Rental inventory in Greater Los Angeles is concentrated in its urban core, Los Angeles County. Small multifamily leads this core market concentration.

Small multifamily made up the dominant share of rental inventory in Greater Los Angeles, but large multifamily stock is rising in the region.

Manhattan’s rent premiums remain well above all other New York City boroughs, ranging from 20% in small properties to 30% percent in large buildings.

New York City’s small multifamily inventory mostly consists of older, pre-war buildings, while large apartment buildings tend to be newer.

Multifamily properties made up 75% of New York City’s rental market. Large multifamily was concentrated in Manhattan, while small multifamily was more evenly distributed among the five boroughs.

Single-family rental residents have enjoyed a rise in national rental affordability during this cycle, with rents as a share of household income declining.

Millennial STEAM workers’ preference for small and large multifamily appears to be explained less by absolute income level differences, and more by a variety of personal preferences.

SFRs have emerged as a significant source of construction demand during this cycle. Since the last recession, the number of construction starts is up by more than 55%.

Millennials’ growing preference for high-skill jobs is translating to higher shares of white-collar Millennial workers in both small and large multifamily.

Amenity-rich large multifamily is increasingly geared toward high-skill jobs within the urban core, while the more dispersed and affordable small multifamily cater to a wider mix of workers.