RentCafe projected that New York City (21,000), Los Angeles (20,000) and Washington, DC (18,000), are also set to add a significant number of apartment units in 2016. RentCafe reported that 51% of all new units are one-bedroom, followed by two-bedrooms at 37.5%.
Even though rents hit an all-time high in June of $1,213 on average — and first-quarter occupancies were 96.1% — the glut of new units is prompting property owners to offer lower rents and other concessions as the competition for tenants to fill all these new units heats up.
