New apartments expected in Youngstown as demand grows, according to study
The need for affordable housing options isn’t going away, and developers are already building more apartments than ever to house the growing U.S. population.
By the end of this year, more than 500,000 new apartment units will be ready for renters in the U.S., according to Rent Cafe’s study on current and projected apartment construction.
2024 is expected to set a new record. By 2028, developers are expected to add two million apartments to the nationwide housing market.
The study shows Youngstown as one of the top cities capable of building all these apartments.
Youngstown’s future for apartments
Rent Cafe’s study listed the top 20 cities with the most apartments built and in construction.
Youngstown is listed seventh out of 20, near Nashville, Austin, San Antonio and Indianapolis.
It’s the only city in Ohio to make the list because of the significant increase in the number of apartments in the area.
Between 2019 and 2023, there were 191 new rentals, but experts say will 6,449 be available by 2028.
“New apartments in Youngstown metro are anticipated to surge by a whopping 6,258 units, up from a very modest 191 rentals completed between 2019 and 2023,” the study said.
The study also mentioned how business and job opportunities are growing in the area through Youngstown State University and primary healthcare providers like Mercy Health.
“Additionally, Youngstown’s focus on tech sector growth, led by the expanding Youngstown Business Incubator, is attracting young professionals.”
According to the study, residents can expect new apartments in Youngstown as the demand for apartments grows in northeast Ohio.
On the other hand, Columbus has had one of the smallest increases in new apartments built and in construction, alongside Baltimore and Chicago.
Read the full Rent Cafe study by researcher Veronica Grecu who analyzed data from Yardi Matrix here for more information.
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