The United States is on its way to a historic high of over 500,000 new apartments this year and South Florida, among others, is leading the charge. According to a recent report by RentCafe, the region is set to deliver more than 14,000 apartments by the end of 2024, positioning itself as ninth in the nation for new apartment completions.
Rounding out the top 10 are as follows:
- New York, NY: 32,935 units
- Dallas, TX: 32,932 units
- Austin, TX: 21,506 units
- Phoenix, AZ: 20,141 units
- Atlanta, GA: 18,520 units
- Houston, TX: 18,301 units
- Washington, DC: 15,079 units
- Charlotte, NC: 14,658 units
- Miami, FL: 14,177 units
- Denver, CO: 12,913 units
A total of 14,177 apartment units are expected to be built in South Florida by the end of 2024, with Miami (4,812 units) and Hialeah (1,209), as well as West Palm Beach (1,077) and Fort Lauderdale (1,048) accounting for a majority. They’ll open in one of the most competitive rental markets, with as many as 19 renters vying for each vacant apartment, per the report.
Looking ahead, a whopping 75,736 new apartments are set to be built in the region by 2028, the fourth highest volume of any metro in the U.S. This is 2,265 more units more than the 73,471 built from 2019 to 2023. Despite this, the new apartments are “unlikely to meet the pressing demand for housing in the [Florida] metro,” notes the report.
As for the U.S., its apartment count will reach new heights, with developers on track to complete a staggering 518,108 rental units by the end of the year. This marks a 9% increase compared to 2023 and a 30% increase compared to 2022. What’s more is that 2024 will be the first time in the history of the U.S. in which the number of apartment completions will surpass the 500,000-unit threshold.
To compile the findings, RentCafe’s research team analyzed new apartment construction data across 369 U.S. metropolitan areas. They looked at buildings containing 50 or more units, and metros with fewer than 300 units or fewer than two properties/buildings weren’t included. See the full report here.