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The U.S. is currently undergoing a significant resurgence in new apartment construction, evident in the increased presence of cranes adorning the skylines of major cities. This surge is reshaping specific neighborhoods into vibrant hubs for brand-new apartments, attracting primarily young, high-earning individuals who are drawn to the allure of urban living. RentCafe recently published a report delving into this surge across the 50 largest cities, pinpointing neighborhoods that have reaped the most benefits from recent construction. Through an analysis of data from Yardi Matrix, the report unveils the key zip codes where this captivating development has unfolded over the past five years.
The report notes that the dream of residing in a top-tier apartment amidst city life has become a reality for a significant number of people, with an astounding 1.2 million new rental units emerging across the nation since 2018. This influx not only broadens choices for renters but also holds the promise of potentially appealing deals for real estate investors, increases the market’s housing stock with living spaces adorned with contemporary amenities and designs. Moreover, with a plethora of options in coveted city-center locales, the ideal apartment is now within reach.
Leading this trend is Washington, D.C.’s 20002 neighborhoods, boasting 7,378 new rentals in the last five years. Washington, D.C., stands as the epitome of apartment construction, with two zip codes, 20002 and 20003, claiming the top two spots. These neighborhoods serve as a testament to the city’s escalating appeal, witnessing the construction of over 14,000 apartments in the last five years. Furthermore, after a decline in residents due to the pandemic, Washington, D.C., is experiencing a resurgence, welcoming approximately 3,000 new residents in 2022 alone.
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