8 Multifamily Housing Trends and Statistics in 2024
Note: This article’s statistics come from third-party sources and do not represent the opinions of this website.
Because of the pandemic, multifamily housing has been lower than average compared to past years. Going into 2023, most investors and experts expect the multifamily housing market to make a huge comeback.
As a result, it’s critical to pay attention to multifamily housing trends and statistics if you want to invest or start renting a multifamily housing facility.
Below, we will look at some of the most pressing multifamily housing trends and statistics.
Click below to jump ahead:
- Key Figures About Multifamily Housing
- Value of the Multifamily Housing Market
- How Experts Predict Multifamily Housing Will Change in 2023
The 8 Multifamily Housing Statistics
- The number one multifamily housing lender in the US by volume is Walker & Dunlop.
- There are about 280,000 completed multifamily housing units in the United States.
- The average size of a multifamily home in the US is 1,076 square feet.
- In San Francisco, it costs about $482.50 to build a single square foot of a multifamily home.
- The multifamily lending market is almost $360 billion.
- The multifamily real estate market makes up nearly half of all commercial property markets.
- There are about 524,000 multifamily housing plans in the works.
- The fastest-growing multifamily market in the US is in Phoenix.
Key Figures About Multifamily Housing
1. The number one multifamily housing lender in the US by volume is Walker & Dunlop.
The number one multifamily housing lender in the United States by volume is the company Walker & Dunlop, which is responsible for a lending volume of around $11.4 billion. This company is typically highly ranked as a number one lending source with a market cap of $4.718 billion.
2. There are about 280,000 completed multifamily housing units in the United States.
In the United States, there are an estimated 280,000 completed multifamily housing units. This does not include multifamily housing units that are in the works or not in operation anymore.
3. The average size of a multifamily home unit in the US is 1,076 square feet.
In the United States, the average size of a single multifamily home unit is about 1,076 square feet. To put that in perspective, this is about the same amount of space as a larger single-wide trailer. For further comparison, the average single-family home is about 2,500 square feet.
4. In San Francisco, it costs about $482.50 to build a single square foot of a multifamily home.
Even if you have no experience in construction, it doesn’t take a genius to know that building a multifamily home is expensive. That being said, most people do not realize just how expensive it is.
In San Francisco, just building a single square foot of a multifamily home costs about $482.50. Using this math, just a single unit within the building can cost $519,170 to make. Talk about an expensive endeavor!
Value of the Multifamily Housing Market
5. The multifamily lending market is almost $360 billion.
At the end of 2020, the value of the multifamily lending market was about $360 billion. It stayed about the same in 2021. It is expected to rebound dramatically in 2023.
6. The multifamily real estate market makes up nearly half of all commercial property markets.
Multifamily units, specifically, are responsible for about 50% of the real estate commercial property, showing how big the lending market is for this type of housing.
How Experts Predict Multifamily Housing Will Change in 2024
7. There are about 524,000 multifamily housing plans in the works.
One reason why experts believe that the multifamily housing industry is going to boom in 2023 is that almost half a million multifamily housing plans got permits in 2021. This seems to suggest that most investors and builders are looking to make more multifamily homes.
8. The fastest-growing multifamily market in the US is in Phoenix.
When most people think of multifamily markets, they think of New York City, LA, and other major cities. Although these cities certainly have the highest number of multifamily homes, the fastest-growing multifamily market in the United States is Phoenix.
Frequently Asked Questions About Multifamily Housing Sheathing
What is a multifamily housing building?
A multifamily housing building is a building intended for more than one family to live in separately. Some multifamily buildings can have as few as two families, but most apartment units and other larger buildings have five or more families living in them at one time.
(Arizona State University)
Is multifamily housing safe?
Most multifamily housing buildings are safe, but you should take precautions to ensure you are as safe as possible. This includes locking your doors and being aware of your surroundings whenever you are going inside your unit.
Another factor that impacts the safety of multifamily houses is the units’ condition. You are more likely to experience mold, mildew, and infestations in multifamily houses than single-family houses.
Other issues such as virus spread, air contaminations, and other airborne illnesses are also more prevalent in multifamily houses.
Will multifamily housing go up in 2023?
Most experts predict the multifamily housing market to go up in 2023 by quite a lot.
(We Lend LLC)
Is the housing market going to crash in 2023?
Most experts do not believe that a dramatic crash will happen in the housing market in 2023.
Where are there the most multifamily housing units?
New York and northern New Jersey tend to have the most multifamily housing units, but the fastest growing community in need of more multifamily units is Phoenix.
Related Read: 11 Construction Industry Statistics and Trends
Whether you are looking to invest in multifamily houses or rent out an apartment, there are plenty of options in the United States. Many investors and builders are opening back the multifamily housing market as the country works to control the pandemic. Everything looks like it is on the up as a result.
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