Jersey City Named 3rd Busiest City in NY Metro for New Apartments in 2024; NY Metro Leads the Nation with 33K New Units

For those seeking a luxury rental experience with modern amenities and stylish finishes, North Jersey offers a growing number of options. This trend is highlighted in RentCafe's annual Apartment Construction Report, which reviews new apartment construction data across 369 U.S. metropolitan areas.

New York Metro Area Leads in Apartment Construction

The New York metropolitan area continues to dominate the U.S. apartment construction scene, with an estimated 32,935 new units expected by the end of 2024. This marks the third consecutive year the region has topped the rankings, driven by the city's unique appeal despite high housing costs and an ongoing shortage of rentals. From 2019 to 2023, the area had the second-highest number of new units completed, and it is projected to lead the nation from 2024 to 2028 with 150,327 new units.

A Hub of Growth

Jersey City emerges as a key player in this construction boom, ranking third in the region for new apartment units in 2024. The city is expected to add 2,412 units by the end of the year, surpassing other major hubs like Queens and White Plains. Looking ahead, Jersey City's apartment construction is anticipated to continue its upward trajectory, with projections estimating 12,276 new units by 2028, reflecting a significant increase from previous years.

Other North Jersey Cities on the Rise

In addition to Jersey City, several other North Jersey cities are also seeing significant growth in apartment construction. Hackensack, Newark, and Passaic are all ranked among the top 10 cities in the New York metro area for new apartment units expected by the end of 2024, with 686, 592, and 397 units respectively. These cities, like Jersey City, are contributing to the region's expanding luxury rental market.