Despite the delays and problems with financing, construction is booming and expected to bring some of the best years on record, according to Yardi Matrix's annual apartment construction report on its RentCafe site. Building during and after the pandemic has added 1.2 million apartments over the last three years. This year's numbers suggest a new peak year for construction as developers open 460,860 rentals by year-end. Such growth hasn't been seen since the 1970s. 

New York has taken the lead this year, followed by the Texas cities of Dallas and Austin. New York is predicted to have 33,00 new rentals by the end of this year.

 Overall, the number of deliveries is expected to remain high until 2025 when the current challenges will start to affect construction. Bank credit being tightened and rising costs of construction, labor and land all will make new projects harder to get underway, said Doug Ressler, Senior Analyst & Manager of Business Intelligence at Yardi Matrix. New apartments are predicted to drop to 408,000 that year.