(MENAFN- GlobeNewsWire - Nasdaq) Dublin, March 28, 2024 (GLOBE NEWSWIRE) -- The "Multifamily Housing Construction (Apartments) Global Market Report 2024" report has been added to ResearchAndMarkets's offering.
The multifamily housing construction (apartments) market size has grown strongly in recent years, growing from $816.88 billion in 2023 to $887.81 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth observed during the historical period can be attributed to demographic trends, economic conditions, and urbanization, as well as factors such as interest rates and financing, dynamics in the rental market, and broader social and cultural shifts.
The market is expected to see continued growth in the next few years, reaching $1265.59 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. Forecasted growth is driven by changing work and living patterns, affordability challenges, sustainable building practices, urban redevelopment, and demographic changes. Key trends include technology integration in residential spaces, urbanization, adaptable and flexible spaces, and a focus on wellness and health-centric design.
The expected growth in population is anticipated to drive market expansion. With the increase in population, there is a corresponding need to accommodate a larger number of people, thereby leading to a rise in the construction of multi-family housing units such as apartments. As per data from the United Nations, a global intergovernmental organization, the global human population reached 8 billion in mid-November 2022, compared to 7.79 billion in 2020. This surge in population serves as a driving force behind the growth of the multi-family housing construction market.
The growing desire for urban living is expected to drive the expansion. Urban living, characterized by a lifestyle associated with densely developed areas and increased access to amenities, services, and cultural opportunities, has become a preference for many. Multifamily housing construction, particularly apartments, offers efficient and compact residential solutions that cater to the demands of urban living. As indicated by data from the World Bank Group in April 2023, over half of the global population resides in urban regions, and this urban population is projected to increase to 6 billion by 2045, representing a 1.5 times surge. Hence, the growing desire for urban living serves as a driving force behind the market.
Sustainability stands out as a prominent trend gaining traction in the multi-family housing construction market, with companies actively incorporating new technologies to maintain their market positions. An illustrative case is Dahlin Group, a US-based engineering and construction company, which, in December 2021, introduced a tiny home prototype called Mod Hive to address the affordable housing shortage in Salt Lake City. The Mod Hive prototype offers flexibility, allowing its utilization as a compact cluster on a single lot or as part of a well-planned development spanning multiple lots.
The sustainable concept revolves around creating a small community with features such as a community garden, outdoor gathering area, and firepit, all designed with an inward-looking site plan. Through a lower-density arrangement at the front of the lot and a higher density at the back, this approach emulates the feel of a traditional neighborhood with two-story, single-family detached homes. The Mod Hive prototype exemplifies an innovative approach to achieving sustainable living in the multi-family housing construction market, showcasing how thoughtful design and technology can address housing challenges while promoting community and environmental well-being.
Prominent companies in the multifamily housing construction, particularly in the apartments market, are directing their focus towards the development of advanced tools, such as carbon emissions calculators, to empower customers and secure a competitive advantage in the market. A carbon emissions calculator is a tool designed to compute and compare carbon emissions data, taking into account specific factors such as water and energy consumption. As an example, in November 2023, SilverDoor, a UK-based company specializing in serviced apartments, introduced a Carbon Calculator for the serviced apartment sector. This innovative tool enables users to calculate and compare carbon emissions data associated with their stays. The Carbon Calculator utilizes a proprietary methodology grounded in building-specific water and energy consumption to estimate per-night CO2 emissions for serviced apartment accommodations. The resulting emissions score is prominently displayed on property profiles within the SilverDoor platform, offering users a transparent comparison to equivalent hotel stays based on the Cornell Hotel Sustainability Benchmarking Index. This initiative underscores a commitment to environmental sustainability within the multifamily housing construction sector, emphasizing transparency and consumer empowerment through the use of advanced tools and data-driven insights.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Report Scope
Markets Covered:
By Construction Activity: New Construction; Repair and Maintenance; Refurbishment and Demolition By Cost Type: Construction Materials; Construction Equipment; Construction Services By Application: Owned; Rental
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Companies Profiled:
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 Habyt Ltd. Brasfield & Gorrie LLC TRG Realty Company Nestcon Shelters Private Limited
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