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Multifamily Housing Construction Market Insights & Forecast 2024-2033
Multifamily Housing Construction Market Insights
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Sustainability is a key trend gaining popularity in the multi-family housing construction market. Companies operating in the multi-family housing construction market are adopting new technologies to sustain their position in the market. For instance, in December 2021, Dahlin Group, a US-based engineering and construction company developed a tiny home prototype, Mod Hive, to help address the affordable housing shortage in Salt Lake City. The prototype can be used as a little cluster on a single lot or a tiny, well-planned development made up of several lots. This sustainable idea is to establish a little town with a community garden, outdoor gathering area, and firepit by using an inward-looking site plan. By using a lower-density arrangement at the front of the lot and a larger density at the back, it mimics the sense of a classic neighborhood of two-story, single-family detached homes. This is an example of how sustainable living can be achieved.
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Major Key Players of the Market:
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
Multifamily Housing Construction (Apartments) Market 2024 Key Insights:
• 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%.
• Population Growth Fuels Expansion In The Multi-Family Housing Construction Market
• Sustainable Trend In Multi-Family Housing Construction Market
• North America was the largest region in the multifamily housing construction (apartments) market in 2023
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