Multi-family housing is the subcategory of housing that consists of many dwelling units inside the same building or in a complex. It is divided to accommodate more than one family living separately. They can range from a duplex to small homes or apartment buildings.
Sizing and Forecast
The multifamily housing construction (apartments) market size has grown strongly in recent years. It will grow from $816.88 billion in 2023 to $887.81 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to demographic trends, economic conditions and urbanization, interest rates and financing, rental market dynamics, social and cultural shifts.
The multifamily housing construction (apartments) market size is expected to see strong growth in the next few years. It will grow to $1265.59 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to changing work and living patterns, affordability challenges, sustainable and green building practices, urban redevelopment and mixed-use projects, demographic changes and aging population. Major trends in the forecast period include technology integration in residential spaces, urbanization and mixed-use developments, technology integration in amenities, adaptable and flexible spaces, wellness and health-centric design.
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Segmentation & Regional Insights
The multifamily housing construction (apartments) market covered in this report is segmented –
1) By Construction Activity: New Construction, Repair And Maintenance, Refurbishment And Demolition
2) By Cost Type: Construction Materials, Construction Equipment, Construction Services
3) By Application: Owned, Rental
North America was the largest region in the multifamily housing construction (apartments) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global multifamily housing construction market(apartments) report during the forecast period. The regions covered in the multifamily housing construction (apartments) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The population growth is expected to propel the growth of the multi-family housing construction(apartments) market. Population growth is the annual average rate of change in population size for a certain nation, territory, or geographic area over a given time period. As there is an increase in population many number of people have to be accommodated which increases the multi-family housing construction as well. For instance, according to UN an intergovernmental organization the global human population reached 8.0 billion in mid-November 2022 from 7.79 billion in 2020. Therefore, the population growth is driving the growth of multi-family housing construction market.
Key Industry Players
Major companies operating in the multifamily housing construction (apartments) market report are PulteGroup Inc., Turner Construction Company, AECOM Technology Corporation, Greystar Real Estate Partners LLC, Balfour Beatty US, The Whiting-Turner Contracting Company, Skanska USA Inc., Gilbane Building Company, Lendlease Corporation, The Michaels Organization LLC, Clark Construction Group LLC, Lincoln Property Company, JE Dunn Construction Company, Suffolk Construction Company Inc., Alliance Residential Company LLC, The Bozzuto Group, McCarthy Building Companies Inc., Swinerton Incorporated, Ryan Companies US Inc., The Weitz Company, Mortenson Construction, Wood Partners LLC, The Richman Group of Companies, Continental Properties Company Inc., Mill Creek Residential Trust LLC, JPI Companies, Habyt Ltd., Brasfield & Gorrie LLC, TRG Realty Company, Nestcon Shelters Private Limited
The multifamily housing construction (apartments) market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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