How do Multifamily Renters Get to Work?

What can apartment asset class tell us about the commuting patterns of their residents? Evidently a lot.In most cities, longer commutes typically demand greater dependence on personal transportation. It is no surprise renters in small buildings, being relatively more suburban, have higher rates of car use.

Given their larger share of small properties in suburban areas, small asset renters trade off lower rents and more space for longer daily commutes. Large assets are more urban, where public transportation and walkability are more popular.

As shown below, a greater share of workers living in small asset buildings commute by cars compared to their large asset counterparts.

In 2014, a whopping 77 percent share of workers living in small buildings drove to work compared to only 62 percent in large asset buildings.

On the other hand, at a 22 percent share, public transportation as commute choice was almost twice as much among large building renters, reflecting their higher urban concentration. Similarly, the choice of walking to work at a 9 percent share among large building renters was double that of small asset residents.

The greater reliance on cars among small building workers is also reflected in higher average vehicle ownership rate per household. As we shown below, nearly 78 percent of all small asset households owned at least one car compared to around 60 percent for large buildings.