Jersey City Set to Add Nearly as Many Apartments as Manhattan in 2024

[C.]

https://jerseydigs.com/jersey-city-r...truction-2024/

While few observers would doubt the tremendous growth of Jersey City in recent years, a recent analysis demonstrates that the number of new residents being added in 2024 will once again be on par with Manhattan’s additions.

RentCafe recently released a study gauging the growth nationwide of American cities in terms of apartments being added. The company found the New York metro to be the nation’s top construction powerhouse, as the area is set to deliver a staggering 32,935 units this year.

The top spot in terms of added apartments is the sprawling borough of Brooklyn, which will add a total of 9,379 new homes. Manhattan came in second place for 2024, as 2,979 new units are expected to hit the market.

Just a tick behind is Jersey City, which was determined to be adding 2,412 units this year. That number arguably represents a bit of a downgrade for the biggest spot in Hudson County, as Jersey City has more than occasionally created more housing units than Manhattan in recent years and is the state’s fastest-growing city in the New Jersey’s fastest-growing county per the 2020 census.

The total number of apartments being added this year by Jersey City is twice as many than are being built in Queens, which encompasses a significantly larger geographic area.

[bilbao58]

According to RentCafe, Dallas-Fort Worth, a much less populated area, is set to deliver virtually the same number of new apartments as New York.




Considering metro population, Austin's is the truly staggering number.

https://www.multifamilydive.com/news...s-year/724367/

[MolsonExport]

Isn't the Dallas metro one of the fastest-growing metros in America? Whereas NYC has been shrinking?

As per the New York Times,

The city lost nearly 78,000 residents in 2023, shrinking its population to 8.26 million people, according to the estimates, which were released on Thursday. In 2022, it lost more than 126,000 residents.

From April 2020 to July 2023, the city lost almost 550,000 residents, or more than 6 percent of its population.

[bilbao58]

Originally Posted by MolsonExport

Isn't the Dallas metro one of the fastest-growing metros in America? Whereas NYC has been shrinking?

Yeah... no accounting for taste.

[JManc]

A LOT of houses are being built in DFW probably outstripping apartments.

[bilbao58]

Originally Posted by JManc

A LOT of houses are being built in DFW probably outstripping apartments.

Same in Houston. Close to 9000 residential permits in the first quarter of 2024.

[iheartthed]

Originally Posted by MolsonExport

Isn't the Dallas metro one of the fastest-growing metros in America? Whereas NYC has been shrinking?

As per the New York Times,


From April 2020 to July 2023, the city lost almost 550,000 residents, or more than 6 percent of its population.

If there is a population decline in New York it sure isn't showing up in demand for housing. Rents in NYC have exploded over the past 3 years, and this place was already expensive. NYC has even pulled away from San Francisco in terms of rental prices:



source: https://www.zumper.com/blog/rental-price-data/

Originally Posted by bilbao58

According to RentCafe, Dallas-Fort Worth, a much less populated area, is set to deliver virtually the same number of new apartments as New York.

Dallas-Fort Worth has way more room than NY metro, but that's a good thing for DFW. A lot of cities should be putting up way more apartment units than they're currently building.

[Innsertnamehere]

I thought most of NYC's population loss was more in it's suburbs with the city itself standing up better?

[MolsonExport]

NEW YORK CITY’S CURRENT POPULATION ESTIMATES AND TRENDS

[iheartthed]

Originally Posted by MolsonExport

NEW YORK CITY’S CURRENT POPULATION ESTIMATES AND TRENDS

Yeah, that's based off of the problematic census interim estimates. If the city lost over 5% of its population in 3 years you'd think that would be visible in housing data. How can so many people have vanished but vacancy rates in 2024 are lower than they were in 2019? And housing prices are much higher?

[MolsonExport]

well I hope you are right, as it was sad to see NYC's population plummet by 600K in just a few short years.

[Steely Dan]

Originally Posted by MolsonExport

well I hope you are right, as it was sad to see NYC's population plummet by 600K in just a few short years.

Dude, the US census bureau only knows two things about estimating the population of big old messy urban legacy cities:

1. Jack
2. Shit



Don't. Put. Stock.

[iheartthed]

Originally Posted by MolsonExport

well I hope you are right, as it was sad to see NYC's population plummet by 600K in just a few short years.

I don't think the city is growing as fast as it was pre-COVID, but as of now I don't see how there's supposedly a population decline... especially to the degree that the census claims. A 500k - 600k population decline in less than half a decade would've been worse than the population drop in the 1970s. We would be able to detect a drop like that in pricing and housing data for sure, as well as be able to see symptoms of decline on the streets of the city (businesses closing, housing being left empty, etc).

There was a brief period during early COVID where there actually were a lot of residential vacancies, but that was extremely short-lived and lasted from roughly summer 2020 through fall 2021. Many people got good deals on rent by moving in that year but ended up having to move again because the market rebounded so fast and they couldn't afford the rent increases that followed.

[DCReid]

Originally Posted by C.

https://jerseydigs.com/jersey-city-r...truction-2024/

While few observers would doubt the tremendous growth of Jersey City in recent years, a recent analysis demonstrates that the number of new residents being added in 2024 will once again be on par with Manhattan’s additions.

RentCafe recently released a study gauging the growth nationwide of American cities in terms of apartments being added. The company found the New York metro to be the nation’s top construction powerhouse, as the area is set to deliver a staggering 32,935 units this year.

The top spot in terms of added apartments is the sprawling borough of Brooklyn, which will add a total of 9,379 new homes. Manhattan came in second place for 2024, as 2,979 new units are expected to hit the market.

Just a tick behind is Jersey City, which was determined to be adding 2,412 units this year. That number arguably represents a bit of a downgrade for the biggest spot in Hudson County, as Jersey City has more than occasionally created more housing units than Manhattan in recent years and is the state’s fastest-growing city in the New Jersey’s fastest-growing county per the 2020 census.

The total number of apartments being added this year by Jersey City is twice as many than are being built in Queens, which encompasses a significantly larger geographic area.

Brooklyn's 9K + apartment deliveries is very impressive as it is only about 70 square miles per Bing. The southern metro areas, like Dallas, are huge and sprawl hundreds of miles with new edge cities constructed every few years that are dozens of miles away from the main city. Even Austin is now sprawling miles and miles away from the core city.

[Gantz]

Originally Posted by iheartthed

Yeah, that's based off of the problematic census interim estimates. If the city lost over 5% of its population in 3 years you'd think that would be visible in housing data. How can so many people have vanished but vacancy rates in 2024 are lower than they were in 2019? And housing prices are much higher?

I don't buy it either. I think the population already rebounded.
There is just no way the city lost population between 2022-2023 like the census claims. I think its impossible.

[bilbao58]

Originally Posted by DCReid

Brooklyn's 9K + apartment deliveries is very impressive as it is only about 70 square miles per Bing. The southern metro areas, like Dallas, are huge and sprawl hundreds of miles with new edge cities constructed every few years that are dozens of miles away from the main city. Even Austin is now sprawling miles and miles away from the core city.

Dallas-Fort Worth is not hundreds of miles across. The diagonal line in this map is just under 65 miles.

[Gantz]

Originally Posted by bilbao58

Dallas-Fort Worth is not hundreds of miles across. The diagonal line in this map is just under 65 miles.

Just to give some perspective, all of Brooklyn is the size of Plano on your map.
Also, Dallas-Forth Worth metro is like double of your diagonal line, it extends to Glen Rose and to Commerce, 141 miles by car.

[bilbao58]

Now look at the New York metropolitan area, which is what the RentCafe article is about.

[bilbao58]

Originally Posted by Gantz

Just to give some perspective, all of Brooklyn is the size of Plano on your map.

What is your point? We're talking sheer numbers of new apartments. If NY metro's 32K new apartments is "staggering" then so is D-FW's.

[Gantz]

Originally Posted by bilbao58

What is your point? We're talking sheer numbers of new apartments. If NY metro's 32K new apartments is "staggering" then so is D-FW's.

None of those numbers are staggering. They are all very small numbers.