According to StorageCafe’s recent report, Atlanta takes the lead for most apartments built in a downtown area over the past decade. The city has added 21,500 apartments over the past 10 years increasing its downtown apartment inventory by 50%.
Analyzing Yardi Matrix data, StorageCafe studied the 100 largest cities in the U.S. and ranked them based on the number of multifamily units delivered over the past decade. Of the top five states with the most active downtown apartment construction, four are in the South.
The report finds that 391,000 apartments were built from 2013 to current day, which represents 37% of the total inventory in the 100 largest cities. Currently, Atlanta has 7,000 new apartments under construction.
Trailing Atlanta for most units delivered since 2013 is Los Angeles with 19,342 units, representing 46% of the total inventory. Los Angeles has delivered 900 units already in 2022 with another 4,700 in development over the next two years.
Houston follows with 15,607 units. The city has 2,700 units under construction in its downtown districts with delivery dates spanning the next two years. Ranking fourth, Charlotte, North Carolina, has delivered 12,386 over the past 10 years and has 3,500 currently under construction.
Nearby, Miami has completed 12,401 units, over 2,200 of which were built last year. The downtown area continues its strong growth as 5,600 new apartments are under construction. Nashville, Tennessee, follows in sixth place with 11,144 delivered units and ranks at the top for largest shares of new downtown apartment development.
In addition to Nashville, St. Petersburg, Florida, and Phoenix have some of the largest shares of new development. Housing in 50-plus unit buildings delivered between 2013 and 2021 for all three cities represents more than 70% of the large-scale apartment inventory there.
