Understanding the Small and Medium Multifamily Housing Stock
Researchers at Enterprise and the University of Southern California found that small and medium multifamily housing (SMMF) -- properties with between two and 49 units -- provides 54 percent of the U.S.’s rental housing stock and is home to a majority of low-income households, including for 60 percent of all renters who make less than $10,000 per year. Located in all types of communities -- urban, suburban and rural -- SMMF properties include more than one in three homes in central cities and more than in one in five suburban homes. Yet, for the past 25 years, construction of SMMF has declined relative to historical trends, and older SMMF buildings are not being replaced with similar building types. The report concludes that policymakers should support the development of financial tools to preserve SMMF and reduce barriers to production of new SMMF to help ease growing housing affordability challenges in the U.S.