More than one million new rental units have appeared across the country since 2018. According to data by Yardi Matrix, U.S cities have more new apartment options than they have in decades. Helped by new construction, certain neighborhoods are turning into hotspots for young, high-earning individuals to start their lives.
To determine which neighborhoods benefited the most from new construction, Rent Café looked at the 50 largest cities across America.
Top 10 ZIP codes with the most new apartments over the last five years
The full list includes:
- 20002: Washington D.C
- 20003: Washington D.C
- 11101: New York City
- 37203: Nashville, Tennessee
- 75034: Dallas
- 85281: Phoenix
- 30309: Atlanta
- 92101: San Diego
- 7302: Jersey City, New Jersey
- 98052: Seattle
The ZIP code of 20002 in, Washington D.C, snagged the No. 1 spot. In 2022 apartments increased 73.1%. Home to the dynamic H Street Corridor, and exciting nightlife, This is the spot for D.C renters.
The ZIP code 85281 also made the list at No. 6, which includes portions of both Phoenix and Tempe. There were 20,263 apartment units in the area in 2022, reflecting 38.8% change year over year. With a median age of 34.1, this sunny community is a popular choice with affordable options.
ZIP codes trending for tripling
Four other ZIP codes across the U.S also saw major rental increases:
33132 in Miami sets the trend with a record 354% increase. Not far behind is 32751 in Orlando, 23230 in Richmond, Virginia and 27526 in Raleigh, North Carolina. All three increased their rental roster by more than 200%.