 50 largest cities to see which neighborhoods have benefited the most from new apartment construction recently. Specifically, by using data from Yardi Matrix, we uncovered the top zip codes where this exciting development has been happening for the last five years.

What we found was that living in a brand-new apartment surrounded by all of the conveniences of city life has become a reality for many as a whopping 1.2 million new rental units have popped up in cities across the country since 2018.

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