For the fifth-consecutive year, apartment construction is expected to exceed 300,000 units in 2021. Housing developers are set to bring 334,000 new apartments to market this year, despite the economy being stymied by the COVID-19 pandemic, workforce shortages and increased costs for building materials.
Among the epicenters of the current boom, according to RENTCafé’s Apartment Construction Report, is Charlotte, N.C., which is experiencing a 100 percent increase in apartment construction, with projections showing 10,723 new apartments hitting the market this year. Another southeastern market putting up big numbers is Orlando, Fla., with a 78 percent increase and a total of about 8,211 new units.
What’s more, eight of the top 20 metro areas for apartment construction are expected to hit a five-year high during 2021, including newcomers Kansas City, Mo., and Raleigh, N.C. Consider that last year 13 of the top 20 metros recorded decreases in apartment constru