Apartment construction activity in the U.S. is at a record high, and some individual submarkets are seeing buildings rise at a faster pace than others. A total of three New York neighborhoods made the list of the nation’s biggest construction submarkets, while parts of Nashville, Newark, Philadelphia, Austin, Los Angeles, Dallas and Phoenix were also contenders. Brooklyn is building more apartments than any other submarket in the nation, with nearly 11,200 units under way at the end of 2021. Central Nashville is not far behind, with over 9,000 units under construction. This pace of building will increase the existing base in Central Nashville by 35.7%. That’s the second-largest increase scheduled nationwide, beat out by only Central Phoenix, which has 4,334 units under construction, a volume that will increase the existing base by 38.9%. In the next few weeks, we’ll explore each of these submarkets in more detail, outlining the historical trends and the stability – or lack thereof – for each.
