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 | Mar 28, 2021
Smart home technology 101 for multifamily housing communities
Bulk-services Wi-Fi leads to better connectivity, products, and services to help multifamily developers create greater value for residents–and their own bottom line.
Multifamily Housing | Mar 27, 2021
Designing multifamily housing today for the post-Covid world of tomorrow
The multifamily market has changed dramatically due to the Covid pandemic. Here's how one architecture firm has accommodate their designs to what tenants are now demanding.
Multifamily Housing | Mar 23, 2021
One Hundred Above the Park completes in St. Louis
Studio Gang designed the building.
Multifamily Housing | Mar 22, 2021
Waldorf Astoria Miami will become the tallest tower south of Manhattan
The supertall tower will include a hotel and residences.
Multifamily Housing | Mar 18, 2021
Mixed-use residence for UCLA medical students completes
Lorcan O’Herlihy Architects designed the project.
Multifamily Housing | Mar 15, 2021
First phase of Presidium Waterford breaks ground in Austin, Texas
O’Brien Architects and Dwell Design Studio are designing the project.
Luxury Residential | Mar 10, 2021
Luxury multifamily development opens at the front door of Charlotte’s South End neighborhood
Broadstone Queen City recently opened its doors to its first residents.
Multifamily Housing | Mar 10, 2021
9 smart connectivity systems for multifamily housing communities
Smart connectivity systems are starting to become a must-have amenity in multifamily properties—and not just for upscale urban rentals.
Multifamily Housing | Mar 9, 2021
Investor demand for multifamily real estate remains relatively strong despite COVID-19
Despite a disruptive pandemic, investor demand for multifamily real estate was strong in 2020, according to a newly released Yardi Matrix Bulletin. Around 252,000 apartment units were absorbed last year. That’s about 1.7% of total market stock and down 12% from the 286,300 apartments purchased in 2019.
Multifamily Housing | Mar 7, 2021
Deadline extended for Cover Photo of the next issue of MULTIFAMILY Design+Construction
Request from Editori of Multifamily Design+Construction for photos showing project amenities, for next issue of the magazine.
