Apartment Supply About to Set New Record in Long Island

The small New York market of Nassau County-Suffolk County – better known as Long Island – will garner its largest-ever block of new apartment supply in 3rd quarter 2024. The market, which has about 82,200 existing apartment units today, is set to receive almost 2,100 units in the year-ending 3rd quarter, marking the highest annual supply load on record for Long Island, according to RealPage Market Analytics. That rate will grow total inventory 2.6%. Since 2014, Long Island has grown total apartment inventory about 12%. Apartment supply here generally runs low, averaging 1.1% annual inventory growth over the last decade. Since late 2023, however, construction volumes have trended up to now stand at their highest level on record in the RealPage data set, which goes back to 2002 for this market. Delivery volumes are expected to remain elevated in Nassau County-Suffolk County through at least mid-2025, though construction delays could alter those figures somewhat. Beginning in late 2025, annual delivery volumes are expected to taper back toward historical norms.