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Major Growth Driver Identified in 2025 Multifamily Housing Construction (Apartments) Market: Population Growth Fuels Expansion In The Multi-Family Housing Construction Market
Multifamily Housing Construction (Apartments)
What Is the Expected CAGR for the Multifamily Housing Construction (Apartments) Market Through 2025?
In recent times, the multifamily housing construction (apartments) market has witnessed significant growth. The market size is anticipated to expand from $869.46 billion in 2024 to $949.49 billion in 2025, experiencing a compound annual growth rate (CAGR) of 9.2%. Various factors including demographic trends, economic situations, urbanization, financing and interest rates, rental market trends, and social and cultural shifts have contributed to the growth observed during the historic period.
What's the Projected Size of the Global Multifamily Housing Construction (Apartments) Market by 2029?
The market size of multifamily housing construction, also known as apartments, is anticipated to witness a quick expansion in the coming years. By 2029, it is projected to reach a value of $1400.32 billion, with a compound annual growth rate (CAGR) of 10.2%. Several factors are believed to contribute to this growth in the forecast period, including alterations in work and living standards, issues of affordability, adoption of sustainable and eco-friendly construction methods, urban restructuring and the rise of mixed-use ventures, demographic shifts, and an increasing aging populace. The key trends expected to emerge in the forecast period involve the incorporation of technology into residential areas and amenities, urbanization coupled with mixed-use developments, adaptable and flexibly designed spaces prioritizing health and wellness.
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Top Growth Drivers in the Multifamily Housing Construction (Apartments) Industry: What's Accelerating the Market?
The multi-family housing construction (apartments) market is projected to flourish owing to anticipated population growth. Population growth entails the average yearly fluctuation in population size for a specific country, territory or geographic area over a set time frame. The incidence of population increase signifies an influx of people requiring accommodation, which subsequently boosts the multi-family housing construction market. For example, the United Nation, a U.S. intergovernmental organization, reported in November 2022 that the world population has hit 8 billion, a significant landmark in human progression. Following an increase from 7 billion to 8 billion over 12 years, the projection is for the global population to touch 9 billion in approximately 15 years, around 2037. Consequently, the rise in population contributes to the growth of the multi-family housing construction market.
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What Trends Will Shape the Multifamily Housing Construction (Apartments) Market Through 2029 and Beyond?
The trend towards sustainability is becoming increasingly prevalent in the multi-family housing construction market. Businesses in the sector are leveraging new technologies to maintain their market standing. For example, in November 2023, the UK-based serviced apartments firm, SilverDoor, introduced a carbon calculator designed exclusively for the serviced apartment industry. The Carbon Calculator estimates CO2 emissions per night based on specific building details, enabling customers to comprehend the ecological impact of their lodging decisions. It offers the ability to contrast carbon output of serviced apartments against equivalent hotel stays, drawing on data from the Cornell Hotel Sustainability Benchmarking Index for a well-rounded benchmark. Accommodation providers can conveniently input their emissions data into the tool, which it uses to create customized results for varying apartment forms, such as studio apartments, one-bedroom, and two-bedroom apartments. It uses a unique methodology to consider factors like energy use, water use, and laundry management, in forming precise estimates of CO2 emissions.
What Are the Main Segments in the Multifamily Housing Construction (Apartments) Market?
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 Top Companies are Driving Growth in the Multifamily Housing Construction (Apartments) Market?
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
Which Regions Will Dominate the Multifamily Housing Construction (Apartments) Market Through 2029?
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.
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