COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

One in three US households (33.3%) has a school-age child. While the perception is that multifamily rentals mostly attract young, childless households, the reality is more nuanced. According to the 2023 American Community Survey, about 4.0 million multifamily households include a school-age child—roughly one in five of all multifamily households (18.3%).

The growing share of apartment renters playing catch-up on their monthly bills may speak to a broader undercurrent of distress.

Published with our partners at Arbor Realty Trust, the Q3 2025 Small Multifamily Investment Trends Report explores a wide range of topics within the small-asset subsector — including cap rates, asset pricing, refinancing activity, originations, and credit trends.

On-time rental payments in independently operated units improved in August 2025 — a positive development for a sector that has been dogged by declining performance for most of the year-to-date.