The US rental property market is constantly changing, with certain regions seeing a boom in new building projects, while others remain relatively unchanged.
This dynamic is often influenced by economic factors, primarily the demand for housing created by job opportunities in specific regions. For those in the ever-growing cohort of renters, often referred to as the generation rent, identifying neighborhoods with a burgeoning supply of new rentals can be vital.
US Rental Housing Trends in Major Cities
A recent assessment conducted by Rent Cafe has analyzed thousands of zip codes across the country’s major metropolitan areas to pinpoint the neighborhoods where apartment construction is thriving. These findings provide valuable insights for prospective renters and have been made available to Digital Journal.
In the United States, there are approximately 16.7 million individuals who rent homes by themselves. This group is roughly three times the population of the entire Phoenix metropolitan area. However, in many high-cost cities, the privilege of living alone comes with a substantial financial burden, requiring renters to earn an extra $8,600 annually.
The neighborhoods undergoing remarkable transformations have witnessed the construction of thousands of apartments in an impressively short timeframe, outpacing the construction numbers of entire cities.
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Thriving Urban Apartment Construction
While most of these zip codes are concentrated in major urban hubs such as Washington, D.C., Miami, and New York, smaller markets like Nashville, Frisco, and Richmond have also secured spots in the top 10 list.
Topping the list is zip code 20002 in Washington, D.C., with a remarkable 7,378 new apartments developed in just five years. This growth underscores the thriving apartment market in the northeastern part of the city.
Claiming the third spot is zip code 11101 in Queens, New York, with an impressive 7,081 new apartments introduced between 2018 and 2022. This once-industrial area in Long Island City has undergone a dramatic transformation, now adorned with gleaming high-rises along the East River.
Nashville, Tennessee’s zip code 37203, located at the city’s core and home to several universities, took fourth place with 6,806 new apartments recently built. Meanwhile, zip code 75034 in Frisco, Texas, ranked fifth with 5,872 new apartments. This area, a preferred choice for commuters, is well-known for its high-end rental properties.
In some neighborhoods, the growth may not be in the quantity of new apartments but rather in the quality of developmental changes. For example, zip code 33132 in Miami quadrupled its apartment supply in just five years, revitalizing the area’s housing options.
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