Apartment construction costs per square foot vary by location and structure type. These include the unit sizes, number of units, structure size, materials used, availability of labor and materials, and many additional factors. Numerous factors influence the final cost of constructing an apartment building. This cost does not include the finishing, architect or contractor fees, land purchase, landscaping, parking lots, and many of the interior and “soft” costs like designing, material selection, and delivery. One of these is the construction cost, which is usually calculated per square foot. When building an apartment building, multiple cost factors form the final total. Invalid zip code Apartment Construction Cost per Square Foot Despite all of this, apartment construction will continue as homeownership rate increases have stalled following the pandemic buying frenzy. It is predicted that costs will fall or level off near or in 2024, but for the present, costs continue climbing. Duplexes and other smaller homes are still tracking at around 4% increases over the last year, while luxury, high-rise, and multi-family units in some areas are up nearly 50% in costs over the beginning of 2022. This led to significant price increases for the construction industry, and further increases are projected for 2023, with roughly 14% increases being seen for most commercial apartment complex builds. The pandemic led to shortages of supplies, followed by supply chain and labor issues, and compounded by housing shortages. Apartment Building Price Apartment Building Costįor the last few years, construction costs rose due to several issues. The high cost is $156 million for a luxury high-rise apartment building with 100 units. total duplex apartment building using basic materials. This project’s low cost is $970,000 for a 4,500 sq.ft. The national average cost to build an apartment building is between $5.4 and $59 million, with most people paying $12.5 million for a 5-story mid-rise apartment building with 50 units. This means the cost to build an apartment building has an enormous range. The term apartment can be applied in many ways, from a small owner-occupied stick-built building to a major high-rise with 30 stories and 20 units per floor. For this reason, many builders and investors are considering building new apartment buildings. Housing shortages are appearing in many major cities, which could drive the need for new single-family homes and multi-family dwellings. According to the Census, the number of people living in apartments has grown, with more than ⅓ of all households now living in apartments. Written by .Īpartment buildings are multi-family dwellings, usually owned by a person or entity and rented or leased to individuals and families. Reviewed by Adam Graham remodeling expert.
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