Washington, D.C., Queens, N.Y., lead in number of new apartments by zip code

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.

The U.S. is ill-prepared to provide adequate housing for the growing ranks of older people, according to a report from Harvard University’s Joint Center for Housing Studies. Over the next decade, the U.S. population older than 75 will increase by 45%, growing from 17 million to nearly 25 million, with many expected to struggle financially.

Yale University breaks ground on the nation's largest Living Building student housing complex

University Buildings | Dec 8, 2023

Yale University breaks ground on nation's largest Living Building student housing complex

A groundbreaking on Oct. 11 kicked off a project aiming to construct the largest Living Building Challenge-certified residence on a university campus. The Living Village, a 45,000 sf home for Yale University Divinity School graduate students, “will make an ecological statement about the need to build in harmony with the natural world while training students to become ‘apostles of the environment’,” according to Bruner/Cott, which is leading the design team that includes Höweler + Yoon Architecture and Andropogon Associates.

Almost a million apartment units are currently under construction in the U.S., says Apartment List.

MFPRO+ News | Dec 7, 2023

7 key predictions for the 2024 multifamily rental housing market

2024 will be the strongest year for new apartment construction in decades, says Apartment List's chief economist.

Codes and Standards | Dec 7, 2023

New York City aims to spur construction of more accessory dwelling units (ADUs)

To address a serious housing shortage, New York City is trying to get more homeowners to build accessory dwelling units (ADUs). The city recently unveiled a program that offers owners of single-family homes up to nearly $400,000 to construct an apartment on their property.