Despite the difficult circumstances generated by the pandemic and the high cost of lumber, apartment construction remains strong with more than 330K new rental units expected to be delivered by the end of 2021.
Of the 20 metros building the most apartments in the nation, 6 are expected to deliver fewer than in 2020, and only Charlotte Metro is projected to full-on double its number of new units this year.
Here are the main data points:
- Charlotte Metro is expected to deliver 10,723 new units this year, a stunning 100% increase in numbers compared to 2020’s deliveries. This is the highest annual boom in construction in any of the metros we analyzed, with just San Jose Metro nearing this figure with its 79% jump in projected apartments.
- Moreover, Charlotte Metro is set to beat its own record in apartment construction in recent years. The area not only recovered from its low in 2020 (5,370 new units) but it is on track to surpass its high in 2019, when more than 8K units were built.
- In the top 20 metros with the most apartments, Charlotte is 10th, with other metro areas with similar projections being Miami (11,235) and Atlanta (11,409). Dallas-Fort Worth is projected to build the most units for a third year in a row – 21K.
- At city level, The Queen City is a huge contributor to the deliveries in its area, with 3,756 apartments already completed by mid-year, and a total of 8K expected to go on the market by the end of the year. The second contributor in the metro is Indian Land, SC, which is expected to deliver more than 800 apartments.
You can access the full report here: https://www.rentcafe.com/blog/