HUD Conducts Multifamily Rental Survey

By E-Renter Tenant Screening
Posted on April 3, 2013 under Housing Trends | Be the First to Comment

The U.S. Department of Housing and Urban Development and the U.S. Census Bureau recently conducted a survey to gather more data on the country’s multifamily rental properties. Multifamily rentals numbered approximately 2.3 million in the U.S., but little was known on their value, or how they are financed.

Recent data shows that approximately one in five American households live in multifamily rental properties, most of which are owned by individuals—not large companies.

The two agencies produced a report that combined existing information and new data on number of units, value, ownership status, mortgage financing, Federal and state benefits, and other information.

A few statistics from the survey:

• 73% of multifamily rentals are comprised of one building.
• 67% are owned by households or individuals.
• 77% provide parking.
• 19% have buildings built before 1920.
• 87% of owners reported making repairs to their properties in 2010 or 2011; the median cost was $699 per unit.
• In multifamily rental properties with 50 or more units, 45% have 20 or more buildings.
• 73% were acquired by their owners before 2005.

It’s clear that not all Americans can or want to buy their own home. For some, renting is a way of life; for others, it’s the only viable option available. Multifamily rental housing, according to the report, is “critical to solving the nation’s affordable housing problems.”