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
Cladding and Facade Systems | Oct 26, 2021
14 projects recognized by DOE for high-performance building envelope design
The inaugural class of DOE’s Better Buildings Building Envelope Campaign includes a medical office building that uses hybrid vacuum-insulated glass and a net-zero concrete-and-timber community center.
Multifamily Housing | Oct 22, 2021
A plan to solve California's housing crisis
A framework for workforce housing, environmental repair and economic balance.
Multifamily Housing | Oct 21, 2021
Chicago’s historic Lathrop public housing complex gets new life as mixed-income community
A revitalized New Deal–era public housing community in Chicago brings the Garden City movement of yesteryear into the 21st century.
Multifamily Housing | Oct 20, 2021
Sacramento’s first luxury high-rise rental residences announced
Southern Land Company is developing the project.
Multifamily Housing | Oct 18, 2021
Construction begins on downtown Fort Worth’s first luxury high-rise rental residences
GDA Architects designed the building.
Multifamily Housing | Oct 14, 2021
27-story Bronx tower will include retail, 200 apartment units
CetraRuddy is designing the project.
Multifamily Housing | Oct 12, 2021
Affordable and sublime: 13 projects that represent the future of affordable housing
These projects prove that it’s possible to develop aesthetically pleasing, high-quality housing for low-income families, the homeless, and veterans.
Multifamily Housing | Oct 12, 2021
New multifamily community completes in Austin
Britt Design Group and Davies Collaborative designed the project.
Multifamily Housing | Oct 6, 2021
New assisted living and memory care facility begins construction in Austin
OZ Architecture designed the project.
Multifamily Housing | Oct 4, 2021
Spire brings 343 condos to downtown Seattle
The project is the closest high-rise building to the Space Needle.