More than a million new apartments have come online since 2018. New data from RentCafe shows 1.2 million rental units in the U.S. were completed between 2018 and 2022.
The Dallas metro is home to eight of the top 50 zip codes with the most completions, while Austin was home to five of the top 50. Chicago had four of the top 50 zip codes. Washington, D.C., had the top two zip codes: 20002 with nearly 7,400 units from 2018-2022, and 20003 was home to more than 7,200 units during that time. 11101 in Queens, N.Y., was the only other zip code with more than 7,000 new units.
Tempe, Ariz., near Arizona State University, was sixth on the list but had the most total apartments (20,263) as of 2022, just ahead of Austin.
Miami's 33132 had the largest change in total units from 2017 to 2022 at 354%. 32751 (Maitland, Fla.), 23230 (Richmond, Va.) and 27526 (Fuquay Varina, N.C.) also saw over 200% increases.