Though the rent gap between small and larger properties is shrinking for studio and one-bedroom units, new Census data shows that there are still substantial savings for larger units in smaller properties.

The multifamily market has arguably been the highest performing asset class of any over the last few years. Apartment rents have climbed 5% to 10% in some markets. Cap rates are at their lowest as investors have poured billions into owning these properties.

The most recent update from the Census Bureau indicates that the small multifamily rental market experienced a steeper year-over-year increase in rents compared to both larger properties and historical trends.

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Though income improvement has recently surpassed rent growth, new research finds that small properties (5 to 49 units) continue to provide a relatively more affordable option compared to large apartment buildings.

Secondary markets are home to the fastest inventory growth for the small multifamily (5 to 49 units) asset sector. In this deeper dive into the trend, we provide more details on where exactly these growth markets are.