Coastal multifamily developers, owners expect huge jump in insurance costs

Multifamily developers in coastal areas are expecting big increases in insurance costs this year, according to a report by Yardi Matrix.

In Texas and Florida, where Hurricane Ian caused $50 billion in damage last year, insurance costs are nearly 50% higher than in 2022. Some property owners could face far higher increases, though.

An executive with the largest affordable developer in Florida is bracing for 200% to 300% price spikes, according to a report by Multifamily Dive. Such great leaps in insurance costs threaten new development and property sales, Yardi Matrix says.

Yardi Matrix noted that increases in construction costs from inflation, labor, and supply chain issues along with the growth in property values are driving higher insurance costs.

Yardi Matrix added: Not only are costs increasing but insurers are covering less wind limit on replacement costs with large increases in deductibles, new exclusions for damages such as mold or flood endorsements, and limits on payouts. That forces property owners to layer wind on top of other policies to reach the replacement cost values required by lenders.

Design-focused wine displays are becoming increasingly popular in amazing residential and commercial properties throughout the world. Top design/build professionals are using stylish wine racks and other premium materials to create wine cellars that are too beautiful to hide in out-of-the-way places like dusty basements. This course explains why wine cellars have become so popular and the key aspects of designing an appealing modern wine cellar, broken into six planning steps that should be considered during pre- or early-construction phases.

Multifamily Housing | May 10, 2022

Multifamily rents up 14.3% in 2022

The average U.S. asking rent for multifamily housing increased $15 in April to an all-time high of $1,659, according to Yardi Matrix.

Rooftop paving system in a multifamily housing community.

Choosing the right paver system for rooftop amenity spaces

This AIA course by Hoffmann Architects offers best practices for choosing the right paver system for rooftop amenity spaces in multifamily buildings.

Building Team | May 6, 2022

Atlanta’s largest adaptive reuse project features cross laminated timber

Global real estate investment and management firm Jamestown recently started construction on more than 700,000 sf of new live, work, and shop space at Ponce City Market.

Rendering of Columbus Apartments, designed by Rhode Partners

Multifamily Housing | May 5, 2022

An Austin firm touts design and communal spaces in its student housing projects

Rhode Partners has multiple towers in various development stages.

For glass openings, how big is too big?

Advances in glazing materials and glass building systems offer a seemingly unlimited horizon for not only glass performance, but also for the size and extent of these light, transparent forms. Both for enclosures and for indoor environments, novel products and assemblies allow for more glass and less opaque structure—often in places that previously limited their use.

Multifamily Housing | May 3, 2022

Call for Kitchen+Bath projects and products – for next issue of "MULTIFAMILY Design+Construction" (no charge to participate!)

Multifamily AEC firms and developers and product manufacturers can submit Kitchen+Bath projects and products – for the next issue of "MULTIFAMILY Design+Construction."

The Larking is a mixed-use development in the Twin Cities market. Images: Courtesy of Kraus-Anderson

Multifamily Housing | May 1, 2022

Kraus-Anderson helps fill void in tight Twin Cities housing market

One project just came online, and another apartment building should be completed this summer.

Multifamily Housing | Apr 26, 2022

Fitness centers for multifamily housing: Advice from 'Dr. Fitness,' Karl Smith

In this episode for HorizonTV, Cortland's Karl Smith shares best practices for designing, siting, and operating fitness centers in apartment communities.