Florida’s second-largest city comes in at No. 10 on the list, with 8,689 units permitted over the year. That marks a 43.2 percent year-over-year increase. Miami saw the greatest percent change year-over-year in terms of units permitted for the month of July—a nearly 335 percent increase.
9. Washington D.C.
Ninth on the list, with 9,563 units permitted over the past year, is the nation’s capital. Washington, D.C. saw the smallest growth year-over-year of 2.0 percent, but it ranked third overall in the U.S. for permits issued in the month of July, with 1,110.The average apartment rent in Washington, D.C. is expected to grow by 1.9 percent, Yardi Matrix reports.
Issuing 9,828 permits over the year brings Atlanta to eighth in the rankings. This marked the largest decrease year-over-year in the country, at 21.7 percent. The Georgia state capital issued permits for 1,105 units in July alone—the fourth-highest total for the month in the United States.
7. Austin, Texas
Seventh on the list is Austin, with 10,565 permits issued over the past year, a 5.7 percent increase year-over-year.Rent is forecasted to grow 2.5 percent in 2017, and rents saw a 0.8 percent year-over-year increase as of March, Yardi Matrix reports.
Chicago issued just over 11,000 permits over the last year, making it sixth among the top-permit-issuing metros in the country. This marked a 35.5 percent year-over-year increase.
Denver is fifth in the rankings, as Colorado’s largest city approved permits for nearly 13,200 multifamily units over the past year. This represents a 43.4 percent year-over-year increase—the largest growth in the country.
Fourth in the rankings is Seattle, with just over 13,380 units permitted in the past year—a 7.9 percent increase. Seattle is anticipated to see the second-highest rent increase in the country this year, of 8.3 percent, according to Yardi Matrix.
3. Los Angeles
Standing at No. 3 in Los Angeles. The city approved 15, 365 units last year, a 10.6 percent year-over-year increase. Rents are predicted to grow this year by 5.5 percent, Yardi Matrix reports.
Dallas comes in second on the list, with 18,987 units permitted over the past year. The city saw the second-biggest decrease year-over-year in multifamily permits issued, with a 19.8 percent drop.Rents in Dallas are expected to grow by 5.5 percent this year, according to Yardi Matrix.
1. New York
The top metro for issuing multifamily unit permits is New York City. Just over 30,350 permits were issued in the Big Apple over the past year, representing a 6.2 percent year-over-year boost. New York also permitted the most units in July alone—more than 2,380 units, a 44 percent year-over-year increase.Manhattan was the only metro area in Yardi Matrix’s data set that was forecast to see a rent decrease this year, of 0.4 percent.