A new report from the Terner Center sheds light on an essential but under-studied segment of the rental market: small multifamily properties, defined as those with five to 49 units and which constitute around 17 percent of the nation’s rental housing.
The report explores the results from our survey of owners and managers of small multifamily rental properties from across the country.
Our findings show that small multifamily properties are often owned by individuals, even when held under an LLC, and that such property owners occupy a middle ground between large, highly-professionalized multifamily property owners and smaller landlords with portfolios of only a couple units. Many small multifamily property owners reported providing below-market-rate rents and rarely changing rents for continuing tenants upon lease renewal.
The report concludes by highlighting recommendations for policy makers to support the housing stability of tenants of small multifamily properties and to ensure this housing stock remains habitable, affordable, and financially viable.
Join us on Tuesday, February 27 at 11 am PT for a webinar sharing findings from this report. Register here; more details to follow.