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Four major California cities were the most expensive areas in the nation for small multifamily rentals, reflecting the state’s ongoing affordability crisis.
Small multifamily rents have been growing faster in metro areas with rent levels below the national average. This phenomenon has, by and large, also been true for the large multifamily asset class.
Renter income growth In small multifamily properties was slightly above the national average, while large multifamily households saw market-leading gains.
Key strategies for development, including building for long-term holds and adapting to changing renter profiles, were discussed at the recent NMHC Apartment Strategies Outlook Conference in Orlando, FL.
While many early technology solutions have been operationally focused, advanced technology like artificial intelligence and data analytics tools now allow owners to focus their efforts on improving the customer experience, panelists noted at the recent NMHC Annual Meeting in Orlando, FL.
The natural apartment filtering process of new supply declining in quality and value as it ages has provided low-income renters with access to more affordable housing options. The Great Recession, however, caused a break in the filtering pattern, leaving a shortage of workforce housing supply during this recovery.
Over the course of the decade, the multifamily real estate market emerged as a premier asset class. Demand was driven not only by the shifting demographics, but also housing affordability issues surrounding escalating prices, limited supply and stagnant wage growth. See our breakdown of the decade’s top-performing multifamily markets.
Small multifamily promotes greater accessibility to housing for workforce households than large multifamily. About 62% of all small multifamily households made less than $50,000 annually.