Busy cities are abuzz with new apartment buildings, which are now going up at the fastest rate recorded in decades—and this boom is turning certain neighborhoods and ZIP codes into hotspots for younger, higher-earning citizens who want to live in a walkable, urban setting.
With that in mind, RentCafe [1] looked at the top-50 cities to find out where has benefited most from new apartment construction. Specifically, by using data from Yardi Matrix, they uncovered the top ZIP codes where this exciting development has been happening for the last five years.
In total, an astounding 1.2 million rental units have been built across the country since 2018, with many of these due in part to the unavailablity of new or existing housing, high mortgage rates, and shifting consumer attitudes.
This surge not only means more options for renters, but also potentially better deals, as well as living spaces equipped with modern amenities and designs. Plus, with so many choices in prime city-center locations, the perfect apartment is within reach.
Specifically, Washington D.C. led the trend with 7,378 new high-density rental units with two ZIP codes, 20002 and 20003, taking first and second places. These two neighborhoods are testimony to the city’s rising popularity with more than 14,000 total apartments built in the last five years. Moreover, after bleeding residents as a result of the pandemic, Washington, D.C. is bouncing back: The nation’s capital welcoming around 3,000 new residents in 2022 alone.
Other top contenders are Queens, New York (specifically ZIP code 11101); Nashville, Tennessee (ZIP code 37203); and Frisco, Texas (ZIP code 75034).
Looking at Metro areas, the Dallas-Fort Worth metro area has the highest number of ZIP codes (8) among the top 50 list by number of new units. The next-highest-ranked is the Austin, Texas, metro with five ZIP codes, followed by Chicago, IL with four.
Click here [2] to view the list of the top-50 cities in its entirety.