Post-Recession Apartment Boom Earns Long Island City Top Spot
- Jul 24, 2017
By Nadia Balint
Of all the apartment construction we witnessed in the past few years, 10 U.S. neighborhoods stand out for the greatest numbers of apartments built in the post-recession rental boom era. Using Yardi Matrix and Property Shark construction data, RENTCafé tallied up apartment completions that took place between 2010 and 2016 to see which neighborhoods saw the highest volumes of new rentals. Here they are:
At the top of the list, Long Island City in Queens, New York City, has built a stunning 12,533 new apartments in 41 apartment buildings since 2010, by far more than any other neighborhood in the U.S. Like many other New York neighborhoods, LIC slowly gentrified from a former heavily-industrial neighborhood filled with warehouse-type buildings to a highly-desirable residential area gleaming with new residential high-rises and conversions. Just a 15-minute train ride to Midtown Manhattan and much more affordable in terms of housing costs, Long Island City’s apartment market has flourished post-recession thanks to its proximity and easy access to Manhattan. New apartments now account for 36 percent of Long Island’s total apartment stock.
The Queens neighborhood is followed by Downtown Los Angeles with 7,551 new apartments in 35 buildings completed during the same period; North San Jose with 6,814 new apartments in 11 buildings; Clinton-Hell’s Kitchen in Manhattan, New York with 6,058 new units in 15 buildings; and Uptown Dallas with 5,839 new units in 22 buildings, according to RENTCafé’s ranking.