Highly popular due to their location and vibrant amenities, urban neighborhoods around the country have seen a boom in new apartments in the last five years. In fact, the top 20 most active neighborhoods — led by Downtown Los Angeles — have delivered a staggering 80,000 brand new rental units.
Apartments continue to pop up across the nation, with about 1.6 million new rentals built in the last five years. A recent RentCafe study took a look at which neighborhoods were the most apartment-crazed in the country.
Analyzing construction data for the 50 largest U.S. cities, the report uncovered that the 20 most active neighborhoods for new apartments were mostly hyper-urban, centrally located areas, that are highly sought after by Millennial and Gen Z renters, with Downtown Los Angeles and Midtown Atlanta leading the pack.
As it turns out, Encanto Village in Phoenix made 16th on the list for the neighborhood with the greatest amount of new apartments built over the past five years, including 2,965 new apartments, or 21% of the city’s total.
Read the full report here.
