Apartment Markets with the Highest Share of Mid-Rise Assets

While just under 20% of the nation’s apartment stock is defined as mid-rise product, this asset type is a powerful option for increasing density in locations where high- or low-rise buildings might be less desirable. RealPage defines mid-rise properties as having between four and six stories. Factors such as geography, land parcel size, population density, cost and local zoning codes are all important considerations in planning building size. Further, many neighborhoods prefer mid-rise over high-rise buildings as they are seen to foster a greater sense of social cohesion and community building. Boston is a great example of building height restrictions due to proximity to Boston Logan International Airport, among many other reasons. As a result, Boston leads the nation for proportional share of mid-rise assets with nearly half of existing housing inventory defined as mid-rise. Seattle, Newark, Washington, DC and San Francisco followed, each with mid-rises comprising approximately one-third of existing stock. Alternatively, markets with the lowest proportional share of mid-rise buildings tend to be away from coastal, gateway markets. More interior, smaller metros with more room to build tend to have fewer mid-rise properties, including the lowest concentrations in Greensboro, Las Vegas, Detroit, Sacramento and Riverside. Each of those markets claimed less than 10% of their respective housing stock as mid-rise.

To see which markets have the highest and lowest share of high-rise properties, see here.