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.

This annual report takes an in-depth look at how the landscape for large multifamily investment has evolved over the past year, and where demand growth is forecasted in the year ahead in the top U.S. markets.

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

The small multifamily market has experienced rapid change over the course of this cycle due to improved access to capital, favorable demand and a dramatic step-up in operating efficiency. This new annual report takes a closer look at the sector’s performance by breaking out the top-50 U.S. metros into three tiers and analyzing the markets in terms of origination volume, cap rates, debt yields and more.

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.