After a historic wave of apartment development, the multifamily market is entering a more balanced phase. Increased housing inventory in many regions has helped moderate rent growth, giving renters more options while encouraging property owners to differentiate through amenities and resident experience. 

Rather than concentrating primarily in large urban centers, multifamily growth is increasingly occurring in suburban communities and smaller metropolitan areas, where demand, affordability, and available land continue to attract both residents and investment.

Today's renters expect more than just housing. Popular features include smart home technology, energy-efficient building systems, package management solutions, co-working spaces, and electric vehicle charging infrastructure. Property owners are also investing in upgrades that improve sustainability, operational efficiency, and long-term asset value.

As owners and apartment managers look to anticipate residents’ needs and maintain cherished real estate in their locations, they can utilize Gordian’s RSMeans Data to help estimate construction costs.

With localized, square-foot costs on over 100 building models, including apartments, Gordian’s RSMeans Data allows architects, engineers, and other preconstruction professionals to quickly and accurately create conceptual estimates for future builds. 

This table shows the most recent costs per square foot for four- to seven-story apartment buildings in cities across the U.S.

Visit rsmeans.com/bdandc for more information about Gordian’s RSMeans Data.

Square Foot Costs: Apartment, 4-7 Story

Please note: Square foot models are used for planning and budgeting and are not meant for detailed estimates.