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 | Jan 8, 2016
Manager of New York’s first micro-unit development inks pact with ‘personal butler’ service
The co-living platform Ollie is leasing its initial building, in New York, with housekeeping and grocery shopping available via Hello Alfred.
Urban Planning | Jan 4, 2016
The next boomtown? Construction and redevelopment sizzle in San Diego
The city's emission-reduction plan could drive influx into downtown
Multifamily Housing | Dec 23, 2015
Student housing developer broadens its reach into multifamily
Aspen Heights Partners evaluates seven metros for its initial projects.
Multifamily Housing | Dec 17, 2015
Developers respond to demand from tenants for ‘smart’ design
A number of green prerogatives are having a beneficial impact on multifamily design and construction.
Multifamily Housing | Dec 14, 2015
Study finds increase in cost-burdened renters
Harvard’s Joint Center for Housing Studies released its biennial rental housing report, and it found that 21.3 million renters spend 30% or more of income towards rent.
Multifamily Housing | Dec 10, 2015
Developer of Jean Nouvel-designed New York City condo complex sued
One resident says living in the curvy, glass 100 Eleventh Avenue building is like being in a wind tunnel.
Multifamily Housing | Dec 7, 2015
Are long-term apartment rentals Airbnb’s next target?
Some developers are thinking about that possibility, says one West Coast real estate consultant.
Smart Buildings | Dec 7, 2015
AIA Baltimore holds rowhouse redesign competition
Teams competed to provide the best social and environmental design solutions for the city’s existing rowhouse stock.
Multifamily Housing | Nov 19, 2015
Herzog & de Meuron designs curving NYC luxury apartments
The 160 Leroy building will have 49 luxury homes, along with a white concrete façade covered with large windows.
High-rise Construction | Nov 17, 2015
CTBUH awards '2015 Best Tall Building Worldwide' to Bosco Verticale
Designed by Italian architect Stefano Boeri, the building design was applauded for its “extraordinary implementation of vegetation at such scale and height."