5 Places Where Multifamily Construction is Booming

Ever wonder where to go to find a shiny, brand new apartment complex? Multi-family construction is booming all over the US, and is continuing on trends that began years ago, and have been increasing, believe it or not. These five cities are some of the largest in the current iteration of the boom!

NYC

New York, New York. Always in need of more housing, the Big Apple lacks the room for sprawling suburbs full of single-family homes, and so of course, the only solution is to build ever-bigger apartment complexes! More office buildings are almost constantly being built in New York City, and this means that more people will need a place to stay when they aren’t at work, leading to more apartments- the primary type of multi-family housing in the city. These high levels of multifamily construction are part of a trend that shows no signs of slowing or stopping any time soon.

Dallas

The Dallas and Fort Worth areas are also following a continuing trend in high levels of multifamily construction. This is in part due to the continuing population surge, thanks in part  to low inflation and continuing strong economic growth. All these newcomers need places to live, and Dallas is short on housing, and thus, multi-family construction is continuing at an increasingly rapid pace, with no reason to stop as long as new people keep arriving. One of the major economic hubs of the south is getting even larger, thanks to this boom.

Houston

With the large increase in healthcare projects in Houston, recently, it was quickly discovered that Houston was practically totally full. New housing was needed due to the influx of new people, brought by job creation and growth, and so multi-family housing has been on a nearly meteoric rise and shows little sign of slowing or stopping. The fourth most populous city in the US is fixed to grow even more this year.

Denver

Consistently ranked as one of the fastest-growing cities in the United states, Denver is home to high demand and not enough existing housing areas, making it a primary contributor to the multi-family boom. With new jobs in a burgeoning energy industry, the boom finds a significant foothold in Denver, and that grasp being shaken any time in the near future would be an unprecedented surprise. Rated the best place to live in the United States, Denver is poised to keep up the growth for the foreseeable future.

Chicago

With a whopping 7% predicted increase in multifamily housing projects to start in 2016, the city of Chicago is a hotbed of housing growth. With hotels and apartments on the leading edge of the trend. Chicago is growing quickly, and in a bid to not be left behind, the multifamily constructions are expanding rapidly to keep pace with the boom.  The windy city is gaining ground, and there’s plenty more reasons to go there than just the pizza- though that might be enough for some.