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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesNew apartments do not have one predictable effect on nearby home values. Studies from Stockholm, Alexandria, Virginia, and Salt Lake County found neutral or positive associations in their specific settings, while other research shows that new rental supply can reduce nearby rents. Those are different outcomes: a rent change is not proof that an owner-occupied home will sell for more or less.
For a particular property, the result depends on the project’s location, design, tenure and price range, neighborhood conditions, distance, timing, and the buyers or renters it attracts. The most useful evidence is therefore local and property-specific, not a universal “apartments raise values” or “apartments lower values” rule.
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What the strongest available studies actually found
The studies below cannot be lined up as a single national estimate. They examine different countries, housing types, distances, periods, and statistical methods. Read each result with those qualifications attached.
| Study and setting | What was measured | Result | How to interpret it |
|---|---|---|---|
| Stockholm, Sweden (2009–2014 projects; transactions from 2005–2018) | Detached-house transaction values around approximately 480 housing projects; difference-in-differences design | Multifamily construction did not affect surrounding single-family values in the sample. | A Stockholm estimate, not a universal rule. The abstract says multifamily projects tended to be at the edge of single-family areas, while single-family construction directly adjacent to or within those areas had a negative impact. |
| Alexandria, Virginia (2000–2020) | Nearby single-family homes, duplexes, cooperatives and residential condominiums; repeat-sales model using Zillow assessor and real-estate data | Affordable developments were associated with an average 0.09% increase in property values within 1/16 mile. | An association in one city. The authors point to strong local oversight and city–developer relationships as possible explanations. |
| Salt Lake County, Utah (2010–2019) | Median-value growth for homes within 1/2 mile of newly constructed apartments versus homes farther away | 10.0% average annual increase near new apartments versus 8.6% farther away. | A descriptive proximity difference. The published summary does not by itself establish that apartment construction caused the gap or predict an individual home’s result. |
| Low-income areas in the United States (working paper, 2019; published version 2023) | Rents near new market-rate apartment buildings | Nearby rents fell 5–7% relative to slightly farther locations or places developed later. | Evidence about rental markets and household movement, not nearby owner-occupied sale prices. |
| Calgary and Vancouver, Canada (CMHC report, 2026) | Rent and affordability spillovers from new rental supply | Rents fell 2–3% near new construction in Calgary; rents were more stable in Vancouver. | City-specific rent evidence that illustrates supply pathways, not a home-sale valuation estimate. |
The Stockholm study’s abstract states: “The results indicate that multifamily construction projects do not affect the value of surrounding single-family homes, while single-family home construction has a negative impact.” That sentence describes the study’s sampled projects and method; it is not a prediction for every apartment proposal.
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For the primary studies, see the Stockholm study abstract, the Urban Institute Alexandria analysis, the Gardner Policy Institute Salt Lake County summary, the Upjohn Institute working paper, and the CMHC 2026 report.
Why apartment construction can produce different outcomes
An apartment project changes more than the number of units. It can alter the amount and type of housing available, the mix of households seeking homes, traffic and construction activity, the appearance of a street, and access to services. Whether those changes are capitalized into a nearby sale price depends on which effects matter to local buyers and how the project is delivered.
Additional supply and competition
New units give households another option instead of bidding for existing homes. In rental markets, the Upjohn study’s 5–7% nearby-rent decline and CMHC’s Calgary finding show how added supply can affect rents in some places. A homeowner’s sale value, however, reflects what buyers will pay for an owned property, not what tenants pay for an apartment. Supply can reduce pressure in one market segment without producing a measurable change in another.
Household sorting and demand
A project may attract households who would otherwise compete for older apartments or homes. The Upjohn research reports that new buildings absorbed many high-income households in the low-income areas it studied. That migration pattern can change demand for surrounding properties, but its effect on sale prices is not determined by the rent result alone.
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Location, design and management
Distance, building scale, parking, landscaping, entrances, maintenance and the relationship to existing streets all shape how neighbors experience a project. The Stockholm authors explicitly distinguish projects at the edge of detached-home areas from construction directly adjacent to or within them. In Alexandria, the authors suggest that local oversight and close city–developer ties may help explain the positive association they observed. These details make a project’s context more informative than its apartment count by itself.
Timing and wider market conditions
Values can rise or fall during a project’s planning, construction and occupancy periods for reasons unrelated to the building. Interest rates, employment, school demand, transportation investment and broader neighborhood change can affect both the apartment site and nearby homes. A before-and-after comparison must therefore account for what would have happened without the project; the Salt Lake summary’s proximity comparison does not, on its own, do that.
How to read the numbers without overstating them
The 0.09% Alexandria estimate
The Urban Institute reports an average 0.09% increase in values within 1/16 of a mile of an affordable development in Alexandria, Virginia. The estimate covers nearby single-family homes, duplexes, cooperatives and residential condominiums from 2000 through 2020 and comes from a repeat-sales model. It is an average association for that sample, not a guaranteed gain for a particular address and not an estimate for every type of apartment development.
The 10.0% versus 8.6% Salt Lake comparison
The Gardner Policy Institute reports 10.0% average annual median-value growth for homes within 1/2 mile of a newly constructed apartment building in Salt Lake County between 2010 and 2019, compared with 8.6% for homes farther away. The difference is useful descriptive context, but nearby areas may have differed in transit access, redevelopment, employment growth or other factors. The summary does not establish that apartments caused the faster growth.
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The 5–7% and 2–3% rent findings
The Upjohn estimate compares rents near new market-rate buildings with slightly farther locations or places developed later and finds rents 5–7% lower nearby. CMHC reports a 2–3% rent decline near new construction in Calgary, while rents were more stable in Vancouver. Neither figure is a sale-price discount for houses. Labeling these as “home values” would answer a different question than the studies asked.
A practical framework for estimating risk at one property
Published averages are not appraisals. If you own, buy or finance a home near a proposed building, organize the analysis around the property and the project rather than relying on a headline percentage.
- Define the outcome. Decide whether you need an expected sale price, a future appraisal, rental income, time on market or neighborhood affordability. Do not combine rent evidence with sale-price evidence.
- Map the relevant distance. Record the home’s distance from the site and whether it faces the building, shares an alley, or is separated by a major road or commercial block. The studies use very different boundaries: 1/16 mile in Alexandria and 1/2 mile in Salt Lake County.
- Describe the project precisely. Note unit count, height, tenure, market-rate or affordable designation, parking, entrances, loading, open space, construction schedule and expected management. “Apartment construction” is too broad for a credible comparison.
- Build a local comparable set. Ask a qualified appraiser or analyst to compare sales of similar homes before and after comparable developments, adjusting for renovations, lot size, school assignment, transit, views and market conditions. A citywide average cannot substitute for comparable sales.
- Check the counterfactual. Identify what would likely occur on the site if the apartment project were not built. A vacant lot, industrial use, lower-density homes or another development can have very different effects.
- Separate temporary from permanent conditions. Construction noise, truck traffic and dust may affect buyer interest during building. Evaluate the completed project separately from the construction period and document any legally required mitigation.
- Review approvals and operating commitments. Zoning conditions, traffic plans, landscaping, affordable-unit requirements, maintenance obligations and enforcement history can tell you more about likely neighborhood experience than a generic apartment label.
- Update the estimate as evidence improves. Revisit the analysis when plans, unit mix, access points, completion dates or market conditions change. Treat an early conceptual plan as uncertain.
What homeowners should do before a project is approved
Collect address-level information
Obtain the site plan, zoning application, environmental or traffic documents, unit mix, building elevations and construction timetable from the local planning authority. Mark sight lines, shared boundaries, driveway conflicts and the distance to the nearest building entrance. This turns a general fear about “apartments” into specific features that can be evaluated.
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Ask for a valuation based on comparable evidence
A local professional can test whether nearby completed developments changed sale prices after controlling for the broader market. Request the comparable addresses, sale dates, adjustments and geographic boundary used. A conclusion that simply cites a national statistic is not an appraisal of your home.
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Protect the evidence for a future sale
Keep dated photographs, permits, notices and records of construction impacts. If a material condition affects access, noise or privacy, preserve the documentation and check the applicable local complaint and appeal procedures. These records do not prove a value change, but they make the property’s history clear to an appraiser or buyer.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What builders and planning teams should evaluate
Use a context-specific impact study
Analyze the same outcome and housing type that stakeholders care about. If the question is single-family sale values, use nearby single-family transactions and a comparison area; do not substitute apartment rents. Report the distance, time period, project type and statistical method with every estimate.
Design for the surrounding street
Site entrances, loading, parking, landscaping, lighting, setbacks and building massing to address the actual interfaces with existing homes. The Stockholm findings show why adjacency and location within a single-family area can matter. A well-managed edge condition may perform differently from a project inserted directly into a detached-home block.
Track outcomes after occupancy
Compare permits, sales, rents, vacancy and complaints before construction, during delivery and after stabilization. Publish the comparison area and limitations so that a measured result is not mistaken for a causal claim. Alexandria’s authors’ emphasis on local oversight illustrates why governance and management belong in the evaluation.
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Common mistakes and how to correct them
- “Apartments always lower values.” Correct it by checking the local project type and outcome. The Stockholm sample found no effect from multifamily construction, while Alexandria and Salt Lake County reported positive associations in their settings.
- “Nearby rents fell, so nearby houses lost value.” Correct it by labeling the outcome as rent. The Upjohn and CMHC findings do not estimate owner-occupied sale prices.
- “Homes within a half-mile rose 10%, so the building caused the increase.” Correct it by calling the Salt Lake result an observed proximity difference and checking for other simultaneous changes.
- “A citywide average is my property’s forecast.” Correct it with address-level comparable sales and adjustments for the project’s design, distance and timing.
- “The construction period is the finished neighborhood.” Correct it by assessing temporary disruption separately from the completed, occupied building.
Questions to ask when comparing any study
Before relying on a headline result, answer these questions:
- Is the outcome a sale price, an estimated value, rent or value growth?
- Are the affected properties detached houses, condominiums, duplexes or rental units?
- Is the project market-rate, affordable, multifamily or single-family?
- What geography, neighborhood conditions and distance band were used?
- What years were observed, and did the market experience unusual growth or decline?
- Was the method a repeat-sales model, difference-in-differences analysis or a descriptive proximity comparison?
- Does the result show an association, or does the design support a causal interpretation?
These checks explain why apparently conflicting findings can all be accurate within their own settings. They also prevent a rent statistic, a different housing type or a different distance band from being presented as evidence about a nearby house.
The defensible conclusion for a nearby homeowner
New apartment construction may leave nearby home values broadly unchanged, coincide with higher values, or affect individual properties differently. The reviewed evidence does not establish a single direction for every neighborhood. Stockholm provides a neutral multifamily result; Alexandria reports a small positive association for affordable developments; and Salt Lake County shows faster observed growth near new apartments without proving causation. Rental studies add useful information about supply and affordability, but they answer a separate question.
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Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →For a real decision, use the proposed project’s exact plans, a clearly defined distance, local comparable sales and a market-aware appraisal. Treat published percentages as context—not as a promise or a discount applied automatically to one address.
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