Brooklyn Is Leading The Country In Apartment Construction

Brooklyn Is Leading The Country In Apartment Construction

Around almost every corner in Brooklyn, a new development is rising to bring more apartments to the city’s most populous borough. So it should come as no surprise that Brooklyn is leading not only New York City, but the rest of the country in the construction of new apartments.

According to Forbes, Brooklyn is poised to gain 6,073 apartments in 2016, which is a nearly unfathomable gain on the 979 apartments that hit the market in the borough this year. And 2017 is already off to a running start, too: 2,001 new apartments are already anticipated. Here’s another mind-boggling number to top all of that off: as of October, the borough’s average rent, minus concessions, was a whopping $3,823.

Despite those major figures, the Atlanta metro area is nearly keeping pace with Brooklyn. According to Forbes’ data, Atlanta/Fulton comes in as the number two area with the most anticipated apartments in 2016 with 5,606. Atlanta/Fulton also far and away exceeded development in Brooklyn this year with 4,717 new apartments, and is already expecting 2,861 new apartments in 2017. Not shabby—not shabby at all.

The New York City area as a whole is expecting 24,575 apartments in 2016, 4,387 of which will be in Midtown West, making it the country’s fourth largest submarket in 2016.
via Curbed | Lead image: Curbed Flickr Pool/Phil

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