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.