{"id":18818,"date":"2024-07-30T15:00:03","date_gmt":"2024-07-30T19:00:03","guid":{"rendered":"https:\/\/www.renthop.com\/blog\/?p=18818"},"modified":"2024-07-30T10:57:17","modified_gmt":"2024-07-30T14:57:17","slug":"new-constructions-in-new-york-city","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/blog\/new-constructions-in-new-york-city\/","title":{"rendered":"New Construction Apartments in New York City"},"content":{"rendered":"
New York City has one of the largest populations in the United States. Although the city has experienced a slight population decline since COVID, around 8.3 million people still reside here and more than two-thirds of this population are renters. As a result, the NYC rental market is as fast-paced as ever, and rental prices are at an all-time high due to the overall demand for housing and the drop in the supply of new apartments in NYC<\/a>.\u00a0<\/span><\/p>\n Housing development in NYC has slowed down significantly in recent years due to several factors such as building costs, the expiration of the 421a tax abatement program in June of 2022, zoning regulations, and more. The number of housing units permitted by new building permits declined sharply to 16,348 in 2023, the lowest it has been since 2016. However, there are still many great new developments on the docket for 2024<\/a> and we\u2019re here to discuss these new apartments in NYC<\/a>!\u00a0<\/span><\/p>\n Housing demand in the <\/span>outer boroughs is increasing<\/span><\/a> as more and more renters are priced out of Manhattan. In 2023, the Bronx surprised everyone and surpassed all the other boroughs in the number of new housing completions. This borough alone accounted for 35% of new housing completions, surpassing Brooklyn for the first time in years as the borough leading the city in housing growth. However, Brooklyn is still number one when it comes to the number of newly issued housing permits for 2023. At 32%, Brooklyn ranks above Bronx (29%), Queens (23%), Manhattan (12%), and Staten Island (3%).\u00a0<\/span><\/p>\n Here are some of our favorite new apartment constructions in New York City.\u00a0<\/span><\/p>\nNew Apartment in NYC<\/span><\/h2>\n
New Apartment in Brooklyn<\/span><\/h3>\n
The MC (<\/span>1100 Myrtle Avenue, Brooklyn, New York, 11206<\/span><\/a>)<\/span><\/h4>\n