Arlington Among Top Areas For Projected Apartments In U.S.: Report

ARLINGTON, VA — Arlington is one of the jurisdictions in the U.S. with significant increases in new apartment construction in 2022, according to a new study from RentCafe.

RentCafe, an apartment search website, analyzed new apartment construction data in 125 U.S. metropolitan areas. Data comes from Yardi Matrix, a resource for brokers, sponsors, banks and equity sources underwriting investments in multifamily and other sectors.

Apartment projections in 2022 are based on confirmed and likely apartment completions for 2021 when a certificate of occupancy was issued. On the city level, apartment projections were based on certificates of occupancy issued between Jan. 1 and June 30, 2022.

In 2022, RentCafe estimated 420,000 new apartments will be built across the U.S., with demand for apartments fueling the construction boom. In 2022 and 2021, apartment constructions were estimated to be above 400,000, the highest level since 464,000 in 1972.

The numbers reflect construction ramping up after the pandemic.

"The construction industry is finally returning to pre-pandemic levels of activity but is still being hampered by three familiar challenges: labor shortages; material costs and availability; and supply chain issues," said Doug Ressler, manager of business intelligence at Yardi Matrix, on RentCafe's study page.

The D.C. metro area ranks ninth among U.S. metro areas for projected new apartments. The D.C. region has as many as 12,176 projected new apartments by the end of 2022, according to RentCafe projections.

The largest share of the region's projected units would come from Washington, DC — 4,572. Alexandria is second in the region with 1,730 projected units, followed by Arlington with 1,635 projected units, Ashburn with 762, Gaithersburg with 630 and Reston with 546.

Multiple apartment buildings are under construction or renovation near the Amazon HQ2 headquarters in Arlington. In January, JBG Smith began construction on South Bell St. in the Crystal City area. The project will have 775 apartments, The Washington Post reported.

Another two-tower apartment complex, called Hazel & Azure, is under construction on the south end of Crystal City. The complex will include 492 apartments.

In March, the Arlington County Board approved a new apartment building on Columbia Pike that will replace the Fillmore Garden shopping center. The building, called The Elliott, will have 247 apartment units, ARLnow reported.

See the full RentCafe study on apartment projections for U.S. metro areas here.