James Steidl

New York City, Dallas-Fort Worth, and Washington, D.C. are the top three markets for apartment construction right now according to data from Apartments.com, reports the Washington Post's Michele Lerner.

Approximately 60,000 new apartment units are under construction in New York City, while 38,000 are being built in Dallas-Fort Worth, while the D.C. area has 29,000 units under construction on top of the 13,000 units added to the housing stock over the past year.

“Vacancy rates are extremely low in New York City, and a lot of the available supply is at the extreme upper end of the market,” Julian Spiker, a market analyst with CoStar Group in Washington. “In Dallas and other Sun Belt cities, the job growth is enormous and the cost of living is lower than in D.C. and New York, so more apartments are needed.”

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