Top Zip Codes Powering the New Apartment Surge: DC’s 20002 Spearheads the Trend
Apartment construction is booming across U.S. neighborhoods, and according to our study, two zip codes within the New York metro area have been steadily working on a remarkable urban revival.
Queens' 11101 stands out as the 3rd hottest zip code for apartment construction nationwide, and Jersey City's 07302 is the 9th, with thousands of new apartments built over just five years. This pace of development surpasses the achievements of entire cities.
Here are more details:
(#3) 11101 in Queens added 7,081 new apartments in just five years, which translates into a staggering 73.5% growth. Two-thirds of the newly-built units fall into the high-end category. This comes close to the numbers presented by zip codes in D.C., which are leading the top.
(#9) 07302 in Jersey City emerges as a standout in national apartment construction, boasting an amazing number of new apartments: 5,289. Given the larger original stock of this neighborhood, the recent additions have led to a 41% increase in the apartment inventory. In this area, the majority of apartments also fall into the high-end category.
U.S. cities are buzzing with new apartment buildings — more than we’ve seen in decades. So, if you’ve noticed more cranes against your city’s skyline recently, you’re not alone. In fact, this boom is turning certain neighborhoods into hotspots for new apartments, attracting mostly young, high-earning folks chasing the dream of urban apartment living.
With that in mind, we took a closer look at this trend in the 50 largest cities to see which neighborhoods have benefited the most from new apartment construction recently. Specifically, by using data from Yardi Matrix, we uncovered the top zip codes where this exciting development has been happening for the last five years.
What we found was that living in a brand-new apartment surrounded by all of the conveniences of city life has become a reality for many as a whopping 1.2 million new rental units have popped up in cities across the country since 2018.
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.
Here are several infographics highlighting top zip codes for construction nationwide, as well as in the New York Metro area. To read the complete study, please visit this link.
(#50) Well connected to the rest of the metro area, zip code 11201 in Brooklyn
made it to our list of 50 hottest zip codes for apartment construction, with 2,800 new apartments.
Banner Image: New Construction. Image Credit - Tolu Olubode