Press release
Multifamily Housing Construction (Apartments) Market Poised for 10.2 % Growth, Set to Hit $2.96 Billion by 2029
Multifamily Housing Construction Apartments
The surge in population is projected to boost the expansion of the multi-family housing construction (apartments) sector. The change in the size of a nation, territory, or geographical area's population over a specific time period is calculated as an annual average population growth rate. The rise in the population necessitates accommodation for numerous individuals, this subsequently triggers an increase in multi-family housing construction. For example, the United Nations, an intergovernmental organization based in the US, reported in November 2022 that the global population has surpassed 8 billion, signifying a significant leap in human development. It took 12 years for the population to progress from 7 to 8 billion, and it is estimated to take around 15 years - until 2037 - for the population to reach 9 billion. Hence, the rise in population is a driving force for the growth of the multi-family housing construction market.
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How will the growth rate of the multifamily housing construction (apartments) market shape industry trends by 2034?
The apartment construction market has seen robust growth in recent years, expanding from a market size of $869.46 billion in 2024 to an anticipated $949.49 billion in 2025. This represents a compound annual growth rate (CAGR) of 9.2%. Factors contributing to this growth in the historic period include demographic trends, economic circumstances, urbanization, interest and financing rates, fluctuations in the rental market, as well as social and cultural changes.
The market size for apartment-style multifamily housing construction is predicted to experience swift expansion in the coming years. By 2029, estimates suggest it will reach $1400.32 billion, with a compound annual growth rate (CAGR) of 10.2%. This projected growth can be credited to evolving employment and lifestyle trends, affordability issues, environmentally-friendly construction methods, urban redevelopment projects, and demographic shifts such as an aging population. Upcoming trends expected during this period encompass the incorporation of technology in residential environments, progressing urbanization and mixed-use construction projects, tech integration in amenities, flexible and adaptable spaces, along with design that prioritises health and wellness.
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What trends are poised to drive the future success of the multifamily housing construction (apartments) market?
The trend of sustainability is becoming increasingly prevalent in the sphere of multi-family housing construction. Companies are deploying the latest technologies in this market to secure their market status. Take, for instance, SilverDoor, a serviced apartment company based in the UK, which in November 2023, launched a distinct carbon calculator tool for its sector. This Carbon Calculator offers estimates on a nightly basis for CO2 emissions, using specific building data, making it easier for users to comprehend the ecological impact of their accommodation decisions. It allows users to juxtapose the carbon footprint of serviced apartments against comparable hotel stays, using data from the Cornell Hotel Sustainability Benchmarking Index as a comprehensive point of reference. The tool provides accommodation operators with a straightforward mechanism to input their emission data which the calculator then analyses to produce results specifically tailored for various apartment configurations like studios, one-bedroom, and two-bedroom apartments. It employs a unique methodology that factors in aspects like energy usage, water consumption, and laundry operations to assess CO2 emissions with precision.
Which primary segments of the multifamily housing construction (apartments) market are driving growth and industry transformations?
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
Subsegments:
1) By New Construction: Ground-Up Construction, Modular Construction, High-Rise Apartments, Low-Rise Apartments
2) By Repair and Maintenance: Routine Maintenance, Emergency Repairs, Preventive Maintenance
3) By Refurbishment and Demolition: Renovation and Remodeling, Structural Upgrades, Demolition of Existing Structures, Site Preparation for New Development
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Which geographical regions are pioneering growth in the multifamily housing construction (apartments) market?
North America was the largest region in the multifamily housing construction (apartments) market in 2024. 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.
Who are the influential players reshaping the multifamily housing construction (apartments) market landscape?
Major companies operating in the multifamily housing construction (apartments) market include 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, Brasfield & Gorrie LLC
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What Is Covered In The Multifamily Housing Construction (Apartments) Global Market Report?
•Market Size Forecast: Examine the multifamily housing construction (apartments) market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the multifamily housing construction (apartments) market for a structured understanding.
•Key Players Overview: Analyze major players in the multifamily housing construction (apartments) market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the multifamily housing construction (apartments) market.
•Segment Contributions: Evaluate how different segments drive overall growth in the multifamily housing construction (apartments) market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the multifamily housing construction (apartments) market.
•Industry Challenges: Identify potential risks and obstacles affecting the multifamily housing construction (apartments) market.
•Competitive Landscape: Review strategic developments in the multifamily housing construction (apartments) market, including expansions, agreements, and new product launches.
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