US hotspots for new apartment construction in 2026

Apartment permitting is concentrated in a few cities within major metros, increasing insurers' exposure to localized risks. The top 10 metros issued 150,614 permits, up 25% year-over-year, led by New York and Los Angeles. Some Sun Belt markets showed mixed growth, with Dallas and Austin declining while Phoenix and Raleigh increased. Localized permit trends highlight varied development dynamics, with cities like Los Angeles and Bronx leading permit counts.