Modular Builders Laying A Foundation In The Multifamily Sector
Modular builders are gaining more than a mere toehold in the multifamily sector as inflation, the “Great Resignation” and other factors have combined to boost interest in prefabricated, factory-built units.
The multifamily sector represented the largest market for the modular industry for the third year in a row, accounting for nearly one-third (32.3%) of the total, significantly above both its own market share in recent years—24% in 2021 and 21% in 2020—and other common uses in 2022, like office/administrative (19.1%), institutional/assembly (17.5%) and education (15.6%).
MBI’s analysis of 15 modular multifamily projects showed an average size of four stories, 59,718 square feet and 81 units, and an average completion time of just over a year (380 days). Cost data provided for five of those projects totaled $9.8 million, with $4.2 million (43%) for the modular portion of the project.