According to the website RentCafe.com, New York City leads the country as the city with the most new rental units scheduled to hit the market by the end of this year.
That’s up from the 16,000 units that opened in 2016, and at 97.5% occupancy, demand is still quite high.
Only a couple of dozen units separates Manhattan, the market leader, from Brooklyn, the runner up. Both areas will see approximately 7,000 new units added to their rental inventories. Queens lands in third, with Northern New Jersey, Central New Jersey, White Plains, and Long Island rounding out the top seven, in that order.
The study at RentCafe.com breaks things down ever further, listing the hottest submarkets. Long Island City leads the pack with more than 3,700 units projected to be added this year. Downtown Brooklyn came in second with more than 2,300 units, followed by Jersey City with 1,7450 units.
Several units in the surrounding Downtown Brooklyn area, including Fort Greene, Boerum Hill/Gowanus, Murray Hill and Prospect Heights were also included in the top ten submarkets.