Topic: Multifamily homes in the U.S. (2024)

Table of Contents
Development of multifamily homes Investment in multifamily homes Key insights Editor’s Picks Current statistics on this topic Current statistics on this topic Related topics Recommended Recommended statistics Overview Overview Construction Construction Investors' perspective Investors' perspective Multifamily mortgages Multifamily mortgages Market overview Market overview Further reportsGet the best reports to understand your industry Get the best reports to understand your industry Contact FAQs
  • Real Estate
Multifamily homes cover a broad range of housing types, including apartment buildings, condominiums, duplexes, and lofts, to name just a few. For many Americans who live in urban environments, or who cannot or prefer not to live in a single-family home, multifamily homes are a flexible and often more affordable alternative. In recent years, the multifamily market has expanded exponentially and in 2021, the value of multifamily lending reached over 487 billion U.S. dollars. With 42 percent of the total U.S. market in 2021, the multifamily real estate investment market was even bigger than the office market.

Development of multifamily homes

In the United States, commercial development of multifamily homes is rated well in terms of future prospects and returns; worse than industrial property and single family homes but better than hotels and offices. Additionally, in many major American cities, multifamily residential buildings cost less per square foot to construct than single-family homes. The value of multifamily buildings in the United States had plummeted as a result of the 2008 global financial crisis but has since bounced back. In 2021, the value of U.S. multifamily buildings exceeded 111 billion U.S. dollars and is expected continue increasing until 2025. The New York-Northern New Jersey-Long Island metropolitan area accumulated construction starts for multifamily and commercial properties totaling 26.82 billion U.S. dollars in 2021, more than any other major U.S. metropolitan area.

Investment in multifamily homes

When it comes to investing in a multifamily property in the United States in 2022, some of the markets with the best buying prospects are Inland Empire, Raleigh/Durham, and Salt Lake City according to industry experts. In addition, over 30 percent of experts surveyed suggested holding onto multifamily properties in Kanasas City, Cincinnati, and Sacramento rather than buying or selling them. Florida, Arizona, and Nevada were the states with the highest change in monthly apartment rents in 2022. Since the coronavirus (COVID-19) outbreak, the multifamily vacancy rates have decreased substantially, from 8.7 percent in the second quarter of 2020, to 5.8 percent in the second quarter of 2022.

This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.

Published by Statista Research Department, Dec 18, 2023

Key insights

Median size of multifamily housing units in the U.S. 1,046 sq ft

Topic: Multifamily homes in the U.S. (1)

Detailed statistics

Median size of multifamily housing units in the U.S. 2000-2021

Average construction cost per square foot of multifamily homes in San Francisco 513 USD

Topic: Multifamily homes in the U.S. (2)

Detailed statistics

Residential construction costs in the U.S. Q2 2023, by city

Leading apartment owner in the U.S. by units owned Starwood Capital Group

Topic: Multifamily homes in the U.S. (3)

Detailed statistics

Leading apartment owners in the U.S. 2023, by units owned

Get more insights

Editor’s Picks Current statistics on this topic

Current statistics on this topic

ApartmentsLeading apartment owners in the U.S. 2023, by units owned
Building ConstructionResidential construction costs in the U.S. Q2 2023, by city
ApartmentsMultifamily vacancy rate in the U.S. 2010-2022

Related topics

Recommended

5
  • U.S. housing market
  • Residential real estate in New York
  • Luxury residential real estate in North America
  • Affordable housing in the U.S.
  • Single family homes in the U.S.

Recommended statistics

Overview

4
  • Premium Statistic Commercial property investment prospects in the U.S. 2017-2024
  • Premium Statistic Commercial development prospects in the U.S. 2017-2024
  • Premium Statistic Residential construction costs in the U.S. Q2 2023, by city
  • Premium Statistic Leading apartment owners in the U.S. 2023, by units owned

Overview

  • Premium Statistic Commercial property investment prospects in the U.S. 2017-2024

    Topic: Multifamily homes in the U.S. (7)

    Commercial property investment prospects in the U.S. 2017-2024

    Leading commercial real estate investment prospects in the United States from 2017 to 2024, by property type

  • Premium Statistic Commercial development prospects in the U.S. 2017-2024

    Topic: Multifamily homes in the U.S. (8)

    Commercial development prospects in the U.S. 2017-2024

    Leading commercial development prospects in the United States from 2017 to 2024, by property type

  • Premium Statistic Residential construction costs in the U.S. Q2 2023, by city

    Topic: Multifamily homes in the U.S. (9)

    Residential construction costs in the U.S. Q2 2023, by city

    See Also
    Are Multifamily Homes the Housing of the Future?Learn How To Buy Multifamily Homes

    Average construction costs of single-family and multifamily residential buildings in the United States in the 2nd quarter 2023, by city (in U.S. dollars per square foot)

  • Premium Statistic Leading apartment owners in the U.S. 2023, by units owned

    Topic: Multifamily homes in the U.S. (10)

    Leading apartment owners in the U.S. 2023, by units owned

    Leading apartment owners in the United States in 2023, by units owned

Construction

5
  • Premium Statistic Value of multifamily construction put in place U.S. 2005-2022, with forecasts to 2027
  • Premium Statistic Leading metro areas' commercial building and housing construction starts U.S. 2022
  • Premium Statistic Volume of multifamily housing units completed in the U.S. 1997-2022
  • Premium Statistic Number of multifamily building permits in the U.S. 2000-2022
  • Premium Statistic Multifamily house starts in the U.S. 1980-2022, with 2022 and 2024 forecasts

Construction

  • Premium Statistic Value of multifamily construction put in place U.S. 2005-2022, with forecasts to 2027

    Topic: Multifamily homes in the U.S. (11)

    Value of multifamily construction put in place U.S. 2005-2022, with forecasts to 2027

    New multifamily construction spending in the United States from 2005 to 2022, with forecasts until 2027 (in billion current U.S. dollars)

  • Premium Statistic Leading metro areas' commercial building and housing construction starts U.S. 2022

    Topic: Multifamily homes in the U.S. (12)

    Leading metro areas' commercial building and housing construction starts U.S. 2022

    Leading metropolitan areas by value of construction starts of commercial buildings and multifamily housing in the U.S. in 2022 (in billion U.S. dollars)

  • Premium Statistic Volume of multifamily housing units completed in the U.S. 1997-2022

    Topic: Multifamily homes in the U.S. (13)

    Volume of multifamily housing units completed in the U.S. 1997-2022

    Volume of multifamily housing units completed in the United States from 1997 to 2022 (in 1,000s)

  • Premium Statistic Number of multifamily building permits in the U.S. 2000-2022

    Topic: Multifamily homes in the U.S. (14)

    Number of multifamily building permits in the U.S. 2000-2022

    Number of multifamily building permits in the United States from 2000 to 2022 (in thousands)

  • Premium Statistic Multifamily house starts in the U.S. 1980-2022, with 2022 and 2024 forecasts

    Topic: Multifamily homes in the U.S. (15)

    Multifamily house starts in the U.S. 1980-2022, with 2022 and 2024 forecasts

    Volume of new multifamily home construction starts in the United States from 1980 to 2022, with forecasts for 2023 and 2024 (in 1,000s)

Investors' perspective

4
  • Premium Statistic Recommendations to buy, hold or sell a multifamily property in the U.S. 2024, by city
  • Premium Statistic Cash on cash ratio of multifamily investment markets in the U.S. 2022
  • Premium Statistic Multifamily markets with the highest net absorption in the U.S. 2023
  • Premium Statistic Multifamily vacancy rate in the U.S. 2010-2022

Investors' perspective

  • Premium Statistic Recommendations to buy, hold or sell a multifamily property in the U.S. 2024, by city

    Topic: Multifamily homes in the U.S. (16)

    Recommendations to buy, hold or sell a multifamily property in the U.S. 2024, by city

    Recommendations to buy, hold or sell a multifamily property in the United States in 2024, by city

  • Premium Statistic Cash on cash ratio of multifamily investment markets in the U.S. 2022

    Topic: Multifamily homes in the U.S. (17)

    Cash on cash ratio of multifamily investment markets in the U.S. 2022

    Cash on cash ratio of multifamily investment in selected markets in the United States in 2022

  • Premium Statistic Multifamily markets with the highest net absorption in the U.S. 2023

    Topic: Multifamily homes in the U.S. (18)

    Multifamily markets with the highest net absorption in the U.S. 2023

    Net absorption of multifamily units in selected metropolitan areas in the United States as of 3rd quarter 2023 (in 1,000s)

  • Premium Statistic Multifamily vacancy rate in the U.S. 2010-2022

    Topic: Multifamily homes in the U.S. (19)

    Multifamily vacancy rate in the U.S. 2010-2022

    Multifamily vacancy rates in the United States from 1st quarter 2010 to 3rd quarter 2022

Multifamily mortgages

3
  • Premium Statistic Leading multifamily lenders by lending volume in the U.S. 2022
  • Premium Statistic Multifamily lending volume in the U.S. 2005-2022
  • Basic Statistic Mortgage debt outstanding on multifamily residences in the U.S. 2001-2022

Multifamily mortgages

  • Premium Statistic Leading multifamily lenders by lending volume in the U.S. 2022

    Topic: Multifamily homes in the U.S. (20)

    Leading multifamily lenders by lending volume in the U.S. 2022

    Leading multifamily lenders by lending volume in the United States in 2022 (in billion U.S. dollars)

  • Premium Statistic Multifamily lending volume in the U.S. 2005-2022

    Topic: Multifamily homes in the U.S. (21)

    Multifamily lending volume in the U.S. 2005-2022

    Volume of multifamily lending volume in the United States from 2005 to 2022 (in billion U.S. dollars)

  • Basic Statistic Mortgage debt outstanding on multifamily residences in the U.S. 2001-2022

    Topic: Multifamily homes in the U.S. (22)

    Mortgage debt outstanding on multifamily residences in the U.S. 2001-2022

    Value of mortgage debt outstanding on multifamily residences in the United States from 2001 to 2022 (in billion U.S. dollars)

Market overview

4
  • Premium Statistic Median size of multifamily housing units in the U.S. 2000-2021
  • Premium Statistic U.S. cities with highest rents for one bedroom apartments in 2021
  • Premium Statistic Yoy growth of multifamily rents in selected markets in the U.S. 2021
  • Premium Statistic Multifamily property rent as a share of household income in the U.S. 2021, by city

Market overview

  • Premium Statistic Median size of multifamily housing units in the U.S. 2000-2021

    Topic: Multifamily homes in the U.S. (23)

    Median size of multifamily housing units in the U.S. 2000-2021

    Median size of multifamily housing units in the United States from 2000 to 2021 (in square feet)

  • Premium Statistic U.S. cities with highest rents for one bedroom apartments in 2021

    Topic: Multifamily homes in the U.S. (24)

    U.S. cities with highest rents for one bedroom apartments in 2021

    Average rent for one bedroom apartments in the United States as of September 2021, by city

  • Premium Statistic Yoy growth of multifamily rents in selected markets in the U.S. 2021

    Topic: Multifamily homes in the U.S. (25)

    Yoy growth of multifamily rents in selected markets in the U.S. 2021

    Year-on-year growth of multifamily rents in selected markets in the United States as of October 2021

  • Premium Statistic Multifamily property rent as a share of household income in the U.S. 2021, by city

    Topic: Multifamily homes in the U.S. (26)

    Multifamily property rent as a share of household income in the U.S. 2021, by city

    Multifamily property rent as a percentage of household income in selected cities in the United States in 2021

Further reportsGet the best reports to understand your industry

Get the best reports to understand your industry

Housing market in the United States
Millennials homeownership in the United States
Luxury residential real estate in North America
Apartments in the United States
Single-family homes in the United States

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Topic: Multifamily homes in the U.S. (2024)

FAQs

Topic: Multifamily homes in the U.S.? ›

Development of multifamily homes

Learn More Now ›
How many multifamily homes are in the US? ›

The majority of the housing stock in the United States is single-family detached houses. Of the total 128.5 million housing units in 2021, about 81.7 million were detached homes and 8.2 million were attached single-family homes. In comparison, roughly 31.8 million units were in multifamily buildings.

Tell Me More ›
How big is the multifamily market in the US? ›

Investors still favor multifamily

We predict U.S. multifamily investment volume will reach a record of nearly $213 billion in 2021 (year-to-date volume totaled $179 billion through Q3 2021), well above 2019's level of $193 billion. For 2022, we expect at least a 10% increase from 2021 to $234 billion.

Discover More Details ›
Which state has the most multifamily homes? ›

New York State leads the pack with the highest proportion of existing homes classified as multi-family, standing at 52.5%, followed by Massachusetts (43.1%), Rhode Island (38.6%), Hawaii (36.4%), and New Jersey (36.0%).

Read More ›
What is US multifamily housing? ›

Multifamily residential (also known as multi-dwelling unit or MDU) is a housing classification where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex. These units include apartments and condominiums.

Find Out More ›
What percentage of Americans live in multifamily housing? ›

Small and Large Multifamily

Large multifamily, which is now 33.8% of the sector, gained 7.2 million households in 2022, climbing 8.6% from the year before. In the past 10 years, the share of multifamily households in large properties has increased 6.4 percentage points.

Continue Reading ›
Who owns the most multifamily properties? ›

For the fourth consecutive year, the top multifamily property owner was Greystar. In August, the company's 183,074 units were valued at approximately $50 billion. The firm's portfolio consists of market-rate, affordable, student and senior rentals in markets across the U.S. and abroad.

View Details ›
Is the multifamily industry growing? ›

According to data from CoStar, annualized multifamily demand was estimated at 331,533 units at the end of 2023, compared to an estimated 148,160 units in 2022. In addition, CoStar is anticipating that demand will rebound in 2024, ending the year with an annualized 424,902 units of multifamily demand.

Find Out More ›
What is the return of multifamily in the US? ›

US Equity REITs One Year Total Return by Sector (%)

On the other end of the scale, the Multifamily sector as shown by the Dow Jones U.S. real estate multifamily index had the lowest one-year total return of -24.18 percent.

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How many apartment homes are there in the US? ›

Currently, the U.S. has a population of 36.8 million apartment residents living in 21.3 million apartment homes.

Get More Info ›

How many single-family rental homes are there in the US? ›

Of the 45 million rented housing units:

65% (29 million) are apartments in multifamily buildings. 31% (14 million) are single-family houses, attached and detached. 4% (2 million) are mobile homes, boats, etc.

Explore More ›
How many apartment properties are there in the US? ›

CoStar data shows that total apartment inventory stands at nearly 18.4 million units and is expected to grow to roughly 20.1 million units in five years, or an average of 320,000 units per year. At that average pace, the U.S. would hit the 4.3 million units needed by 2035.

See More ›
How many homes are rental properties in the US? ›

Nearly 44 million housing units were rented, comprising 34% of the total U.S. households. Per U.S. Census data, the average household size is 2.6 people.

Discover More Details ›
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