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New York Supply Scheduled to Hit a 13-Year High in 2022

New York Supply Scheduled to Hit a 13-Year High in 2022

In 2022, new supply in New York is scheduled to hit a pace the nation’s largest apartment market hasn’t seen since 2009. More than 21,000 units are expected to deliver over the next four quarters. That compares to a much more modest supply level of 5,800 new units – a five-year low – delivered in 2021, making for a more than 350% increase in new supply year-over-year. Scheduled deliveries in New York in 2022 are set to grow the existing inventory base 1.1%. In the last decade, annual new supply volumes have averaged about 8,900 units in New York, peaking at over 23,000 units delivered in the year-ending 3rd quarter 2009. As of 4th quarter 2021, about 32,000 units were under construction in New York, marking a four-year high. While the bulk of that is scheduled to complete in 2022, some timelines could be adjusted in the near term, depending on global supply issues and worker shortages. Scheduled new deliveries in the coming year are expected to be concentrated in Brooklyn and South Westchester County.