Where are the hotspots of new apartment development post-recession?
New York’s Long Island City leads the nation for the most new apartment construction. The area has added 12,533 new units between 2010 and 2016 in 41 buildings, according to a new analysis by RentCafe. A handful of other cities also saw large spikes in apartment buildings in that time period.
RentCafe analyzed construction data from Yardi Matrix and Property Shark in about 1,000 neighborhoods across the country to see which neighborhoods saw the most growth in rentals. They factored in large-scale rental buildings of 50 or more units located in the 30 largest cities.
These are the neighborhoods that have seen the most apartment completions since 2010:
- Long Island City (Queens, N.Y.): 12,533 (the number of new apartments)
- Downtown L.A. (Los Angeles): 7,551
- North San Jose (San Jose, Calif.): 6,814
- Clinton – Hell’s Kitchen (Manhattan, N.Y.): 6,058
- Uptown (Dallas, Texas): 5,839
- Williamsburg (Brooklyn, N.Y.): 5,269
- Oak Lawn (Dallas, Texas): 4,892
- Downtown Brooklyn (Brooklyn, N.Y.): 3,851
- Washington Ave. – Memorial Park (Houston, Texas): 3,569
- Upper West Side (Manhattan, N.Y.): 3,536
View the full list of top 20 at rentcafe.com.
Source: “Top U.S. Neighborhoods That Got the Most Apartments After the Recession,” RentCafe Blog (May 16, 2017)