Despite ongoing materials and labor shortages, apartment construction continued on pace this year, with more than 330,000 new rental units expected to be delivered coast to coast by year's end.
"These figures reflect the striking difference between the aftermath of the pandemic crisis and that of the housing crisis of 2008: In 2021, there were nearly three times more apartments under construction than there were in 2011," according to a new report from RentCafe.
And the amount of new deliveries—as estimated by Yardi Matrix—represents just a 2.5% decrease in new units over 2020 figures. That's a decent pace under the circumstances, according to Yardi's Doug Ressler.
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