Research
Workforce segment renters living in small apartment properties are adapting to the changing economy, while also representing a broad occupational base.¹
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Workforce segment renters living in small apartment properties are adapting to the changing economy, while also representing a broad occupational base.¹
Multifamily properties capture the largest share of the overall U.S. workforce rental demand, while single-family rentals are the largest individual asset class.
Rental demand from the workforce housing segment is on the rise, with a relatively higher concentration in single-family and small asset properties.
Data on the extent of housing-cost burden shows that relatively fewer households in small apartment properties are impacted severely by rental expenses.
Metros showing higher than average housing cost shares of household income are also home to higher concentrations of severely cost-burdened households.
The share of household income spent on housing costs for small properties ranges significantly across the largest U.S. cities. Overall, this share has declined slightly with the ongoing economic recovery, improving affordability in recent years.
In their unit mix, small apartment buildings are more specialized in bigger units compared to large properties, while also being more affordable. Renters can find value in small apartment properties, as examined in this update.
FREDDIE MAC Manufactured Housing Resident Owned Community Loan (MHROC) Designed specifically for MHROCs (also known as MH Cooperatives) Expands affordable housing options for underserved populations, particularly in rural and non-metro areas where MHROCs are prevalent Eligible Property Types Existing, stabilized, high-quality, professionally managed MHROCs, with or without age restrictions Eligible Transaction Types Acquisition/Conversion: An Acquisition Mortgage on a Manufactured Housing Community which is in the process of converting from a rental property to an MHROC. The MHROC Borrower must be formed prior to rate lock. Seasoned Refinance: A Refinance Mortgage on an existing MHROC with most shares already sold to resident shareholders Eligible Borrowers Not-for-profit cooperative corporation or association (“Co-op”) in which shares in the Co-op are sold to shareholders and such shares entitle the shareholder to occupy a specific pad Requirements for Resident Shareholders At rate lock: 100% of pads must be owned by the MHROC Borrower. At least 90% of shares must be owned by resident-shareholders. Seasoned Refinances offer flexibility on this point with alternate sizing. Debt Service Reserve May be required Terms 5- to 30-year terms Read the full article…
