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“City planners and real estate professionals use the term ‘multifamily’ to describe apartment and condominium buildings. But is there a greater misnomer in our field? Most of our nation’s apartment stock is comprised of one- and two-bedroom units better suited for singles and households without children than for families with children. Homes with three or more bedrooms are a decreasing share of multi-unit properties. According to recent Census data, the construction of three-plus bedroom units fell to 12 percent of total multifamily construction in 2014—its lowest share since 1991. In the 25 largest cities, family-sized three-bedroom units comprise just 5 percent of the non-regulated rental market, according to a recent analysis in Governing. Given the small share of family-sized units in many large cities, it is not surprising that the same analysis found that most for-sale three-bedroom units are priced out of reach for young and modest-income families in many large cities.”
Read the entire post at Rooflines: Seeking True “Multifamily” Housing
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