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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.”
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