Comparing the Life-Cycle Costs of New Construction and Acquisition-Rehab of Affordable Multifamily Rental Housing

Charles Wilkins, Maya Brennan, Amy Deora, Anker Heegaard, Albert Lee and Jeffrey Lubell

Housing Policy Debate, 2015, vol. 25, issue 4, 684-714

Abstract: The cost of producing multifamily affordable housing may differ based on development type. Past attempts to compare the costs of producing multifamily housing through new construction or acquisition-rehab have been limited by an inability to adjust for variations in unit quality among different projects. The authors overcome this challenge by estimating the costs of developing and maintaining a property over a 50-year life cycle. Applying this approach to a convenience sample of 269 properties, the authors find new construction associated with life-cycle costs that are 25% to 45% higher than those of acquisition-rehab.

Date: 2015
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DOI: 10.1080/10511482.2014.1003141

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