Skip to main content

New Apartment Boom Centered in Three States

Phil Hall
May 22, 2017
Multifamily origination volume could hit a new record this year, reaching between $270 and $280 billion

When it comes to apartment development construction, three states have dominated the national scene since 2010.
 
According to new data released by RENTCafé, all of the markets in the company’s new top 10 list of apartment development were either in New York, California or Texas. Half of the top 10 list belonged to neighborhoods throughout New York City, with the Long Island City section of Queens taking the number one slot, with 12,533 new apartments since 2010. California took the second and third slots, with Downtown Los Angeles producing 7,551 new units and North San Jose producing 6,814 units. A pair of Dallas neighborhoods—fifth place Uptown with 5,839 new units and seventh-place Oaklawn with 4,892 units—plus Houston’s ninth-placing Washington Area-Memorial Park, with 3,569 units, represented the Lone Star State.
 
“After ‘the big housing crash,’ home buying humbly stepped aside, allowing renting to come out of the shadows, stripped of its old ‘low-income’ stigma, all glamorous and hip, making its way into the nicest, most sought after American neighborhoods,” stated Nadia Balint, online content developer and creative writer for RENTCafé. “That’s how the great apartment boom happened. Since 2010, new apartment buildings have been popping up faster than you can say ‘concierge,’ revitalizing forgotten downtowns and turning run-down neighborhoods into trendy new hotspots.”
Published
May 22, 2017
MBA Swears In New Officers For 2021-22

Kristy Fercho, executive vice president and head of home lending at Wells Fargo, is the new chairman.

Industry News
Oct 18, 2021
Wemlo Introduces Third-Party Processing Solution

Wemlo announced the first third-party mortgage processing solution, Loan Brokering System.

Tech
Oct 18, 2021
Nationwide Mortgage Bankers Names New COO

Nate Hernandez was named chief operating officer for Nationwide Mortgage Bankers.

Industry News
Oct 18, 2021
ICE Unveils Transaction-Based Indices For Residential Mortgage Interest Rates

Intercontinental Exchange Inc. launched its suite of U.S. residential mortgage locked rate indices.

Tech
Oct 18, 2021
ChainLogix Appoints New Vice President, Operations

Jeryl Graham hired to accelerate growth in title & mortgage services.

Industry News
Oct 15, 2021
JPMorgan Chase To Commit $8.4M To Improve Household Stability For The Underserved

JPMorgan Chase announced six organizations that will receive philanthropic capital as part of the firm’s $400 million five-year commitment to improve housing affordability and stability for Black, Hispanic and Latino, and other underserved households.

Community
Oct 15, 2021