The United States has seen a major rise in affordable apartment construction over the past five years, marking one of the strongest periods for income-restricted housing in more than a decade.

According to new data from RentCafe, nearly 310,000 affordable apartments have been completed since 2020. About 91,000 of those units were delivered in 2024 alone, making last year the strongest year for affordable housing construction in ten years.

What stands out is that affordable housing growth has outpaced overall apartment construction. Between 2020 and 2024, affordable apartment deliveries increased 73% compared to the previous five-year period. Overall apartment construction also rose, but at a slower pace of 36%. As a result, income-restricted housing now represents a larger share of new development than it did a decade ago.

Several major metro areas have led this expansion. Seattle and New York City delivered the highest number of affordable units, while Austin, Atlanta, and the Twin Cities also posted strong gains. In many of these markets, population growth and rising housing costs increased pressure to expand lower-cost rental options.

This building surge has been supported by federal funding programs, expanded state housing tax credits, and continued use of the Low-Income Housing Tax Credit program. Policy flexibility and financial incentives have helped offset rising construction costs and make projects viable.

For renters, the increase in supply may help slow rent growth in some areas. However, affordability challenges remain widespread, especially in high-cost regions where demand continues to outpace supply.

The bigger question is whether this momentum can continue. Future growth will depend on ongoing policy support, stable financing conditions, and how construction costs evolve.

The takeaway is clear: meaningful progress has been made in expanding affordable rental housing, but long-term affordability will require sustained effort.

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