New York City is facing a persistent housing shortage, much like many other major cities across the U.S. Despite high demand for affordable housing, the Big Apple’s housing inventory only grew by a modest 7% over the last decade.
Construction cranes, however, are a common sight across the city. So, what is actually being built in NYC, and where? Our latest study on the fastest-growing housing markets in the U.S. shows Brooklyn and Manhattan vying for the title of the most active residential market.
Brooklyn and Manhattan Leading the Way
- Brooklyn and Manhattan saw an 8% increase in housing inventory since 2013. They also lead in population growth with a 6% increase.
- Brooklyn added 10,800 single-family homes and over 66,000 new apartments. Brooklyn also leads with the largest self-storage inventory overall, at 6.9 million sq. ft. of storage space.
- In Manhattan, the inventory of single-family homes grew by a significant 27%, with around 5,200 new units, while over 59,000 new apartments were also built.
Bronx and Queens Catching Up
- Both boroughs experienced a 7% increase in overall inventory. Queens added 17,394 new single-family units and 40,707 new apartments, while the Bronx added 11,187 single-family homes (an 11% increase) and 23,004 apartments.
- Of the five boroughs, Queens has expanded its self-storage inventory the most, with a 149% jump in storage space over the last decade. Queens self storage now accounts for over 6M square feet of storage space.
Staten Island Lagging Behind
- Staten Island had the smallest increase, with just a 4% rise in overall inventory. It added 5,096 single-family homes and only 1,241 apartments.
You can check out the full study here.
.
Featured image credit: DepositPhotos.com
