real estate new construction generic

More than 12,000 new apartment units are expected to be completed and ready for occupancy across the Washington area this year.

An estimated 1,635 units are in the pipeline in the county and expected to be online before the end of the year, according to new data from RentCafe.

Though down from a year ago, that remains a substantial part of the projected 12,176 apartments expected to become available to renters across the Washington area, placing the region ninth in raw numbers among all metro areas nationwide.

“The construction industry is finally returning to pre-pandemic levels of activity, but is still being hampered by three familiar challenges – labor shortages, material costs/availability and supply-chain issues,” said Doug Ressler, manager of business intelligence at Yardi Matrix.

The RentCafe data look at 125 metro areas nationally, and focus on projects where at least 50 units are being delivered. (The full report and methodology can be found at https://bit.ly/3SDnj1e.)

About 420,000 new units are expected to be delivered this year nationally, more than double the annual deliveries of a decade ago and the first time the total has surpassed 400,000 since 1972.

In the Washington region, the most new units (4,572) will be in the District of Columbia itself, followed by Alexandria (1,730) and then Arlington.

Among metropolitan areas, New York City is slated to surpass Dallas-Fort Worth in terms of new apartment deliveries, reclaiming the top spot for the first time since 2018. Its 28,153 projected new units would have been even larger had figures from Bronx and Staten Island been included.

The Dallas-Fort Worth area is projected to have about 23,571 deliveries in 2022 to hold down second spot, followed in order by Miami, Austin, Houston, Phoenix, Seattle, Atlanta, the District of Columbia and Los Angeles.

In terms of cities rather than metro areas, Houston, Austin and Seattle led the pack in total deliveries for the first half of 2022, although New York City was broken into boroughs rather than considered as one entity.

[https://sungazette.news provides content to, but otherwise is unaffiliated with, InsideNoVa or Rappahannock Media LLC.]

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