A study of new apartment construction by zip code showed Washington D.C., and the Queens borough of New York City are the hottest multifamily markets since 2018, according to RentCafe.
Two zip codes in the nation’s capital, 20002 and 20003, took first and second places, respectively. “These two neighborhoods are testimony to the city’s rising popularity with more than 14,000 total apartments built in the last five years,” RentCafe says. “Moreover, after bleeding residents as a result of the pandemic, Washington, D.C. is bouncing back: The nation’s capital welcoming around 3,000 new residents in 2022 alone.”
Queen’s Long Island City neighborhood took third place. This area’s popularity could be attributed to easy access to Manhattan along with the mix of both luxury and affordable housing.
The fastest growing zip code was Miami’s 33132, where the number of new apartments has quadrupled since 2018. This neighborhood is home to several major financial institutions and tech companies, and is situated along Biscayne Bay—an attractive spot for young professionals.
Nationwide, 1.2 million new rental units have come online in cities across the country since 2018.
Related Stories
Senior Living Design | Apr 24, 2024
Nation's largest Passive House senior living facility completed in Portland, Ore.
Construction of Parkview, a high-rise expansion of a Continuing Care Retirement Community (CCRC) in Portland, Ore., completed recently. The senior living facility is touted as the largest Passive House structure on the West Coast, and the largest Passive House senior living building in the country.
Student Housing | Apr 23, 2024
Student Quarters selected to manage 502-bed student housing community
Student Quarters, a leading student housing owner and management company, announces the newest addition to its portfolio: The Armory Sam Houston Apartments.
MFPRO+ News | Apr 18, 2024
Marquette Companies forms alliance with Orion Residential Advisors
Marquette Companies, a national leader in multifamily development, investment, and management, announces its strategic alliance with Deerfield, Ill.-based Orion Residential Advisors, an integrated multifamily investment and operating firm active in multiple markets nationwide.
Student Housing | Apr 17, 2024
Student housing partnership gives residents free mental health support
Text-based mental health support app Counslr has partnered with Aptitude Development to provide free mental health support to residents of student housing locations.
MFPRO+ News | Apr 15, 2024
Two multifamily management firms merge together
MEB Management Services, a Phoenix-based multifamily management company, and Weller Management, a third-party property management and consulting company, officially merged to become Bryten Real Estate Partners—creating a nationally recognized management company.
MFPRO+ News | Apr 12, 2024
Legal cannabis has cities grappling with odor complaints
Relaxed pot laws have led to a backlash of complaints linked to the odor emitted from smoking and vaping. To date, 24 states have legalized or decriminalized marijuana and several others have made it available for medicinal use.
Multifamily Housing | Apr 12, 2024
Habitat starts leasing Cassidy on Canal, a new luxury rental high-rise in Chicago
New 33-story Class A rental tower, designed by SCB, will offer 343 rental units.
MFPRO+ News | Apr 12, 2024
Greystar becomes top apartment owner, manager, and developer in 2024
One firm set records for this year’s National Multifamily Housing Council Top 50 roundup of multifamily firms. Greystar now sits at number one in the NMHC’s lists for top apartment owner, manager, and developer in 2024.
Student Housing | Apr 12, 2024
Construction begins on Auburn University’s new first-year residence hall
The new first-year residence hall along Auburn University's Haley Concourse.