Latest infographic from Arbor Realty Trust on recent renter growth trends across American metro markets.

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Source: arbor.com/blog/small-building-renters-growing-regional-markets
Small balance multifamily loans are typically between $1 million and $5 million.
Chandan Economics defines small-cap properties as 5 to 19 units, mid-cap properties as
20 to 50 units, and large-cap properties as larger than 50 units. Both small-cap and
mid-cap properties can fall into the small balance spectrum.
All data is sourced from the American Community Survey (ACS), unless otherwise stated.
ACS statistics are sample-based estimates of the compositional profile of the total
population in the given year of data collection, and include a margin of error.
Rent Growth by Metro Segments: 2015-16
Year-Over-Year Annual Growth Rate
Source: Chandan Economics, American Community Survey, 2016
Single-Family Homes
Small Apartment
Buildings (5-49 Units)
Large Apartment
Buildings (50+ Units)
Top 5 Metros
10.0%
7.5%
5.0%
2.5%
0.0%
-2.5%
Next 15 Metros Next 30 Metros
• Renter population has declined in small apartment buildings across all metro
market segments.
• Large building renters increased at an annual rate of 9% in Next 15 Metros, and
4.5% in smaller regional markets.
• Single-family renters grew at a modest rate over this period, keeping pace with
overall U.S. population growth.
Distribution of Renters by Asset Class Across Metro Segments: 2016
Single-Family Homes
Small Apartment
Buildings (5-49 Units)
Large Apartment
Buildings (50+ Units)
Top 5 Metros
Source: Chandan Economics, American Community Survey, 2016
40%
30%
20%
10%
0%
Next 15 Metros Next 30 Metros
Metro Segment Percentage Share of Asset Class, U.S. Total
Renter Population Shares and Shifts
• 70% of the nation’s small apartment building renters lived in the 50 largest metro
areas.
• Nearly 80% of renters in large buildings lived in the Top 50 metro areas, and close
to 40% lived in the Top 5.
• In stark contrast, nearly 50% of all single-family home renters lived outside the
largest 50 metro areas.
increase by 10% from 2015 to 2016.
those living in communities of 5 to 49 units—
St. Louis saw its small rental population—
Recent renter growth trends across American metro markets suggest a skew towards
large apartment buildings and single-family units. This has resulted in dampened
renter growth in small buildings across all metro segments.
Small Building
Renters Are
Growing in a
Handful of Regional
Markets Amidst
General Decline
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