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
Multifamily Housing | Aug 3, 2022
NEW DEADLINE for Senior Living and Student Housing projects for "MULTIFAMILY Design+Construction" Fall issue
Fall 2022 issue of MULTIFAMILY Design+Construction will have reports on Senior Living and Student Housing.
Multifamily Housing | Jul 28, 2022
GM working to make EV charging accessible to multifamily residents
General Motors, envisioning a future where electric vehicles will be commonplace, is working to boost charging infrastructure for those who live in multifamily residences.
Multifamily Housing | Jul 26, 2022
All-electric buildings – great! But where's all that energy going to be stored?
There's a call for all-electric buildings, but can we generate and store enough electricity to meet that need?
Green | Jul 26, 2022
Climate tech startup BlocPower looks to electrify, decarbonize the nation's buildings
The New York-based climate technology company electrifies and decarbonizes buildings—more than 1,200 of them so far.
Sponsored | Multifamily Housing | Jul 19, 2022
Engineering Solutions for a More Inclusive Community
Affordable housing complex uses engineered wood to keep construction costs low, tackle a public predicament and give rise to a stronger, more inclusive community.
Multifamily Housing | Jul 14, 2022
Multifamily rents rise again in June, Yardi Matrix reports
Average U.S. multifamily rents rose another $19 in June to edge over $1,700 for the first time ever, according to the latest Yardi® Matrix Multifamily Report.
Building Team | Jul 7, 2022
Amenity-rich rental property in Chicago includes seven-story atrium with vertical landscaping
The recently opened 198-unit Optima Lakeview luxury rental apartment building in Chicago is bursting with amenities such as the region’s first year-round rooftop pool, contact-free in-home package delivery, housekeeping services, on-site room service, fitness programming, and a virtual personal assistant.
Multifamily Housing | Jul 6, 2022
The power of contextual housing development
Creating urban villages and vibrant communities starts with a better understanding of place, writes LPA's Matthew Porreca.
Green | Jun 22, 2022
The business case for passive house multifamily
A trio of Passive House experts talk about the true costs and benefits of passive house design and construction for multifamily projects.
