What is the Average Cost to Build a Two Bedroom Apartment?
Togal.AI
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A 2-bedroom apartment can either be a small single-story duplex, or a 4-story building with 20 units. For as long as the units have 2 distinct and separate bedrooms, then it can be considered a 2-bedroom unit.
Many factors influence the cost to build it, such as the square footage, cost per city, number of units, apartment type, type of finishing, interior furnishings, and materials used. Thus, you can expect an enormous range in its construction costs.
For example, you could pay $388,000 for a duplex with two 2-bedroom units, or you could pay a whopping $104 million for a luxury 100-unit high-rise apartment building. For faster and more accurate pricing, it’s best to use AI estimating software to perform takeoffs and cost estimation. For large-scale projects that include 100 units of 2-bedroom apartments, estimators can easily turn weeks’ worth of takeoff into seconds with up to 99% accuracy with AI.
Read further to learn more about the cost to build a 2-bedroom apartment along with the factors that impact the final price. At the end of this blog, you’ll also discover an AI-powered tool that can streamline the cost estimation of your apartment building project.
Disclaimer: The pricing stated here is based on average data from third-party research. Prices may still vary due to differences in seasonality and supplier.
How Much Does a 2-Bedroom Apartment Cost per Month?
According to Statista, the average price for a 2 bedroom apartment has steadily increased from February 2021 until February 2022. The average monthly apartment rent rose from $1,100 to $1,295, a $195 increase in just 12 months.
Monthly Rent Costs of 2-Bedroom Apartments From 2021-2022
What is the Average Cost to Build a Two Bedroom Apartment Per Square Foot?
The average price to build an apartment building is $270 per square foot but can range between $90 - $430 per square foot. If a 2-bedroom apartment is typically around 800 square feet, then the average cost is around $216,000.
For a more detailed look, here’s a table that shows how square footage impacts the cost to build a 2-story bedroom apartment.
Cost Range By Apartment Size
Source: Fixr
What is the Average Cost of 2 Bedroom Apartment by Type?
The type of apartment impacts the cost of a 2-bedroom apartment because each type requires different materials and building methods. For example, high-rise apartments must withstand earthquakes and strong winds, thus requiring stronger materials and more complex building processes. Here’s a chart that shows how the apartment type impacts the overall construction costs.
Construction Cost Per Square Foot By Apartment Type
- Infill
Infill apartments typically have 2-4 units, but can be as many as 6 units, eg. a duplex, triplex, and fourplex. This type of apartment is great for families, senior living, and people with disabilities.
Pros:
- Lower material costs during construction
- Lower maintenance costs
- Great for senior living and people with disability
Cons:
- Higher land costs
- Higher roofing and foundation costs
- Vacancies have a huge impact on cash flow
- Low-Rise
Low-rise apartments typically have 4 or fewer stories with 5 - 50 units, stairwells, corridors, and elevators. The pros and cons are still similar to infill apartments, but material costs get higher as the number of stories increases due to the need for structural support.
Pros:
- Lower material costs during construction
- Still cheaper to maintain compared to high-rise
- Fewer people to manage
- Greater sense of community among tenants
Cons:
- Higher land costs
- No good view of the city from the windows
- Busier corridors and hallways due to the lack of elevators
- Mid-Rise
Mid-rise apartments typically have 5 - 10 stories but can be as many as 12 stories, with 50 - 200 units. Tenants have access to corridors, multiple exits, elevators, and sometimes an apartment gym.
Pros:
- More outdoor space than high-rises e.g. larger balconies or patios
- Great view of the city
- Access to amenities like a gym
- Have fewer tenants compared to high-rise
Cons:
- Traffic noise and pollution for tenants on the lower floors
- Potential parking issues due to the high number of residents
- More complex evacuation plans due to number of floors
- Shared communal spaces like laundry area
- High-Rise
It's typically over 12 stories, with many being 20 - 40 stories high. Each floor can have 4-20 units with a mix of 1-bedroom, 2-bedroom, and studio types. Tenants often have access to pools, gyms, and other amenities.
Pros:
- Better privacy and security
- Great view of the city
- Top-notch amenities like pools and gyms
- Access to support staff and the front desk attendant
- Less noise and less traffic in the corridors due to elevator access
Cons:
- Traffic noise and pollution for tenants on the lower floors
- Potential parking issues due to the high number of residents
- More complex evacuation plans due to the number of floors
- Costs more to build due to the number of floors
The Cost of a 2-Bedroom Apartment Per Feature
A 2-bedroom apartment typically has a combined living area and dining area, 1-2 bathrooms, a kitchen, and 2 distinct and separate bedrooms. If the unit is larger, the dining area could be separated from the living area. The unit may have additional features such as a storage area, laundry room, walk-through closets, and a small study room.
Construction Cost Per Apartment Area
Source: Various Sources
Other Factors That Impact the Average Cost of 2 Bedroom Apartment
Land
The cost to buy land will depend on the location. For example, Wyoming has the cheapest land in the U.S. with an average of $1,558 per acre. On the other hand, land in New Jersey typically costs $196,410 per acre.
Top 10 Most Expensive States to Buy Land
Source: Zippia
Top 10 Cheapest States To Buy Land
Source: Zippia
Labor Costs
While the apartment building project begins with a developer, a project owner, and some investors, the planning and the actual construction process will require many specialists. Here are some of the labor costs to consider when building a 2-bedroom apartment building.
Source: HomeAdvisor and HomeGuide.
Permits and Local Fees
Permits can take around two weeks for extensive construction projects and cost around $1,200 - $2,000. But for more accurate pricing, consult your local county officials prior to the project.
Interior Furnishing
Having a fully-furnished apartment makes moving easier for potential tenants, but the cost of a furnished unit depends on the size of the rooms and the available budget. Learn the cost to furnish a 2-bedroom apartment per room in the table below.
Cost of Furnishing Per Room
Source: HomeAdvisor
Estimate Your Apartment Construction Costs in Seconds with Togal.AI
Two-bedroom apartments are great for growing families and accommodating guests. Even if you’re living alone, two-bedroom apartments can make a great guest room or study room. It’s also a perfect option for living with a roommate and sharing rent and utility costs, making it one of the most common apartment types in expensive cities.
A wide range of factors can impact the cost to build a 2-story apartment, such as location, materials used, available amenities, type of apartment, and square footage. For faster and more accurate pricing, leverage our AI estimating software, Togal.AI.
With Togal.AI, you can complete takeoffs in seconds with 99% accuracy.
- Save roughly 90-minutes per sheet.
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- Eliminate error-prone manual calculations.
To experience how Togal.AI can streamline your workflow and increase the profitability of your apartment construction projects, book a free demo.