According to a recent report by RentCafe, the United States is on track to set a new record for apartment deliveries for the third consecutive year. By 2024, developers are projected to complete over 518,000 new rental units – surpassing the 500,000-unit threshold for the first time in U.S. history.
Among top metros with a steady pipeline of new apartments coming onto market is Washington D.C., which ranks No.7 according to RentCafe’s findings. By the end of 2024, an estimated total of 15,079 new units will have been delivered in this area alone – making it one of the fastest-growing regions in terms of apartment construction over the past five years (with a total completion count reaching No.6 at approximately 72,709).
Looking ahead into projections from now until late-2028 as highlighted by RentCafe’s nationwide report: Bethesda could potentially see significant growth and momentum with its number of units doubling within this timeframe (up by an impressive rate at around +163%). Additionally noteworthy are other leading metros such as New York City ranking first place yet again for highest number of newly-delivered apartment units; followed closely behind Dallas and Austin respectively.
In summary: The U.S. is expected to break records once again with over half-a-million apartments being completed by developers in just four years’ time according to data from RentCafe’s latest report on national trends and projections through late-2028; while Washington D.C.’s metro area remains among top contenders seeing consistent growth rates within its own local housing market during recent times thanks largely due towards ongoing efforts made possible via continued investment initiatives aimed towards boosting overall economic development throughout regionally-based communities across country today!
