American multifamily homes - statistics & facts

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
Average construction cost per square foot of multifamily homes in San Francisco
513 USD
Leading apartment owner in the U.S. by units owned
Starwood Capital Group
Get more insights

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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)

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

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

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

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