2023: New York is America’s Top Builder

2023 is expected to be a record-breaking year for New York construction, with developers planning to introduce 460,860 rental units by year-end according to the annual Apartment Construction Report from RentCafe. The pandemic has spurred a building boom in the apartment construction sector with 1.2 million apartments added to the market in the last three years – representing some of highest levels since 1970s and showing no signs of slowing down as another million apartments are projected through 2025.
New York City leads this surge with 33,000 new rental units expected by December; Brooklyn accounts for one third followed by Queens, Manhattan and Jersey City among other smaller areas in region. Between 2020 and 2022 NYC was second largest hotspot adding over 66,070 apartments during that period making it America’s #1 builder come 2023.