HUD and the Census Bureau released the latest version of the Rental Housing Finance Survey. The “Survey fills an important gap in our understanding of who owns multifamily rental housing – mostly individuals, not large companies — and how multifamily rental housing is financed, especially as the structure of finance is changing. In light of recent changes in the availability of capital for rental housing, the Rental Housing Finance Survey also provides important insight about the financial health and stability of multifamily housing properties.” said Erika Poethig, HUD’s Deputy Assistant Secretary for Policy Development.
This is one table from the xls on the Census Bureau’s site here. Note the tabs on the bottom which have the data broken out by different types.
A few bullet points from HUD’s release linked at the top of the post:
- Approximately 20 percent of American households live in multifamily rental buildings.
- There are 2.3 million such properties in the United States.
- 73 percent are just one building while 4 percent have 20 or more buildings on the property. In multifamily rental properties with 50 or more units, 45 percent have 20 or more buildings.
- 77 percent provide parking.
- 19 percent contain buildings built prior to 1920.
- 67 percent are owned by households or individuals.
- 70 percent are managed day-to-day by the owner or an unpaid agent such as a family member.
- 54 percent of two to four unit multifamily rental properties have a mortgage compared to 85 percent of properties with over 50 units.
- 73 percent were acquired by their owners prior to 2005.
- 87 percent of multifamily properties owners reported making repairs to their housing units; the median cost of repairs was $699 per housing unit in 2011.
- 69 percent of all multifamily rental property owners reported making capital improvements to their properties in 2010 or 2011; then median cost of capital repairs was $1,167 per housing unit.