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
ProConnect Events | Apr 23, 2024
5 more ProConnect events scheduled for 2024, including all-new 'AEC Giants'
SGC Horizon present 7 ProConnect events in 2024.
Mixed-Use | Apr 23, 2024
A sports entertainment district is approved for downtown Orlando
This $500 million mixed-use development will take up nearly nine blocks.
Resiliency | Apr 22, 2024
Controversy erupts in Florida over how homes are being rebuilt after Hurricane Ian
The Federal Emergency Management Agency recently sent a letter to officials in Lee County, Florida alleging that hundreds of homes were rebuilt in violation of the agency’s rules following Hurricane Ian. The letter provoked a sharp backlash as homeowners struggle to rebuild following the devastating 2022 storm that destroyed a large swath of the county.
Student Housing | Apr 19, 2024
$115 million Cal State Long Beach student housing project will add 424 beds
A new $115 million project recently broke ground at California State University, Long Beach (CSULB) that will add housing for 424 students at below-market rates. The 108,000 sf La Playa Residence Hall, funded by the State of California’s Higher Education Student Housing Grant Program, will consist of three five-story structures connected by bridges.
Sponsored | Multifamily Housing | Apr 19, 2024
5 Reasons to Opt for Wood I-Joists in Multifamily Construction
From versatility to reliability and adaptability, engineered wood I-joists offer builders, designers and developers numerous advantages in multifamily construction. Discover the top five benefits and handy installation tips.
MFPRO+ News | Apr 18, 2024
Marquette Companies forms alliance with Orion Residential Advisors
Marquette Companies, a national leader in multifamily development, investment, and management, announces its strategic alliance with Deerfield, Ill.-based Orion Residential Advisors, an integrated multifamily investment and operating firm active in multiple markets nationwide.
MFPRO+ New Projects | Apr 16, 2024
Marvel-designed Gowanus Green will offer 955 affordable rental units in Brooklyn
The community consists of approximately 955 units of 100% affordable housing, 28,000 sf of neighborhood service retail and community space, a site for a new public school, and a new 1.5-acre public park.
MFPRO+ News | Apr 15, 2024
Two multifamily management firms merge together
MEB Management Services, a Phoenix-based multifamily management company, and Weller Management, a third-party property management and consulting company, officially merged to become Bryten Real Estate Partners—creating a nationally recognized management company.
Mixed-Use | Apr 13, 2024
Former industrial marina gets adaptive reuse treatment
At its core, adaptive reuse is an active reimagining of the built environment in ways that serve the communities who use it. Successful adaptive reuse uncovers the latent potential in a place and uses it to meet people’s present needs.
MFPRO+ News | Apr 12, 2024
Legal cannabis has cities grappling with odor complaints
Relaxed pot laws have led to a backlash of complaints linked to the odor emitted from smoking and vaping. To date, 24 states have legalized or decriminalized marijuana and several others have made it available for medicinal use.
