楼房 (lóu fáng) literally combines 楼 (lóu), meaning 'floor' or 'story' (as in a building level), and 房 (fáng), meaning 'room' or 'house'. Together, they refer specifically to a multi-story residential building — typically concrete or brick structures with two or more floors, commonly found in urban and suburban Chinese neighborhoods. Unlike 平房 (píngfáng), which means 'single-story house', 楼房 implies vertical construction and is the standard term for apartment buildings or townhouses.

This word is neutral in register and widely used in everyday speech, real estate listings, city planning discussions, and housing policy contexts. It does not imply luxury or affordability — it simply describes structural height and residential function. While often translated as 'apartment building' or 'multi-story house', 楼房 may also include owner-occupied units or mixed-use buildings where ground floors house shops and upper floors are residences.