Apartment Boom: Developers Built The Most Units In These 6 Neighborhoods Between 2010 And 2016
An apartment boom in various U.S. cities has turned rundown blocks into thriving neighborhoods. Of the top cities in the country with the most large-scale rental buildings (50 or more units), developers have built the most units between 2010 and 2016 in these six neighborhoods, according to RentCafé. Collectively the six cities have added more than 38,000 units during that time frame, Yardi Matrix and Property Shark data determined.
Long Island City, Queens, New York
New apartments: 12,533
New buildings: 41
Within the last few years, Long Island City has undergone a massive transformation, taking dilapidated industrial buildings and empty lots and turning them into high-rise multifamily buildings, offices and hotels. The housing stock in the city is expected to increase by 9,000 units in 2017, bringing total stock upward of 20,000 units. Long Island City rental prices are rising as well.
Downtown Los Angeles
New apartments: 7,551
New buildings: 35
Downtown Los Angeles went from a vibrant area in the 20th century to a neighborhood full of dilapidated buildings during the turn of the 21st century, RentCafé reports. Efforts to revive the area, such as erecting new buildings within the past 10 years, have led to a more substantial downtown chock full of commercial and residential buildings. Between 2010 and 2016, the area saw a surge of development activity, boosting its total multifamily unit count by 63%.
North San Jose
New apartments: 6,814
New buildings: 11
North San Jose has added various industrial, commercial and residential buildings within the last few years. Demand for housing continues to grow as tech companies flood the area, bringing swarms of young professionals with them in need of housing. Companies like Apple, which is planning an 86-acre R&D campus, are pushing to alleviate some of the demand. This surge in tech companies created an apartment boom starting in 2014. The city also adopted a North San Jose area plan in 2005, which would accommodate 26.7M SF of office space, 32,000 residential units and 2.7M SF of retail. The city is currently planning a strategy to increase retail and amenities to attract young tech talent.
Clinton - Hell's Kitchen, Manhattan, New York
New apartments: 6,058
New buildings: 15
Percentage of new from total: 22%
Hell’s Kitchen is fast becoming one the most up-and-coming neighborhoods in Midtown Manhattan. Chinese developers have taken note and large retailers are adding locations in this neighborhood. Hell's Kitchen, located on the West Side of Midtown Manhattan, saw a lot of activity between 2010 an 2016, with new multifamily units during that period accounting for 22% of the total. This year the city approved a long-stalled affordable housing project that will bring 200 to 250 affordable housing units to the area. The development was held up for years due to local opposition and legal hurdles.
New apartments: 5,839
New buildings: 22
Dallas is among the fastest-growing rental markets in the country and is posting healthy rent increases. Two of its neighborhoods, Uptown and Oak Lawn, made RentCafé’s list. Uptown is fast becoming the trendy place for white-collar young professionals. Dallas also has added quite a few high-rises within the last few years. New mulifamily units developed between 2010 and 2016 account for 67% of the area's overall apartment stock. Dallas also is making a big push to attract more millennials.
Williamsburg, Brooklyn, New York
New apartments: 5,269
New buildings: 29
Williamsburg has undergone a significant transformation since the 1980s with exponential commercial and residential growth. Increased demand and rising housing prices have led to more high-density apartments. The neighborhood gained a Whole Foods and Apple store in recent years. A huge waterfront project also is currently in the works.