RentCafe’s newly released Apartment Construction Report revealed that 2023 is shaping up as a new peak year for construction as developers are expected to unveil 460,860 rentals by the end of December. Twenty-five metros across the U.S. are projected to build more than 5,000 units each this year and Las Vegas is one of them.
Here are the highlights from RentCafe’s Apartment Construction Report:
- 5,013 new apartments are projected to open in Las Vegas metro by the end of the year. That
earned Las Vegas a respectable #25 spot among the busiest builders in 2023. - More than three-thirds (68%) of these new apartments are set to be delivered in Las Vegas
proper alone. Renters can look forward to 3,436 new units in Las Vegas City, while in Henderson there are almost 2,500 new apartments expected to open for renters. - Top 5 builders this year account for a quarter (26%) of all the new apartments expected in the U.S. New York emerged as the leader of the pack with 33,001 units, followed by Dallas with
23,659 units, while Austin sits in third place with 23,434 units. Miami is fourth with 20,906 units
and Atlanta fifth with 18,408 units – totaling almost 112,000 units. This surge in apartment construction comes after the pandemic building boom when 1.2 million rentals were added to the market nationwide between 2020 and 2022 — the largest increase in supply in half a century. - Las Vegas metro built 8,575 new units in the last three years. Here’s a breakdown of its
construction spree: 2020 – 2,216 units, 2021 – 4,070 units and in 2022 – 2,289 units. - In the same period, 15,601 new apartments opened throughout Nevada. Reno and Carson City have also been busy building 6,594 units and 432 units, respectively.
- Renters can find the largest number of new apartments in Texas. Dallas, Houston and Austin
were among the top 5 biggest builders during the pandemic, totaling a whopping 173,361 units. Other busy metros include New York with around 66,000 units and Miami with almost 43,000 units.
“Households grew at a rapid rate after the pandemic as job growth boomed and young
adults moved out of their parents’ homes. At the same time, “work-from-home
prompted renters to form their own households to gain more living space for offices,
children and pets” – Doug Ressler, manager of business intelligence at Yardi Matrix.
Check out the complete study to find out more valuable data on the past, present, and future of apartment construction across the U.S. metros here.
