Small multifamily properties, defined as having between 5-49 units, represent a significant portion of the rental market. They accounted for 33% of renter-occupied housing units in 2018. Origination volumes for small multifamily loans were estimated to be $59.2 billion in 2019, up 9.5% from the previous year. Small multifamily property prices increased 6.8% from the fourth quarter of 2018, while capitalization rates remained largely unchanged at 5.8%. Fannie Mae and Freddie Mac played a growing but still relatively small role in the small multifamily lending market, originating a combined $11.5 billion or 19% of total small multifamily loan volume in 2019.
Over the past decade, the market for single-family rentals (SFRs) has evolved and emerged as an institutionally viable asset class. In a few years, we will likely look back and consider 2019 to be the sector’s inflection point, where it transitioned from a niche-alternative asset class to a mainstream property type. As the sector gains interest from both investors and renters alike, build-to-rent strategies have emerged as a solution to match supply levels with growing demand.
Single-Family Rental Market | Q3 2019 Ivan Kaufman
The market for single-family rentals (SFRs) in 2019 has continued to take significant steps forward. Build-to-rent strategies have emerged as the sector’s solution to match supply levels with growing demand. Cap rates held steady through the summer months and remained near their lowest levels as part of Chandan Economics’ post-crisis tracking.
Arbor Small Multifamily Report Q1 2020Ivan Kaufman
The nation’s rental market has a total of 41.9 million renter-occupied housing units as of 2018, according to the U.S. Census Bureau’s latest American Community Survey. Small multifamily, which includes apartment properties of 5 to 49 units, represented 33% (13.7 million units) of the total rental market.
• The divergence between dwelling values and income growth occurred against a backdrop of lower mortgage rates, and
• Australian’s generally demonstrate a high elasticity of demand for housing, with lower mortgage rates driving high levels of demand contributing to higher housing values.
Rising home prices are helping homeowners regain lost equity. If home prices increased an additional 5%, 1.2 Million homes would regain positive equity.
Over the past decade, the market for single-family rentals (SFRs) has evolved and emerged as an institutionally viable asset class. In a few years, we will likely look back and consider 2019 to be the sector’s inflection point, where it transitioned from a niche-alternative asset class to a mainstream property type. As the sector gains interest from both investors and renters alike, build-to-rent strategies have emerged as a solution to match supply levels with growing demand.
Single-Family Rental Market | Q3 2019 Ivan Kaufman
The market for single-family rentals (SFRs) in 2019 has continued to take significant steps forward. Build-to-rent strategies have emerged as the sector’s solution to match supply levels with growing demand. Cap rates held steady through the summer months and remained near their lowest levels as part of Chandan Economics’ post-crisis tracking.
Arbor Small Multifamily Report Q1 2020Ivan Kaufman
The nation’s rental market has a total of 41.9 million renter-occupied housing units as of 2018, according to the U.S. Census Bureau’s latest American Community Survey. Small multifamily, which includes apartment properties of 5 to 49 units, represented 33% (13.7 million units) of the total rental market.
• The divergence between dwelling values and income growth occurred against a backdrop of lower mortgage rates, and
• Australian’s generally demonstrate a high elasticity of demand for housing, with lower mortgage rates driving high levels of demand contributing to higher housing values.
Rising home prices are helping homeowners regain lost equity. If home prices increased an additional 5%, 1.2 Million homes would regain positive equity.
Latest brochure from Orient Management Group marketing an interesting opportunity in fixed rate bonds, contact us to find out more:
http://www.orient-management.com/contact.php
Australian housing values finished the year 3.0% higher according to data released by @corelogicau today. The growth rate for regional housing values (+6.9%) was more than three times higher than the pace of growth across the capital cities (+2.0%)
The CoreLogic Perceptions of Housing Affordability Report outlines the concerns of Australians about housing affordability and property ownership across the demographics of generation, income, family status and by state. It reveals the degrees to which the great Australian dream is becoming an insurmountable challenge and provides sentiment about the impediments and potential solutions for housing affordability.
RBC Global Asset Management: Surprisingly Sustainable Canadian HousingEric Lascelles
Canadian housing will eventually run into affordability woes, but concerns about overbuilding, condo excesses and flighty speculators are largely overblown.
During the war years President Franklin Delano Roosevelt once said that a nation of homeowners is unconquerable. Margaret Thatcher, with a mantra that homeowners become responsible citizens, privatized and moved 1.7 million families from public housing into private ownership. President Bill Clinton has stated his belief that homeownership and decent housing are an essential part of the American Dream and wanted to make the dream of homeownership a reality for all Americans. President George W. Bush has said ownership has the power to transform people. Thus, the promotion of homeownership has been an integral part of President Bush’s vision of an “ownership society.” Even in the earliest days of civilization, before the collection and touting of statistical data, Aristotle had argued that ownership promotes virtue and responsibility.
Arbor Single Family Rentals Report 2020 Q1Ivan Kaufman
Unsurprisingly, COVID-19 is the unavoidable and overarching theme across all areas of commercial real estate - the singe family rental (SFR) sector is no exception.
Latest brochure from Orient Management Group marketing an interesting opportunity in fixed rate bonds, contact us to find out more:
http://www.orient-management.com/contact.php
Australian housing values finished the year 3.0% higher according to data released by @corelogicau today. The growth rate for regional housing values (+6.9%) was more than three times higher than the pace of growth across the capital cities (+2.0%)
The CoreLogic Perceptions of Housing Affordability Report outlines the concerns of Australians about housing affordability and property ownership across the demographics of generation, income, family status and by state. It reveals the degrees to which the great Australian dream is becoming an insurmountable challenge and provides sentiment about the impediments and potential solutions for housing affordability.
RBC Global Asset Management: Surprisingly Sustainable Canadian HousingEric Lascelles
Canadian housing will eventually run into affordability woes, but concerns about overbuilding, condo excesses and flighty speculators are largely overblown.
During the war years President Franklin Delano Roosevelt once said that a nation of homeowners is unconquerable. Margaret Thatcher, with a mantra that homeowners become responsible citizens, privatized and moved 1.7 million families from public housing into private ownership. President Bill Clinton has stated his belief that homeownership and decent housing are an essential part of the American Dream and wanted to make the dream of homeownership a reality for all Americans. President George W. Bush has said ownership has the power to transform people. Thus, the promotion of homeownership has been an integral part of President Bush’s vision of an “ownership society.” Even in the earliest days of civilization, before the collection and touting of statistical data, Aristotle had argued that ownership promotes virtue and responsibility.
Arbor Single Family Rentals Report 2020 Q1Ivan Kaufman
Unsurprisingly, COVID-19 is the unavoidable and overarching theme across all areas of commercial real estate - the singe family rental (SFR) sector is no exception.
Single-Family Rentals | Q2 2020 | Arbor Realty Trust, Inc. Ivan Kaufman
The growing acceptability and adoption of work-from-home setups are framing housing decisions across the board, boosting demand for exurban housing options. However, as many of the accommodative features in the CARES act expire, the likelihood of increased tenant performance issues in the coming months remain high. All else equal, while the single-family rental sector will continue to work some COVID-related performance issues, it is as well insulated as any residential product type over the medium term.
This Month in Real Estate explores recent market trends in the housing industry. Brought to you by Shawn Kormondy, Reis Group, Inc. at Keller Williams Realty.
Small Apartment Properties Form Core of Workforce Rental Demand In the Top M...Ivan Kaufman
Small apartment buildings comprise the largest share of workforce housing demand within the top 20 metros, while single-family rentals dominate the next 30.
Workforce Rental Demand Growing Faster In Smaller Metros Ivan Kaufman
Workforce rental housing demand has increased the most in the smaller metros where apartment properties - both small and large - are increasing their shares of this demand segment.
The Changing Occupational Profile of Workforce Segment Renters Ivan Kaufman
Workforce segment renters living in small apartment properties are adapting to the changing economy, while also representing a board occupational base.
Ten years of job growth were wiped out in one month, when 20.8 million jobs were lost in April 2020. In comparison, a total of 8.7 million jobs were lost during the Great Recession. The economy added back 1.8 million jobs in July 2020, marketing the third consecutive month of jobs gains, yet remained 12.8 million jobs below the pre-pandemic level.
Multifamily Properties Capture Largest Share of Overall U.S. Workforce Housin...Ivan Kaufman
Multifamily properties capture the largest share of the overall U.S. workforce rental demand, while single-family rentals are the largest individual asset class.
Did you know total nonfarm payroll employment fell by 701,000 in March 2020, measuring the effects of COVID-19 and efforts to contain it? Employment in leisure and hospitality fell by 459,000, mainly in food services and drinking places. Notable declines also occurred in health care and social assistance, professional and business services, retail trade, and construction.
Fewer Households Cost Burdened in Small Apartment AssetsIvan Kaufman
Data on the extent of housing-cost burden shows that relatively fewer households in small apartment properties are impacted severely by rental expenses.
Small Apartment Properties Pack Value For Money with More Space in Urban Adja...Ivan Kaufman
In their unit mix, small apartment buildings are more specialized in bigger units compared to large properties, while also being more affordable. Renters can find value in small apartment property.
Small Apartment Buildings Vital for Urban Workforce HousingIvan Kaufman
Household income data underscores the importance of small apartment buildings in maintaining workforce housing options, and thereby, the economic dynamism of cities.
Families With Children Dominate Single-Family Rental Demand, Single Renters o...Ivan Kaufman
Small asset multifamily's affordable profile has allowed the asset class to cater to families. However, deeper analysis uncovers its success in capturing single renter demand.
Total nonfarm payroll employment increased by 128,000 jobs in October. Job growth has averaged 167,000 per month thus far in 2019, compared with an average monthly gain of 223,000 in 2018. Employment declined in motor vehicles and parts manufacturing due to strike activity. Federal government employment was also down, reflecting a drop in the number of temporary jobs for the 2020 Census.
Did you know the U.S. Census Bureau reported that the homeownership rate reached 64.6% at the end of 2018, the highest level since the third quarter of 2014? Increasing millennial demand was one of the biggest trends influencing the housing market. We complied an overview of US economic trends for Q1 2019.
Arbor Realty's U.S. Economic Overview for 2018 q4 with insights on U.S. employment growth, the consumer price index, average earnings and the homeownership rate.
Are Baby Boomers the New Millennials in Multifamily?Ivan Kaufman
Check out Arbor's latest infographic examining the role of Baby Boomers in the multifamily market. Latest reports show that the Baby Boomers are outpacing Millennials in the rental market.
One FNG by Group 108 Sector 142 Noida Construction UpdateOne FNG
One FNG by Group 108 is launching a new commercial project in Sector 142 Noida. Office space and high street retail shops on the FNG and Noida Expressway. For more information visit the website https://www.onefng.com/
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
Flat available for sale
Location- Tupudana, Ranchi
Savitri enclave
Area- 3BHK
Rate- 4000/sq.ft.
Super Build Up Area-1629 sq.ft.
Build-up area-1253 sq.ft.
Rate- 65lakh16k(approx)
Floor available- Flat available in all floor(G+12)
Balcony- 2
Washroom- 2
Parking - CAR PARKING
Amenities- Joggers track,temple, children's park,gym,banquet hall (5 Lakh)
Possession year (Handover year)- Dec 2025
Outside View from the apartment and flat balcony is very beautiful.
For more information contact AASHIYANA STAR PROPERTIES
7766900371
Brigade Insignia offers meticulously designed apartments with modern architecture and premium finishes. The project features spacious 3,3.5,4 and 5 BHK units, each thoughtfully planned to provide maximum comfort, natural light, and ventilation.
https://www.newprojectbangalore.com/brigade-insignia-yelahanka-bangalore.html
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
Lixin Azarmehr, a Los Angeles-based real estate development trailblazer, co-founded JL Real Estate Development (JL RED) in 2015 and serves as its CEO. Her expertise has propelled the firm to specialize in luxury residential and mixed-use commercial projects, with a portfolio that features upscale retail spaces and sophisticated care facilities.
The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
https://listingturkey.com/property/the-ka-housing/
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Green Homes, Islamabad Presentation .pdfticktoktips
Green Homes Islamabad offers beautifully designed 5, 8, and 10 Marla homes near the airport and motorway. Enjoy luxury, convenience, and high rental returns in a prime location.
Referans Bahcesehir which is being constructed, in the center of the most regional destination as Bahçeşehir, shines out with its central location and unique landscape including social facilities such as a fitness center, sauna, sports facilities, children’s playground and recreational areas.
Not only drawing attention for immediate surroundings including commercial centers and private schools but also providing the easily accessible location with closeness to Tem Highway and connection roads, ongoing construction of 3rd Bridge Connection roads and Metro Projects
Bahcesehir is a rising value in the great city of Istanbul… Located at a new transportation junction in the northwest of the City… Located at such a spot that the access roads for the 3rd bridge and for the 3rd Airport will reach the region in 2016. The Marmaray and the Subway will extend all the way to Referans Bahcesehir respectively in 2018 and 2019.
465 flats and 34 stores are designed with an outstanding approach and arranged with a unique perspective offering the following options: 1 plus 1, 2 plus 1, 3 plus 1, 3.5 plus 1, 4 plus 1, and 4.5 plus 1. It is planned so as to safeguard you and your loved ones based upon a modern, technological safety approach. As you experience the joy and luxury here, you will be content and feet at ease.
It is worth seeing both inside and outside with heart-warming cafes, tasty restaurants and elegant stores… And it is ready to offer a vivacious social life with a warm and cozy space design.
A folding swimming pool and indoor swimming pools, playgrounds, Turkish bath, sauna… It has them all. Everything you need for your well-being and for having a pleasant time will be at your service. You simply need to align the rhythm of life with the rhythm of Referans Bahcesehir.
https://listingturkey.com/property/referans-bahcesehir/
Torun Center Residences Istanbul - Listing TurkeyListing Turkey
THERE IS LIFE IN ITS CENTER!
The most energetic spot of the city that will add utterly different pleasures to your life, with a park that will make Istanbul breathe, delighting indoor and outdoor bistros, cafes, restaurants, the brand-new Food Hall concept, where dozens of unique tastes are served together, market area, cinema, theater, fitness club, SPA and event venue...
All the pleasures that will enrich your lives are awaiting you on the most beautiful side of the city, at Torun Center Residences. In Mecidiyeköy, where the heart of Istanbul beats, business, life and entertainment opportunities are located at the exact center, at Torun Center, the most beautiful side of the city.
Penthouse apartments and different styles of flats from 1 + 1 to 4 + 1, from 100 to 425 square meters in a 42-story residence tower, have been designed for those who want to live in the center of magnificence. Torun Center is the redefinition of a better life with specially landscaped floor gardens, apartment options with private balconies, and automatic glass systems equipped with Trickle Ventilation that offers clean air comfort.
Business and life in the same place
Excellent service
Torun Center has many delightful details, from a swimming pool to sunbathing and resting terrace. With 24/7 concierge services, 24/7 security, valet, technical service, closed-circuit camera system (CCTV), central heating and cooling system, it makes your life easier.
Delightful details
The two-story Torun Center Lounge, with its indoor and outdoor seating areas, children's playroom, private dining and TV lounge, promises unforgettable memories to you and your loved ones with its unique Istanbul view.
Neighboring to the most pleasant square of Istanbul
A few steps from the Torun Center Residences, you can reach the city's most modern city square and open the doors of a quality city life. Torun Center Residences brings together on the same project the long-awaited city life for Istanbul and gourmet restaurants, cafes, gym and SPA, and state-of-the-art cinema and Artı Stage, hosting the most famous plays of the season.
Located at the intersection of alternative public transportation options such as the metro and Metrobus, Torun Center comes to the fore as the most accessible office for both sides of Istanbul. With a central location and rich transportation lines, Torun Center offices make life easier for employees and increase productivity.
Urbanrise Paradise on Earth - Unveiling Unprecedented Luxury in Exquisite Vil...JagadishKR1
Immerse yourself in the epitome of luxury living at Urbanrise Paradise on Earth. These opulent 4 BHK villas, nestled off the prestigious Kanakapura Road in Bangalore, redefine elegance and sophistication. With meticulous craftsmanship, breathtaking design, and unparalleled amenities, Urbanrise Paradise on Earth offers a sanctuary where every moment is infused with luxury and serenity. Experience a life of grandeur and indulgence at this exclusive residential enclave.
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus o...Joseph Lewis Aguirre
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus on Public Safety as Job #1, Engagement, Wealth of HOA, Branding, Communication, Culture, Civic Responsibility
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
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Simpolo Tiles & Bathware
Tile ho,
toh Simpolo.
Since the first steps were taken in 1977, Simpolo Ceramics has carved its niche as a consistently growing organisation with unparalleled innovation and passion rooted in simplicity.
We endure gratification for every experience we offer, created to share something meaningful. It may not resonate with the majority, but that makes us a class apart. If only a handful were to understand the purpose of our existence, we would be proud to have found our believers. Rather, people with whom we can share our beliefs.
VISUALIZER
Design your space in your style with our very own Visualizer. Now, you can choose the tiles of your liking from our wide selection and see how they would look in a space. Select the tile from the multiple options and the visualiser will replace the surfaces in the image with the selected tiles. This way, instead of just your imagination, you can choose the tiles for your place by getting an actual picture of how they would look in a space. So, design your space the way you desire digitally and implement it in real life to get the best results!
You can also share this visualiser with others to help them design their space.
Committed to delighting customers with world-class ceramic products and services. Make Simpolo synonymous with the best quality and set new benchmarks of excellence for all stakeholders. Pursue best business practices with utmost integrity to make Simpolo an exciting organisation to work with, for vendors, channel partners, investors and employees alike.
Gain worldwide recognition in the field of ceramic building products through Research and Innovation and bring an enhanced lifestyle within reach for every household.
BricknBolt Understanding Load-Bearing Walls and Their Structural Support in H...BrickAndBolt
Load-bearing walls are the backbone of any home construction, providing crucial structural support that carries the weight of the house above. For companies like Brick and Bolt Mysore and Bricknbolt Faridabad, understanding and properly implementing these elements are key to constructing safe and durable buildings.
2. 1
Small Multifamily Loans Q4 2019
Small Multifamily Loan Program Summaries
Fannie Mae
• Loans of $6 million or less nationwide and loans for properties with 5 to 50 units
• Conventional properties; Multifamily Affordable Housing properties; Cooperative properties (market-rate); Manufactured Housing
Communities; Existing, stabilized multifamily properties
• Loans for acquisition or refinance; Amortization up to 30 years
• Terms of 5 to 30 years; Fixed- and variable-rate options available
• Maximum LTV: 80%; Minimum DSCR: 1.25x
Freddie Mac
• Loans of $1 million to $7.5 million nationwide and loans for small multifamily properties (typically 5 to 50 units)
• Unit limitations:
• Loan amount ≤ $6 million: no unit limitations
• Loan amount > $6 million and ≤ $7.5 million: up to 100 units (exceptions permitted above 100 units)
• Loans for acquisition or refinance; Amortization up to 30 years
• 20-year hybrid Adjustable Rate Mortgage (ARM) with initial 5-, 7-, or 10-year fixed-rate period -or- 5-, 7-, or 10-year fixed-rate loan
• Partial-term, interest-only; Full-term, interest-only may be available
FHFA
• Properties with 5 to 50 units
• FHFA will exclude the pro rata portion of the loan amount based on the percentage of units affordable at 80% of area median income
(AMI) or below in standard and cost-burdened renter markets; 100% of AMI or below in very cost-burdened renter markets; and
120% of AMI or below in extremely cost-burdened renter markets.
FHA (Section 207/223F)
• Structures with 5 or more units
• Maximum LTV: 83.3%; Terms of 30 to 40 years; Amortization of 30 to 40 years
3. 2
Small Multifamily Loans Q4 2019
14.7
35%
7.6
18%
13.7
33%
5.8
14%
Single-Family Rentals (1-Unit) Duplex-Quadruplex (2-4 Units)
Small Multifamily (5-49 Units) Large Multifamily (50+ Units)
Small Multifamily Represents a Third of the Rental Market
The nation’s rental market had a total of 41.9 million renter-
occupied housing units as of 2018, according to the U.S.
Census Bureau’s latest American Community Survey.
Small multifamily, which includes apartment properties of 5
to 49 units, represented 33% (13.7 million units) of the total
rental market.
Single-family rentals represented 35% (14.7 million units) of
total renter-occupied housing units, duplex-quadruplex (two
to four units) properties represented 18% (7.6 million units),
and large multifamily properties (50-plus units) represented
14% (5.8 million units).
Small Multifamily Market Share
Renter-Occupied Housing Units by Units in Structure (Millions)
Source: U.S. Census Bureau, American Community Survey, 2018
Note: Mobile home and boat, RV, van, etc. properties are not included in data
4. 3
Small Multifamily Loans Q4 2019
Source: Arbor; Chandan Economics
Small Multifamily Origination Volume
United States, Multifamily, Billions
Note: Chandan Economics defines small loans as those with original balances between $1 million and $7.5 million — including loans for rental apartment building
sales and refinancing.
$0.0
$13.0
$26.0
$39.0
$52.0
$65.0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019*
Total Volume
Year Volume
2009 $11.1
2010 $13.6
2011 $21.7
2012 $32.5
2013 $40.4
2014 $41.9
2015 $44.9
2016 $47.6
2017 $49.9
2018 $54.2
2019 * $59.2
Year-end 2019 estimates of new small multifamily lending volume jumped to $59.2 billion. The current estimate beats the prior quarter’s
forecast by $1.4 billion and marks the highest level of activity in Chandan Economics’ post-financial crisis estimates.. Current projections
have originations up by 9.5% in 2019, below the 14.0% growth rate observed the year before.
* Through December 31, 2019
5. 4
Small Multifamily Loans Q4 2019
Source: Arbor; Chandan Economics
Arbor Small Multifamily Price Index (ASMPI)
United States, Quarterly, Q2 2000 = 100.0
100.0
150.0
200.0
250.0
300.0
3Q04
3Q05
3Q06
3Q07
3Q08
3Q09
3Q10
3Q11
3Q12
3Q13
3Q14
3Q15
3Q16
3Q17
3Q18
3Q19
Arbor Small Multifamily Price Index (ASMPI)
Small multifamily prices were up are up 1.4% from the third quarter and 6.8% from fourth-quarter 2018. Prices are above their 2010 low
by 89.1%, and they have surpassed their previous cyclical peak by 43.5%. Asset valuations have averaged an annual growth rate of 6.7%
since the sector returned to growth in late 2010.
The Arbor Small Multifamily Price Index is designed to measure the estimated average price appreciation on small multifamily properties,
which are defined as those with primary mortgages between $1 million and $7.5 million, and with 5 to 50 units, across the United States.
The index uses model estimates of small multifamily rents and compares them against small multifamily cap rates.
6. 5
Small Multifamily Loans Q4 2019
Source: Arbor; Chandan Economics
Small Multifamily Cap Rates
United States, Quarterly
National average cap rates for small multifamily properties effectively remained flat at 5.8% through the fourth quarter, moving down by
all of 2 basis points (bps). Nevertheless, the most recent reading reflects the lowest post-crisis level on record. Closing the book on 2019,
yields are down by just 13 bps from the end of last year. Historically low costs of capital and over-competition in gateway markets have
pushed more investment activity to secondary markets, exerting downward pressure on cap rates.
0
30
60
90
120
150
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
1Q00
1Q01
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
1Q11
1Q12
1Q13
1Q14
1Q15
1Q16
1Q17
1Q18
1Q19
All Transactions Small Multifamily Spread (bps)
Note: Chandan Economics defines small loans as those with original balances between $1 million and $7.5 million — including loans for rental apartment building
sales and refinancing.
7. 6
Small Multifamily Loans Q4 2019
Debt Yields
United States, Quarterly
Loan-to-Value Ratio
United States, Quarterly
60%
63%
66%
69%
72%
75%
4Q14
4Q15
4Q16
4Q17
4Q18
4Q19
All Multifamily Small Multifamily
Debt Per Dollar of NOI
United States, Quarterly
Source: Arbor; Chandan Economics
Loan-to-Value (LTV) ratios averaged 70.6% on small multifamily loans originated during the fourth quarter of 2019, up 11 bps from the third
quarter and 205 bps from a year ago. Debt yields — the ratio of net operating income (NOI) and loan balance — for small multifamily loans
fell to 8.3% in Q4 2019, the lowest level of the cycle. For all multifamily properties, debt yields pushed further downward in the fourth
quarter, falling to 6.9%. Debt per dollar of NOI, the inverse of debt yields, rose to fresh peaks for both small multifamily and all multifamily
loans in the fourth quarter.
Note: Chandan Economics defines small loans as those with original balances between $1 million and $7.5 million — including loans for rental apartment building
sales and refinancing.
5%
6%
7%
8%
9%
10%
4Q14
4Q15
4Q16
4Q17
4Q18
4Q19
$7
$9
$11
$13
$15
$17
4Q14
4Q15
4Q16
4Q17
4Q18
4Q19
8. 7
Small Multifamily Loans Q4 2019
Fannie Mae and Freddie Mac Small Multifamily Loans
Multifamily, Dollar Volume, Billions
$1.1
$1.6
$1.9
$2.3 $2.2
$4.8
$2.6
$4.5
$7.8
$8.3
$6.7
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
2014 2015 2016 2017 2018 2019
Fannie Mae Freddie Mac
Source: Fannie Mae and Freddie Mac Press Releases
Fannie Mae Freddie Mac
2014 $1.1 NA
2015 $1.6 $2.6
2016 $1.9 $4.5
2017 $2.3 $7.8
2018 $2.2 $8.3
2019 $4.8 $6.7
Fannie Mae multifamily small loans are defined
as those of $6 million or less nationwide and
loans for properties with 5 to 50 units.
Freddie Mac multifamily small loans are defined
as those of $1 million to $7.5 million, targeting
apartment buildings with 5 to 50 units.
Note: Totals may include loans originated
outside of designated small loan programs.
9. 8
Small Multifamily Loans Q4 2019
Source: Arbor; Chandan Economics; Fannie Mae and Freddie Mac Press Releases
Fannie Mae and Freddie Mac Share of Small Multifamily Loans
Multifamily, Based on Volume, Billions
$4.8
8%
$6.7
11%
$47.7
81%
Fannie Mae Freddie Mac All Others
2019
Total Volume = $59.2 Billion
Note: Chandan Economics defines small loans as those with original balances between $1 million and $7.5 million — including loans for the sale and refinancing of
rental apartment properties.
$2.2
4%
$8.3
15%
$43.7
81%
Fannie Mae Freddie Mac All Others
2018
Total Volume = $54.2 Billion
10. 9
Small Multifamily Loans Q4 2019
15,338
27%
14,938
26%
16,960
30%
9,964
17%
< $1 Million $1 Million - $3 Million $3 Million - $10 Million > $10 Million
Source: Mortgage Bankers Association
$8.8
2% $26.3
8%
$87.9
26%
$216.1
64%
Dollar Volume of Lending
Total Volume = $339.2 Billion
Distribution of Multifamily Lending by Loan Size
MBA Annual Report on Multifamily Lending
Number of Loans
Total Loans = 57,200
11. ARBOR.COM • 1.800.ARBOR.10
About Us
Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan
origination and servicing for multifamily, single-family rental (SFR) portfolios, seniors housing, healthcare and other
diverse commercial real estate assets. Headquartered in Uniondale, New York, Arbor manages a multibillion-dollar
servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a Fannie Mae DUS® lender and
Freddie Mac Optigo Seller/Servicer. Arbor’s product platform also includes CMBS, bridge, mezzanine and preferred
equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for
service, quality and customized solutions with an unparalleled dedication to providing our clients excellence over the
entire life of a loan.
The research contained in this report should not be construed as a solicitation to and/or trade. All opinions, news,
research, analyses, prices or other information is provided as general market commentary and not as investment advice;
all information is subject to change. Arbor, its members, shareholders, employees, agents and representatives do not
warrant the completeness, accuracy or timeliness of the information supplied, and shall not be liable for any loss or
damages, consequential or otherwise, which may arise from the use or reliance on the content contained herein. Past
performance is not indicative of future performance.