Homeownership isn’t what it used to be. Many young professionals, families, and retirees are turning to apartments for their convenience and affordability. Demand is far outpacing supply, and the imbalance is growing.
According to analysis completed by the National Multifamily Housing Council, the National Apartment Association, and Hoyt Advisory Services, the U.S. will see a demand for an additional 4.6 million apartments by 2030. That’s more than 400,000 new apartment homes per year that must be planned and built.
RSMeans data from Gordian features more than 100 building and infrastructure models, including models for apartment buildings ranging from modest one-story complexes fit for a neighborhood side-street and those for a 24-story behemoth that belongs in a bustling city center. The table below shows the cost per square foot for constructing apartment buildings in 10 of the cities with the highest search volume on apartments.com.
RSMeans data from Gordian can be localized to more than 970 locations. For more detailed information on predictive cost data, square foot models, or construction cost data, visit rsmeans.com/bdandc.
Related Stories
| Aug 22, 2013
Energy-efficient glazing technology [AIA Course]
This course discuses the latest technological advances in glazing, which make possible ever more efficient enclosures with ever greater glazed area.
| Aug 22, 2013
6 visionary strategies for local government projects
Civic projects in Boston, Las Vegas, Austin, and suburban Atlanta show that a ‘big vision’ can also be a spur to neighborhood revitalization. Here are six visionary strategies for local government projects.
| Aug 21, 2013
Chicago's Magellan Development Group builds national presence with new luxury apartments
Chicago-based Magellan Development Group, one of the Midwest’s most prolific large-scale, mixed-use developers, is building a national footprint through two mixed-use projects in Minneapolis and Nashville.
| Aug 21, 2013
SummerHill Apartment Communities creates SoCal division, hires SVP, announces development plans
SummerHill Apartment Communities, a division of SummerHill Housing Group based in San Ramon, Calif., announced today that the firm has hired multifamily industry veteran Patrick S. Simons as senior vice president to lead SummerHill Apartment Communities' new Southern California division. Simons will be focused initially on creating a high volume of future projects throughout Southern California.
| Aug 14, 2013
Green Building Report [2013 Giants 300 Report]
Building Design+Construction's rankings of the nation's largest green design and construction firms.
| Jul 25, 2013
First look: Studio Gang's residential/dining commons for University of Chicago
The University of Chicago will build a $148 million residence hall and dining commons designed by Studio Gang Architects, tentatively slated for completion in 2016.
| Jul 19, 2013
Reconstruction Sector Construction Firms [2013 Giants 300 Report]
Structure Tone, DPR, Gilbane top Building Design+Construction's 2013 ranking of the largest reconstruction contractor and construction management firms in the U.S.
| Jul 19, 2013
Reconstruction Sector Engineering Firms [2013 Giants 300 Report]
URS, STV, Wiss Janney Elstner top Building Design+Construction's 2013 ranking of the largest reconstruction engineering and engineering/architecture firms in the U.S.
| Jul 19, 2013
Reconstruction Sector Architecture Firms [2013 Giants 300 Report]
Stantec, HOK, HDR top Building Design+Construction's 2013 ranking of the largest reconstruction architecture and architecture/engineering firms in the U.S.
| Jul 19, 2013
Renovation, adaptive reuse stay strong, providing fertile ground for growth [2013 Giants 300 Report]
Increasingly, owners recognize that existing buildings represent a considerable resource in embodied energy, which can often be leveraged for lower front-end costs and a faster turnaround than new construction.
