Washington, D.C., Leads Cities That Built Most New Downtown Apartments

New apartment construction continues to break records, but in recent years, developers have gradually shifted focus from bustling downtowns to outlying areas. This shift mirrors how people are rethinking where — and how — they want to live due to flexible work arrangements and lifestyle changes.

Still, there’s a lot to love about downtown living. For renters, especially, the perks are hard to beat: walkable streets; easy access to dining, entertainment, and community events; plus potential savings through revitalization programs. Additionally, new downtown apartments stimulate the local economy by attracting businesses and supporting further growth.

So, to understand the trends in downtown apartment construction, we analyzed data for the 50 largest U.S. cities throughout the last 35 years (from 1990 to today). We also looked at adaptive reuse projects, which have added apartments through the conversion of older buildings.

Our research shows that downtown areas are slowly losing momentum. Since 2020, only 34.7% of new apartment completions have been in core areas, down from 39.2% pre-pandemic — a 4.5% drop signaling a more strategic approach to construction. At the same time, adaptive reuse projects also dropped from 10% of downtown builds in the 2010s to just 6% today.

That said, some cities are still leading the charge with adaptive reuse. Specifically, Manhattan, NY; Milwaukee; Detroit; and Kansas City, MO, have some of the highest shares of downtown apartments added through conversion, ranging from 18.9% to more than one third.

Overall, downtown apartment construction peaked in 2019 with 44% of all new rentals added that year. On the other hand, adaptive reuse projects thrived in the late 1990s and 2000s, when they made up 16% of all new apartments in downtown areas — the highest share in the last three and a half decades.

Below are the top 10 cities that built the most downtown apartments after 2020, as well as additional data on units added through adaptive reuse projects.

1. Washington, D.C.

• Number of new apartments in downtown 2020-2024: 22,959
• Share of new downtown apartments of citywide completions: 79.9%
• Share of adaptive reuse apartments in downtown: 7.3%

The nation’s capital stands out with the highest number of downtown apartments built after 2020 — nearly 23,000. These units account for about 80% of all new apartments constructed in the city between 2020 and 2024, the highest share among the 50 cities we analyzed.

This trend mirrors what we saw in the previous decade (2010-2019), when downtown apartment construction surged in Washington, D.C., making up 75% of all new housing stock. During that same period, the city also saw an increase in downtown apartments created through adaptive reuse projects. For example, in the 2010s, one in 10 downtown apartments was added through a conversion project whereas, after 2020, that share declined slightly to 7%.

It’s worth noting here that this might change soon thanks to the local Downtown Action Plan, which also includes initiatives to repurpose unused office space in a bid to revive Downtown D.C. as the area hasn’t fully recovered after the pandemic.

2. Chicago

• Number of new apartments in downtown 2020-2024: 13,901
• Share of new downtown apartments of citywide completions: 63.3%
• Share of adaptive reuse apartments in downtown: 5.4%

Second on our list is Chicago with roughly 14,000 downtown apartments opening their doors between 2020 and 2024. These rentals represent more than 63% of all apartments completed in the Windy City after the pandemic, which is comparable to the previous decade’s quota.

However, the share of rentals added from conversions halved after 2020 compared to the 2010-2019 period. While demand for apartments for rent in Chicago’s downtown is high and there are many planned projects for the area, for now, developers are hesitant due to high construction costs and interest rates.

3. Denver

• Number of new apartments in downtown: 13,149
• Share of new downtown apartments of citywide completions: 47.9%
• Share of adaptive reuse apartments in downtown: 5.5%

Next is Denver, where more than 13,000 apartments have been built since 2020, accounting for nearly half of all new rentals in the city. In fact, a similar share has been consistently recorded during the last two decades with downtown construction contributing significantly to the city’s apartment supply.

What has changed, though, is the influence of adaptive reuse: Between 2010 and 2019, only 1.6% of all downtown apartments came from conversions, but that share rose to 5.5% after the pandemic. Furthermore, Denver is gearing up for a new stage in its downtown revitalization plan after recently hitting a major milestone — the authorization of nearly $600 million in city bonds for the Denver Downtown Development Authority to finance investments in housing, neighborhood amenities, parks, public spaces and more.

4. Atlanta

• Number of new apartments in downtown: 11,130
• Share of new downtown apartments of citywide completions: 35.3%
• Share of adaptive reuse apartments in downtown: 1.5%

Atlanta is another heavy downtown builder with locals claiming that the city’s core is seeing the largest wave of apartment projects in the last 20 years. Ranking fourth on our list, Atlanta counts more than 11,000 apartments completed between 2020 and 2024. This fresh new stock represents more than one-third of all new units in the city, which is in line with the development pace of the 2010s.

Here, too, robust investments in infrastructure are fueling the downtown boom as the local tech and manufacturing sectors continue to grow, thereby driving demand for apartments. To meet this demand, developers have been eyeing older buildings, with 1.5% of all new downtown rentals built after 2020 resulting from adaptive reuse projects. This is below the 7.5% share of the previous decade.

5. Charlotte, NC

• Number of new apartments in downtown: 11,031
• Share of new downtown apartments of citywide completions: 29.7%
• Share of adaptive reuse apartments in downtown: 0%

Also heavily driven by tech jobs, Charlotte’s economic growth led to $663 million in capital investments and the creation of more than 1,800 jobs in 2024 alone. North Carolina’s largest city also saw an impressive 11,000 downtown apartments completed between 2020 and 2024, accounting for nearly 30% of all new units in the city. While this is slightly lower than the share in the 2010-2019 period, it remains higher than the norm in the first decade of the millennium.

Currently, Charlotte Center City has a $3.7 billion development pipeline (which includes office, retail and more than 7,100 apartments) and a vision plan for more growth in the next 20 years. Plus, several adaptive reuse projects are underway in Uptown Charlotte, such as the $250 million transformation of a 1970s office tower into an apartment building with shopping spaces.

6. Miami

• Number of new apartments in downtown: 10,841
• Share of new downtown apartments of citywide completions: 38.3%
• Share of adaptive reuse apartments in downtown: 0%

Known as the hottest rental market at the start of 2025, Miami is unsurprisingly seeing significant apartment construction in its downtown, where more than 10,800 units were completed after 2020. These represent more than 38.3% of all rental development in the city, close to the 39.3% share of the previous decade.

Fueled by continuous population gains and above-average job growth, especially in the construction sector, Miami is expected to see more apartment developments and perhaps an increased focus on repurposing old buildings.

7. Seattle

• Number of new apartments in downtown: 10,195
• Share of new downtown apartments of citywide completions: 39.9%
• Share of adaptive reuse apartments in downtown: 2.6%

One of the nation’s fastest growing cities, Seattle added roughly 2,400 residents to its downtown area in 2024 alone to push the population to more than 108,000, according to the Downtown Seattle Association. This translated to intensified demand for new apartments, and the city ranks seventh on our list with close to 10,200 downtown apartments built after 2020. That number encompasses 40% of all new apartments built in the city in that same timeframe. Even so, this rate reflects a slowdown in downtown apartment construction in Seattle, where more than half of all new units built between 2010 and 2019 were located in the city center.

Yet, what didn’t change was the appetite for conversions in the urban core: For the last 20 years, just under 3% of new downtown rentals were from adaptive reuse projects. But, the potential is far greater and new regulation approved last year makes it easier to give older buildings in the city’s core new purpose.

8. Nashville, TN

• Number of new apartments in downtown: 8,892
• Share of new downtown apartments of citywide completions: 38.1%
• Share of adaptive reuse apartments in downtown: 3.8%

Back in the South, Nashville is a city that saw its downtown area radically transformed in the last 30 years as its population doubled to 20,000 individuals and businesses thrived (85,000 workers in the neighborhood). This led to increased apartment construction activity. Specifically, Nashville counts roughly 8,900 new downtown apartments completed after 2020, which equates to 38% of the total.

Moreover, 3.8% of these resulted from adaptive reuse projects, which is significantly more than the 0.7% share of the 2010-2019 timeframe.

9. Philadelphia

• Number of new apartments in downtown: 8,271
• Share of new downtown apartments of citywide completions: 58.3%
• Share of adaptive reuse apartments in downtown: 16.2%

Philadelphia is also seeing concentrated apartment construction activity in its urban core with Center City as the fourth-largest residential downtown area in the U.S. In this case, growth is fueled by population gains — 20% in the last 10 years, according to a recent Center City District report.

Accordingly, the City of Brotherly Love added roughly 8,300 downtown apartments between 2020 and 2024, which represent 58% of all new units in the city. Although this share peaked in the previous decade when it reached 70.7%, conditions are set for another record by 2030.

Another factor that makes Philadelphia stand out is adaptive reuse: Namely, 16.2% of new downtown apartments completed after 2020 came from conversions (versus nearly 29% in the previous decade). But, more converted rentals are on their way as the city ranks high for its current robust pipeline, which includes the 18-story 1701 Market St. in Philly’s central business district.

10. Columbus, OH

• Number of new apartments in downtown: 8,090
• Share of new downtown apartments of citywide completions: 40.4%
• Share of adaptive reuse apartments in downtown: 3.7%

Columbus joins Chicago as the only Midwestern hubs in our top 10 cities for downtown apartment construction. Ohio’s most populous city added more than 8,000 apartments in its central district after 2020. This is the equivalent of 40% of the city’s new apartments, which is slightly higher than last decade’s share. Additionally, roughly 4% of all new downtown apartments came from makeovers (versus 11% between 2010 and 2019).

Here, downtown apartment construction picked up after 2010 and was fueled by the area’s economic growth and revitalization plans. One such plan is the Capital Line, a $100-million urban pathway in downtown that would replace parking lanes with biking and walking paths.

Booming downtowns: Cities with largest shares of new downtown apartments

The new decade (2020 to present) started off strong for some cities that saw more than 70% of apartment construction activity concentrated in their core districts. The supreme leader is Washington, D.C., with nearly 80%, followed by Long Beach, CA; Milwaukee; Detroit; and San Francisco.

Among these, Midwestern rental hub Milwaukee stands out with even higher shares for the last two decades: 86.6% in 2000-2009 and 85.3% in 2010-2019. What’s more, this rapid residential development pace could continue in the city through 2030 as 76% of the apartments built after 2020 have been concentrated in the city’s core.

Speaking of the Midwest, there are quite a few other locations in the region that are also seeing intense rental construction in their downtowns: In Chicago, Minneapolis and Indianapolis, more than half of new apartments that opened their doors after 2020 are in downtown areas. California’s San Jose and Oakland are also on the list with similar shares of nearly 64% and 62%, respectively. Silicon Valley’s largest city has been a busy downtown builder thanks to its fee-waiving programs set in place by the City, as well as other benefits for developers.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the U.S.

This report was compiled by the RentCafe.com research team based on apartment data provided by our sister company Yardi Matrix as of January 2025 for buildings containing at least 50 units.

For this study, we analyzed the largest U.S. cities by population based on U.S. Census data and included 50 of those for which Yardi Matrix had relevant city-level data. “Downtown construction” refers to residential units built within specific zip codes that correspond to the downtown areas of the major cities in our analysis. All data is accurate as of the date of publication.

“Converted apartments” refers to the process of converting an existing property for purposes other than those it was originally designated for. Cases where zoning and permitting for a site were changed to allow the construction of a new apartment building on a property that was previously used for a different purpose were also considered conversions. These changes reflect a shift in the intended use and character of the property, aligning with the broader concept of adaptive reuse.

Fair use and redistribution

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