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NYC Apartment Construction Highest in 30 Years

CoStar Group reports that the city has the most units under construction in the US, and will continue this trend if its economy stays strong.

NYC skyline New York City skyline/ (image courtesy of CoStar)

NEW YORK CITY—New York has more than 60,000 units under construction and that’s the most out of any city that CoStar Group tracks. Even with the Big Apple growing at a rate of 50,000 people per year, due to construction, the vacancy rate of apartments has stayed approximately the same—never exceeding 4% or going much lower than 2%. This dates back to when CoStar began collecting this information in 1994.

In a GlobeSt.com interview, CoStar Group market analyst for New York City, Lauren Baker, says the city’s economy is driving this construction and population boom. “People want to live where they are working, so office construction drives residential properties, and all of these companies want to be in Manhattan,” says Baker. “Highly educated, younger people, 24 to 35-year-olds with a bachelor’s degree are moving into Manhattan.” In contrast, the outer areas in the state of New York have been decreasing in population.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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