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

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

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.

Suggested Citation

  • Charles Wilkins & Maya Brennan & Amy Deora & Anker Heegaard & Albert Lee & Jeffrey Lubell, 2015. "Comparing the Life-Cycle Costs of New Construction and Acquisition-Rehab of Affordable Multifamily Rental Housing," Housing Policy Debate, Taylor & Francis Journals, vol. 25(4), pages 684-714, October.
    • Handle: RePEc:taf:houspd:v:25:y:2015:i:4:p:684-714
    DOI: 10.1080/10511482.2014.1003141
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    References listed on IDEAS

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    1. Rosenthal, Larry A. & Listokin, David, 2009. "New Or Rehab: Striking A New Balance Under California's Affordable Housing Standards," Berkeley Program on Housing and Urban Policy, Working Paper Series qt6099j2wr, Berkeley Program on Housing and Urban Policy.
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    Cited by:

    1. Boarnet, Marlon G & Bostic, Raphael & Williams, Danielle & Santiago-Bartolomei, Raul & Rodnyansky, Seva & Eisenlohr, Andy, 2017. "Affordable Housing in Transit-Oriented Developments: Impacts on Driving and Policy Approaches," Institute of Transportation Studies, Working Paper Series qt487994z4, Institute of Transportation Studies, UC Davis.

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