Many U.S. Cities Flooded With High-end Apartments; NYC Holds Steady
During the recent construction boom, many U.S. cities saw significant increases in high-end apartments as a proportion of total supply.
New York City was No. 18 but saw only a small increase (200 basis points) in the share of high-end units since 2017. In several cities, the proportion more than doubled.
An important consideration is the increased rent that usually accompanies upgraded housing – and specifically whether those rent levels are sustainable in cities where expansion is recent.