Report: San Jose apartment construction up, but many areas down
A new report from RENTCafé shows apartment construction across the country is starting to mirror the downward trend following the 2008 financial crisis.
With 283,000 new units expected to be completed nationwide this year, apartment construction dropped a significant 12% compared to 2019. The pandemic further complicates an already visible slowdown in apartment construction, bringing the supply of new apartments to a 5-year low in 2020.
But there is an exception in the Bay Area: The San Jose metro area leads the exclusive list of seven large metros projected to complete more units compared to last year. Silicon Valley is doubling its apartment construction, from 2,900 in 2019 to 5,800 units expected to enter the market by the end of 2020. Additionally, apartment construction in the San Jose metro area is at a 5-year high.
San Francisco, however, is experiencing an 11% drop in the number of new units, down from 6,650 apartments last year. The San Francisco metro area is set to complete 5,900 new units in 2020.
The full report here: https://www.rentcafe.com/blog/rental-market/apartment-construction-2020/
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