The cost to build an apartment building in 2024 depends on the size of the building, materials quality, and design complexity. The bigger the project is, the higher the cost will be! Dealing with building an apartment complex means that you have to be very careful about the budget. As there can be soft and hard costs, hidden fees, and expenses to work with several contractors. So, it is a big game that can go in millions of dollars.
If you are planning to start building an apartment in 2024 then depending on professional cost estimating services is recommended. First thing, that as a contractor you can never handle everything, especially the budget! You need expert predictions and cost evaluations to complete the project within time and budget. Second, Cost consultants are trained to do this certain job and they have knowledge about construction materials and other stuff. They provide accurate cost estimations with comprehensive cost breakdown details. So, do not leave your projects on guesses, seek professional assistance.
CURIOUS ABOUT THE COST OF BUILDING AN APARTMENT BUILDING IN 2024? DISCOVER THE KEY FACTORS THAT INFLUENCE CONSTRUCTION EXPENSES AND MAKE INFORMED DECISIONS FOR YOUR NEXT PROJECT!
This article aims to provide you with the cost of building an apartment complex. After reading this guide, you will have a rough estimate idea about the cost.
Estimated Costs to Build Apartment Complexes (2024)
Average cost ranges of Building Components
Foundation and Excavation
The Cost of Foundation and Excavation for an Apartment Building depends on
- How many floors are required?
- What is the size?
- What is the soil condition?
- Is the design complex?
An average rough estimate is between $17,000 – $21,000.
MEP Systems
The MEP systems cost to build an apartment range from $25 to $80 per square foot. It can be higher because it depends on the requirements of floors and apartments.
Roofing Costs
Almost Installation adds $15 to $40 per sq ft. and depends on the type of the material. Whether it is Asphalt shingles, metal, tile, or whatever.
Exterior Walls
The exterior walls cost to build an apartment building in 2024 can be around $7 per square foot. Steel framing, siding, or paint, whatever you desire to install adds up the installation costs.
Cost of Windows for an Apartment Building
The cost of Windows for an Apartment Building ranges from $15 to $30 per sq ft, including installation.
Factors Affecting the Cost of Building an Apartment Building
Location
If we talk about the location of the property then there can be 3 divisions. Urban, suburban, and rural areas each have different costs to build an apartment in 2024.
Urban Areas: $250 – $500 per square foot
Suburban Areas: $150 – $300 per square foot
Rural Areas: $100 – $200 per square foot
Size and Scale
If you are not an expert contractor then do not leave your projects on incompetent guesses. You can hire a professional Construction Estimating services agency and get accurate cost estimates. Because every building’s size and scale is different from the other!
Small-size buildings (10-20 units): $2 million – $7 million
Medium size buildings (50-100 units): $10 million – $30 million
Large size buildings (100+ units): $30million and above
Design and Materials
Complex-design apartments are more complex than simple layouts!
Standard Construction: $170 – $260 per square foot
Mid-Range Construction: $260 – $370 per square foot
Luxury Construction: $360 – $600+ per square foot
Labor Costs
Labour costs cover a significant amount of the total budget that is given according to the skills of the labour. More skilled labour for heavy and technical duty gets more wages per hour.
Average Labor Costs: $35 – $55 per hour
High-Demand Areas: $60 – $90 per hour
Amenities and Finishes
If you are adding amenities like swimming pools, gyms, and high-end finishes then your cost will be more. If you use high-quality materials for the finishes then the overall cost will also be higher!
Basic Amenities: $60,000 – $200,000
Luxury Amenities: $200,000 – $1 million+
READY TO TAKE THE NEXT STEP IN YOUR APARTMENT BUILDING PROJECT? CONTACT A RELIABLE COMPANY FOR DETAILED COST ESTIMATES! TURN YOUR VISION INTO REALITY, EFFICIENTLY AND WITHIN BUDGET!
Conclusion
No doubt Building an apartment building in 2024 is a huge risk! Many factors can cause hurdles down the road which is why you need to be very careful with the finances. As a contractor, there are heavy workloads on your shoulders. If you fail to achieve accuracy in estimating the cost of building an apartment complex. All things will go in vain! Because this inflation era has caused fluctuations in the prices. There is no stability in the cost of the construction materials. That is why it is needed to stay informed about the latest trends and cost variations. Most importantly, relying on expert evaluations and knowledge is the wisest choice!