Jersey City to have as many new apartments as Manhattan by 2024

While few observers doubt Jersey City’s tremendous growth in recent years, a recent analysis suggests that by 2024 the number of new residents will once again match that of Manhattan.

RentCafe recently posted study The firm, which measures national growth in U.S. cities by the number of apartments added, found that the New York metropolitan area is the country’s top construction powerhouse, with a staggering 32,935 apartments expected to be delivered this year.

The borough with the most new apartments is Brooklyn, which will add 9,379 new homes. Manhattan is second, with 2,979 new homes expected to come on the market in 2024.

Jersey City is next, with 2,412 new homes planned for this year. That number may represent a slight downgrade for Hudson County’s largest region, as Jersey City has more than once set a new record. More housing units The city’s economic growth has outpaced Manhattan in recent years, and according to the 2020 Census, it is the fastest-growing city in New Jersey’s fastest-growing county.

Jersey City has added twice as many apartments this year as Queens, and they occupy far more square footage.

For perspective, based on the current number of approved and under construction homes, Jersey City is expected to see 12,276 new homes by 2028. This represents a 17.7% increase when compared to the same building and approval numbers from 2018 to 2023.

Other notable stops in the Garden State that added homes this year include Parsippany, Hackensack, Newark, Passaic and Elizabeth. Overall, New Jersey’s boomtowns make up half of the New York metropolitan list.

The New York metropolitan area leads the way in new housing construction, with 150,327 units scheduled to be released to the market by 2028, according to RentCare. This year will also be the first time in U.S. apartment construction history that completions will surpass the 500,000 mark.