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This post is part of KennMar Construction’s Multifamily Development Blog Series. If you missed the previous installments, check them out here:
Budgeting for a multifamily development requires precision, foresight, and adaptability. Rising material costs, supply chain disruptions, and labor shortages can quickly derail a project’s financial plan, making cost control strategies essential to keeping developments on track and within budget.
At KennMar Construction, we take a proactive and strategic approach to budgeting—leveraging detailed preconstruction planning, value engineering, and cost monitoring to maximize efficiency without sacrificing quality. From initial budgeting through project completion, we focus on predictability, risk mitigation, and long-term value to ensure financial success for developers and investors.
One of the most critical steps in controlling construction costs is preconstruction planning. A well-developed budget is built on accurate cost estimates, realistic timelines, and contingency planning for unforeseen expenses. Without a clear financial roadmap, projects can quickly experience cost overruns due to unforeseen site conditions, permitting fees, or fluctuating material costs.
Through frontloading financial planning and cost forecasting, we help developers create budget-conscious yet flexible plans that keep multifamily projects financially stable.
Value engineering plays a crucial role in cost control by identifying cost-saving opportunities without compromising structural integrity or tenant experience. The challenge is finding ways to reduce costs without sacrificing quality, durability, or functionality—a common pitfall in aggressive cost-cutting efforts.
By balancing short-term cost reductions with long-term efficiency, KennMar Construction ensures that value engineering efforts lead to stronger financial outcomes and better-quality developments.
Supply chain volatility has become an increasing challenge in multifamily construction. Material shortages, price spikes, and extended lead times can all disrupt a project’s budget and timeline. Developers who fail to anticipate these issues risk paying premium prices for last-minute orders or facing construction delays due to unavailable materials.
By staying ahead of supply chain challenges, KennMar Construction helps developers mitigate cost risks and maintain a steady workflow, preventing unnecessary budget increases.
Labor shortages and rising wages continue to be significant cost drivers in multifamily construction. Managing workforce efficiency is essential to preventing unnecessary labor expenses and ensuring that every trade works productively and on schedule.
By strategically managing labor costs, KennMar Construction helps developers maintain a productive and cost-efficient workforce while ensuring construction timelines stay on track.
No matter how carefully a budget is planned, unexpected costs will arise. The key to staying within budget is real-time cost tracking and proactive financial adjustments. A lack of visibility into spending can lead to delayed responses, allowing minor overages to snowball into significant budget concerns.
By actively monitoring project costs, we give developers the tools to stay ahead of financial challenges and make informed, timely decisions that keep projects financially stable.
Budgeting for a multifamily project requires more than just an estimate—it demands careful planning, strategic decision-making, and proactive cost control. At KennMar Construction, we combine financial expertise with construction efficiency to ensure that projects stay on budget without sacrificing quality or long-term value.
Stay tuned for the next installment in our Multifamily Development Series, where we tackle MEP Coordination & Building Systems in Multifamily Construction.
Progress continues at the Nichol Avenue Development in Anderson, Indiana, with the Benge’s Ace Hardware side of the project moving closer to completion. Recent construction activity has transformed the interior space, bringing it one step closer to opening its doors to the community. Catch up on the latest milestones and explore the project through our image gallery.
Keeping a multifamily project on schedule requires more than just a timeline—it demands strategic phasing, efficient workforce coordination, and proactive supply chain management. From site prep to final inspections, every stage must be carefully planned to prevent delays and cost overruns. In this installment of our Multifamily Development Blog Series, we explore the key challenges of construction phasing and logistics—and how KennMar Construction ensures seamless project execution from start to finish.
Progress continues at Spring Mill Station as Benge’s Ace Hardware moves closer to completion. With doors installed, concrete floors finished, and fresh paint throughout the space, the buildout is taking shape. Take a look inside and see the latest construction milestones in our photo gallery.
Take a closer look at how our development projects serve our communities and our partners.
If you would like to know more about our company, our team, our process, or anything else about KennMar, we would love the chance to talk to you and answer your question.
We invite you to use this form and get in touch with us.
3500 DePauw Blvd., Suite 2060
Indianapolis, IN 46268
