Small Multifamily Properties Are a Key Source of Rental Housing in Many Places

Although large multifamily properties, defined as properties with more than 50 units, are usually what come to mind when thinking of an apartment building, in most areas of the country small multifamily properties, defined as properties with between five and 50 units, are the predominant property type of multifamily. For instance, in Portland, Maine, a metro with fewer than 70,000 residents according to the 2020 U.S. Census, data from real estate provider CoStar, Inc. shows that there are 80 conventional small multifamily properties, compared to 34 conventional large multifamily properties.

Read the May 2023 Market Commentary