If you want to see the future of multi-family housing, you’ll need to look up, one recent report on apartment construction found.
As cities become denser and denser and demand for housing skyrockets, developers abandon urban sprawl in favor of high-rise projects, a new report by RentCafe, based on data from Yardi Matrix, found.
“Thirty years ago, in the ’90s, the average apartment building in the U.S. had three floors, the following decade the average height was around four stories, and this decade, with a boost in high-rise construction, the average building height rose to six floors,” the report, which looks at apartment construction in the 30 largest US cities across the last three decades, said.
That holds true for the Dallas market as well.
- Low-rise apartment construction was the norm in the 1990s, and at that time in Dallas, 91% of the new apartment buildings were low-rise.
- In the 2000-2009 interval, new development in Dallas consisted of 11% high-rise and 14% mid-rise apartment buildings.
- More recently, between 2010 and 2018, low-rises lost even more ground, as 14% of new apartment complexes were high-rise, while 32% were mid-rise.
- Dallas is ranked seventh among the 30 largest US cities, based on the share of high-rise apartment buildings built in the last decade.
You can see more of the report here.