By 2024, Jersey City will have almost as many apartments as Manhattan

By 2024, Jersey City will have almost as many apartments as Manhattan

By 2024, Jersey City will have almost as many apartments as Manhattan
One Journal Square under construction in Jersey City. Photo by Chris Fry/Jersey Digs.

While few observers would doubt Jersey City’s tremendous growth in recent years, a recent analysis shows that the number of new residents added in 2024 will return to the level of growth in Manhattan.

RentCafe recently released a study measuring the housing growth of American cities nationwide. The company found that New York City is the largest construction hotspot in the country, with an incredible 32,935 housing units slated to be built in the area this year.

Nationwide housing construction 2024
Image courtesy of RentCafe.

The leader in the number of newly built apartments is the sprawling borough of Brooklyn, where a total of 9,379 new apartments will be built. Manhattan will take second place in 2024, with 2,979 new housing units expected to come onto the market.

Not far behind is Jersey City, which is expected to add 2,412 housing units this year. That number arguably represents a slight downgrade for Hudson County’s largest community, as Jersey City has added more housing units than Manhattan on more than an occasional basis in recent years and is the state’s fastest-growing city in New Jersey’s fastest-growing county, according to the 2020 census.

Housing construction in the New York metropolitan area 2024
Image courtesy of RentCafe.

The total number of new homes being built in Jersey City this year is twice that of Queens, which covers a much larger geographic area.

In the long term, Jersey City is expected to add 12,276 new housing units by 2028, based on permits and construction currently underway. This number represents a 17.7% increase compared to the same construction and permit numbers from 2018 to 2023.

Other notable Garden State stops gaining significant residential housing this year include Parsippany, Hackensack, Newark, Passaic and Elizabeth. Overall, New Jersey’s growing cities made up half of the list of New York metropolitan areas.

RentCare’s study found that the New York metro area is leading the way in new housing construction, with 150,327 units expected to come onto the market by 2028. This year will also be the first in U.S. housing construction history in which completions will exceed the 500,000-unit threshold.

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