2017’s Busiest Rental Markets

With apartment construction reaching a 20-year peak, most of the largest U.S. cities continue to add significant levels of rental stock. Denver and Nashville are joining the top 10 list in terms of 2017 apartment completions, according to RentCafé.
The rental apartment boom stretches from coast to coast. As an all-time favorite playground for developers, New York has nearly 27,000 units scheduled for completion this year. Texas’ largest metros are right on its tail, according to RentCafé research. Roughly 4.6 million new apartments are needed by 2030 to meet demand for rental living in order to keep rates in check, as per data from the National Multifamily Housing Council.

“From an affordability standpoint, things are starting to look better for renters. Rent growth is slowing down, even in the country’s most expensive markets and it doesn’t stop at that. With more units on the table, renters may be able to get some discounts and concessions on new leases, including one month of free rent, waived move-in fees and free gym memberships,” said Yardi Matrix Senior Analyst Doug Ressler, for RentCafé. 

After a slow post-recession period, the U.S. market started rebounding in 2012. In 2017, apartment completions are expected to top 345,000, a 21 percent increase compared to last year’s deliveries, when more than 285,000 units came online.

Images courtesy of Rent Café