Analysis

Small Multifamily Investment Snapshot — June 2025

Amid ongoing macroeconomic uncertainty, the small multifamily sector remains favorably positioned for stability as the structural need for affordable housing in the U.S. has supported the strength of the sector’s demand profile.

Articles

Single-Family Build-to-Rent Starts Remain Robust

As build-to-rent (BTR) demand rises, single-family rental (SFR) development has become more efficient in creating a distinct, community-focused experience for renters. Newly released U.S. Census Bureau data confirms that SFR/BTR development continues to be robust and stable, with its annualized pace of construction in the first quarter of 2025 matching the previous quarter’s tally.

Articles

Top Multifamily Markets for Low Renter Turnover

Tenant retention is a valuable — though sometimes elusive — contributing factor to the strength of a multifamily property. Nationally, 29% of multifamily households signed a third lease for the same unit, according to an analysis of the U.S. Census Bureau’s American Community Survey. Locally, renter turnover was lowest in major coastal markets, like New York City, and highest in transient renter markets, like Charleston, SC.

Current Reports

Small Multifamily Investment Trends Report Q2 2025

While markets undergo rapid recalibration, the small multifamily market’s performance remains strong and stable. Arbor’s Small Multifamily Investment Trends Report Q2 2025, developed in partnership with Chandan Economics, details how the sector’s resilient fundamentals effectively support its growth amid ongoing economic volatility.

Proprietary Preferred Equity behind Conventional Loans

FREDDIE MAC® Proprietary Preferred Equity behind Conventional Loans   Arbor now offers access to proprietary preferred equity behind all Freddie Mac Conventional loans we originate. With Arbor, you can simultaneously secure a senior loan and preferred equity under one roof, streamlining your experience throughout the lifecycle of your loan.

Analysis

Top U.S. Multifamily Rent Growth Markets — Q1 2025

The U.S. multifamily market continued to settle into a more normalized cycle during the first quarter of 2025, as well-positioned investors began to take advantage of new opportunities in an uncertain economic environment.

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Tracy Dennis

Managing Director, General Counsel, Agency and Arbor Private Label
Tracy Dennis

Tracy Dennis is responsible for overseeing and directing Arbor’s legal and closing process pertaining to the firm’s Fannie Mae, Freddie Mac, and FHA platforms, as well as the Arbor Private Label program. She is also an advisor to the Servicing and Asset Management team in addressing post-closing issues, delinquencies and workouts relative to these executions, and she is a member of the Fannie Mae DUS® Operations Subcommittee.

Most recently, Ms. Dennis was Managing Director, Head of Transaction Management & Counsel for Hunt Real Estate Capital, where she led the closing and transaction management departments in reference to Fannie Mae, Freddie Mac, HUD and balance sheet executions.

Prior to that, Ms. Dennis was Senior Underwriting Counsel for First American Title Insurance Company and before that, served as Director, Fixed Income – Commercial Real Estate, for Credit Suisse Securities (USA).

Ms. Dennis received a Bachelor of Arts from the University of Michigan and a Juris Doctor from New York Law School.

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