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Over 1.2 million new apartment units opened across the country between 2018 and 2022 — a record-high period for new supply growth. Some areas have seen a greater share of this growth than others by drawing in new residents, who drive demand for multifamily development.
Even specific neighborhoods can become a hotbed of renter interest for a variety of reasons, including a new attraction or workplace moving in nearby, vibrant culture or retail locales and access to public transit.
Top ZIP codes for new multifamily development
Rank
ZIP Code
City
New apartments between 2018-2022
Total apartments in 2022
Total apartments in 2017
Increase between 2022 and 2017
1
20002
Washington, D.C.
7,378
17,476
10,098
73.1%
2
20003
Washington, D.C.
7,225
13,137
5,912
122.2%
3
11101
Queens, New York
7,081
16,712
9,631
73.5%
4
37203
Nashville, Tennessee
6,806
13,852
7,046
96.6%
5
75034
Frisco, Texas
5,872
14,315
8,443
69.5%
6
85281
Tempe, Arizona
5,667
20,263
14,596
38.8%
SOURCE: RentCafe
Here, Multifamily Dive highlights some of the most active areas for new multifamily development in the country over the past several years, based on RentCafe’s recent ranking of ZIP codes by new apartment construction. Check out a few of the hottest neighborhoods at the center of the country’s fastest-growing multifamily destinations.
NoMa
ZIP codes: 20002, 20003Total apartments: 30,853Location: Washington, D.C.
The SoNYa development by Monument Realty, located in Washington, D.C.’s NoMa neighborhood. The property’s mural, painted by artist Emmanuel Jarus, depicts a Ukrainian refugee woman with four arms wrapped around her.
Permission granted by Monument Realty
The two top neighborhoods for multifamily development in the last few years are both on the east side of the nation’s capital and encompass multiple high-growth neighborhoods — including NoMa and the H Street Corridor to the north and Capitol Hill to the south.
NoMa’s numerous luxury apartment buildings are served by two of the city’s Metro stations, including the Union Station transit hub. Well over half of its residents are between the ages of 18 and 34, and 95% have a college degree or higher level of education, according to the NoMa Business Improvement District.
Among the newest openings in NoMa is Washington-based developer Monument Realty’s SoNYa, which opened in May. The 321-unit building is located within two blocks of the NoMa-Gallaudet metro stat …
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