More developers are building up instead of out, a new report from RentCafe says.
Since the 1990s, the share of low-rise buildings decreased from 92% to 48% of structures currently being built.
The share of mid-rise apartments under construction today is 41%, up considerably from 6% in the 1990s. High-rise apartment building has also increased its shares from 2% to 11% in the same time frame.
Residential skyscrapers are also becoming popular, going from only eight in the 1990s to 68 during the 2010s. From the early 2000s through the 2010s, the number of residential skyscrapers nearly doubles, RentCafe said.
The top 10 tallest apartment buildings in the U.S. were developed over the last three decades. Boston has the highest share of high rise apartment building growth this decade, outrunning other large metros including New York City.
In Boston, 55% of completed apartment buildings have more than 12 floors, while 51% of what was built in NYC since 2010 is in the same height category, and 41% in Chicago.
In the previous two decades, New York City led with a 61% share of high-rise buildings in the 2000s and a 46% share in the 1990s, remaining the city with the most high-rise residential buildings in the U.S.
Although going up might be the trend, there are some cities sticking to low-rise development.
Jacksonville, Florida had a 92% share of low-rise development and delivered no high-rise apartment buildings this decade.
Tall buildings have not been the preferred type for Las Vegas and El Paso, Texas either. These two cities saw its share of low-rise buildings rising to 98%, with the rest of deliveries being mid-rise.
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Source: HousingWire Magazine