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Its virtual replica NFT, meanwhile, will live in Alpha City, a Metaverse designed by real estate developer and crypto expert Jorge Guinovart. “Most NFT homes are either the home itself and not sited on a parcel of land, or they are both an NFT home and virtual land, but there is not much to explore outside of the property boundaries,” Guinovart told Forbes. Alpha City, he said, was designed “with a social approach as opposed to a traditional gaming focus, which will create a broader appeal.”
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Apartment construction skyrockets in 2022
New apartment construction is at a 50-year high, according to a new report from RentCafe that indicates at least 420,000 units are expected to be completed by the end of 2022.
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Despite the considerable feat during ongoing supply chain issues, Doug Ressler—manager of business intelligence at Yardi Matrix, which conducted the research—said we haven’t even hit the peak year. “The construction industry is finally returning to pre-pandemic levels of activity but is still being hampered by three familiar challenges: labor shortages, material costs and availability, and supply chain issues,” Ressler said in a statement.
The New York Metro area led the pack nationwide, with more than 28,000 units expected to be completed by the end of the year—nearly double last year’s output. That pushes Dallas–Fort Worth, on track to complete 23,500 apartments, into second place after four consecutive years at the top of RentCafe’s list. Miami, Austin, and Houston rounded out the top five cities for new apartment construction.
The boom in new developments hasn’t lowered rents, though. Right before the pandemic, the average rent in the US was $1,623, according to data from Zillow. By August 2021, it had increased to $1,828, and now it’s at $2,031.