U.S. Apartment & Condominium Construction Market Size & Share Analysis - Emerging Trends, Growth Opportunities, Competitive Landscape, and Forecasts (2025

Description

The U.S. apartment and condominium construction market was valued at USD 91.1 billion in 2024 and is forecast to grow to USD 124.2 billion by 2032, reflecting a CAGR of approximately 4.1% over the forecast period. Rising demand for high-density housing, driven by urban migration, growing rental demand, and a shortage of affordable home ownership options, continues to support robust construction activity.

Key Insights

Delivery of over 500,000 rental units in 2024 marked a record high, with more than 666,000 units leased or sold, and occupancy rates at around 94.8%, underscoring strong market absorption despite rising supply.

Construction starts are declining after 2022's peak, with a 27% drop in new multifamily starts in 2024 compared with 2023-a signal of tightening supply ahead.

Tariffs on construction materials and labor scarcity are creating headwinds, slowing new starts, particularly for steel-intensive, high-rise developments.

The market's annualized growth rate between 2019 and 2024 is estimated to be between 3.5% and 3.8%, indicating long-term stability amid cyclical pressures.

Competitive dynamics reflect widespread builder consolidation, cost pressures, and aggressive pricing strategies-developers now offering concessions such as free rent to maintain occupancy in overbuilt metro markets.

Regional momentum remains high in Sunbelt cities like Phoenix, Dallas, Austin, Raleigh, and Miami, though zoning restrictions and rising costs in fast-growing suburbs pose challenges.

Demand drivers include persistent affordability constraints, elevated mortgage rates, and elevated home prices-all supporting prolonged tenant demand for rentals and new construction absorption.

Long-term opportunities exist in adaptive reuse projects converting offices to residential units-led by New York, Chicago, Dallas, and Phoenix-helping alleviate urban housing shortages.

Developers are prioritizing mixed-use and transit-oriented designs, focusing on walkable neighborhoods, amenity-rich buildings, and sustainable development to attract renters and buyers.

Resilience in the market is increasingly tied to cost-efficient construction methods, substitution of building materials, and pre-leasing models to secure financing amid capital constraints.

Product Code: 13534

Chapter 1. Research Scope

1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segments
- 1.4.1. Market Size Breakdown, by Building Type
- 1.4.2. Market Size Breakdown, by Construction Type
- 1.4.3. Market Size Breakdown, by Price Range
- 1.4.4. Market Size Breakdown, by End User
1.5. Market Data Reporting Unit
- 1.5.1. Revenue
1.6. Key Stakeholders

Chapter 2. Research Methodology

2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence Database
2.2. Primary Research
2.3. Market Size Estimation
2.4. Data Triangulation
2.5. Currency Conversion Rates
2.6. Assumptions for the Study
2.7. Notes and Caveats

Chapter 3. Executive Summary

Chapter 4. Market Indicators

Chapter 5. Industry Outlook

5.1. Industry Background
5.2. Market Dynamics
- 5.2.1. Trends
- 5.2.2. Drivers
- 5.2.3. Restraints/Challenges
- 5.2.4. Emerging Economies and Key Opportunities
- 5.2.5. Impact Analysis of Drivers/Restraints
5.3. Impact of COVID-19
5.4. Sociopolitical Impact
5.5. Porter's Five Forces Analysis
- 5.5.1. Bargaining Power of Buyers
- 5.5.2. Bargaining Power of Suppliers
- 5.5.3. Threat of New Entrants
- 5.5.4. Intensity of Rivalry
- 5.5.5. Threat of Substitutes
5.6. Innovation and Technology Trends
5.7. Supply Chain and Value Chain Insights
5.8. Economic and Regulatory Impact
5.9. Market Entry Strategies

Chapter 6. Competitive Landscape

6.1. List of Market Players and their Offerings
6.2. Market Share of Key Players (2024)
6.3. Competitive Benchmarking of Key Players
6.4. Product Benchmarking of Key Players
6.5. Recent Strategic Developments by Key Players
6.6. Company Leadership Matrix

Chapter 7. U.S. Market

7.1. Overview
7.2. Market Revenue, by Building Type (2019-2032)
7.3. Market Revenue, by Construction Type (2019-2032)
7.4. Market Revenue, by Price Range (2019-2032)
7.5. Market Revenue, by End User (2019-2032)
7.6. Market Revenue, by Country (2019-2032)

Chapter 8. Northeast Market

8.1. Overview
8.2. Economic Indicators
8.3. Demographics and Population Insights
8.4. Regional Hotspots
8.5. Growth Drivers
8.6. Challenges and Barriers
8.7. Competitive Strategies
8.8. Emerging Players
8.9. Import/Export Policies
8.10. Compliance Requirements
8.11. Emerging Investment Areas
8.12. Major Ongoing Projects
8.13. Market Size and Forecast
- 8.13.1. Market Revenue, by Building Type (2019-2032)
- 8.13.2. Market Revenue, by Construction Type (2019-2032)
- 8.13.3. Market Revenue, by Price Range (2019-2032)
- 8.13.4. Market Revenue, by End User (2019-2032)

Chapter 9. Midwest Market

9.1. Overview
9.2. Economic Indicators
9.3. Demographics and Population Insights
9.4. Regional Hotspots
9.5. Growth Drivers
9.6. Challenges and Barriers
9.7. Competitive Strategies
9.8. Emerging Players
9.9. Import/Export Policies
9.10. Compliance Requirements
9.11. Emerging Investment Areas
9.12. Major Ongoing Projects
9.13. Market Size and Forecast
- 9.13.1. Market Revenue, by Building Type (2019-2032)
- 9.13.2. Market Revenue, by Construction Type (2019-2032)
- 9.13.3. Market Revenue, by Price Range (2019-2032)
- 9.13.4. Market Revenue, by End User (2019-2032)

Chapter 10. West Market

10.1. Overview
10.2. Economic Indicators
10.3. Demographics and Population Insights
10.4. Regional Hotspots
10.5. Growth Drivers
10.6. Challenges and Barriers
10.7. Competitive Strategies
10.8. Emerging Players
10.9. Import/Export Policies
10.10. Compliance Requirements
10.11. Emerging Investment Areas
10.12. Major Ongoing Projects
10.13. Market Size and Forecast
- 10.13.1. Market Revenue, by Building Type (2019-2032)
- 10.13.2. Market Revenue, by Construction Type (2019-2032)
- 10.13.3. Market Revenue, by Price Range (2019-2032)
- 10.13.4. Market Revenue, by End User (2019-2032)

Chapter 11. South Market

11.1. Overview
11.2. Economic Indicators
11.3. Demographics and Population Insights
11.4. Regional Hotspots
11.5. Growth Drivers
11.6. Challenges and Barriers
11.7. Competitive Strategies
11.8. Emerging Players
11.9. Import/Export Policies
11.10. Compliance Requirements
11.11. Emerging Investment Areas
11.12. Major Ongoing Projects
11.13. Market Size and Forecast
- 11.13.1. Market Revenue, by Building Type (2019-2032)
- 11.13.2. Market Revenue, by Construction Type (2019-2032)
- 11.13.3. Market Revenue, by Price Range (2019-2032)
- 11.13.4. Market Revenue, by End User (2019-2032)

Chapter 12. Company Profiles

Chapter 13. Appendix

13.1. Sources and References
13.2. Related Reports

U.S. Apartment & Condominium Construction Market Size & Share Analysis - Emerging Trends, Growth Opportunities, Competitive Landscape, and Forecasts (2025 - 2032)