Small and Medium Multifamily Properties: An Underappreciated Source of Affordable Homes
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1 Small and Medium Multifamily Properties: An Underappreciated Source of Affordable Homes Enterprise Community Partners Title Date Andrew Jakabovics March 219
2 Current Snapshot of Owners and Renters United States 12 million households 76.8 million owners 43.2 million renters 28.5% Low Income 19% 8-12% AMI 52.5% Over 12% AMI 6% Low Income 18% 8-12% AMI 22% Over 12% AMI 2 Source: Calculation based on 217 American Community Survey 1-Year Sample, as provided by IPUMS-USA, and HUD 217 income limits 2
3 Current Snapshot of Owners and Renters Connecticut 1.36 million households 9, owners 46, renters 25.9% Low Income 19.5% 8-12% AMI 54.6% Over 12% AMI 66% Low Income 16.7% 8-12% AMI 17.3% Over 12% AMI 3 Source: Calculation based on 217 American Community Survey 1-Year Sample, as provided by IPUMS-USA, and HUD 217 income limits 3
4 Distribution of 2-4-Unit Buildings 4 Source: ACS
5 Distribution of 5-19-Unit Buildings 5 Source: ACS
6 Connecticut United States Occupied Housing Units by Building Size Owned 88% 6% Rented 34% 7% 1% 11% 11% 9% 13% 4% Owned 89% 3% Rented 22% 15% 19% 12% 8% 9% 14% % 1% 2% 3% 4% 5% 6% 7% 8% 9% 1% Single-family 2-family 3-4 units 5-9 units 1-19 units 2-49 units 5+ units Other Source: 6 US Census, American Community Survey
7 Occupied Housing Units by Building Size Fairfield 65% Hartford 66% Litchfield 76% Middlesex 75% New Haven 61% New London 7% Tolland 74% Windham 72% 5, 1, 15, 2, 25, 3, 35, Single-family 2-family 3-4 units 5-9 units 1-19 units 2-49 units 5+ units Other Source: 7 US Census, American Community Survey
8 Rented Housing Units by Building Size Fairfield 17% 18% 9% 7% Hartford 11% 21% 12% 9% Litchfield Middlesex 1% 24% 19% 8% 13% 15% 14% 12% New Haven 16% 21% 13% 7% New London 17% 16% 13% 6% Tolland Windham 24% 7% 11% 17% 21% 4% 18% 2% 2, 4, 6, 8, 1, 12, 14, Single-family 2-family 3-4 units 5-9 units 1-19 units 2-49 units 5+ units Other Source: 8 US Census, American Community Survey
9 Rental Housing Ownership Patterns % 1% 2% 3% 4% 5% 6% 7% 8% 9% 1% 1 Unit 15,53 2, Units 2, Units Units Units Units Units 2 18 Individual investor, Trustee, or Tenant in Common General Partnership or Real Estate Corporation LLP, LP or LLC REIT Thousands of Properties 9 9 Non-Profit Source: 215 Rental Housing Finance Survey Other or Not Reported
10 Millions Thousands Age of the Occupied Housing Stock United States Connecticut < s 195s 196s 197s 198s 199s 2s 21s < s 195s 196s 197s 198s 199s 2s 21s Owner Occupied Rented Owner Occupied Rented Source: US Census, American Community Survey 1
11 Thousands Thousands Age of Connecticut s SMMF Housing Stock 2-4 Units 5-19 Units < s 195s 196s 197s 198s 199s 2s 21s < s 195s 196s 197s 198s 199s 2s 21s Owner Occupied Rented Owner Occupied Rented Source: US Census, American Community Survey 11
12 % Units by Type of Building SMMF Ratios by Decade 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 1919 Pre Decade Unit Built Source: AHS 213
13 Units Rent per Square Foot by Building Size $1.38 $ $1.1 $ $1. $.88 $.83 $.74 1 $.58 $- $.2 $.4 $.6 $.8 $1. $1.2 $1.4 $ Source: AHS 213
14 Units Median Unit Area in Square Feet , , , , , , ,434 1,51 1,368 1,472 2,26-5 1, 1,5 2, 2,5 Rented Owned 14 Source: AHS 213
15 Units Median Rent per Unit $978 $ $86 $ $826 $77 $765 $75 $857 $- $2 $4 $6 $8 $1, $1,2 15 Source: AHS 213
16 Connecticut Rent Distributions family detached 5 <$ $ family <$ $ family <$ $ units <$ $3+
17 Connecticut Rent Distributions units 5 <$ $ units 1 5 <$ $3+ 5+ units 1 5 <$ $3+ 17 Source: 217 ACS PUMS 17
18 Income Distributions Median Renter Incomes County Owners Renters 1-family detached 1-family attached 2-family 3-4 family 5-9 units 1-19 units 2-49 units 5+ units Fairfield $115, $45,1 $76,6 $47, $41,6 $43, $4,3 $31, $48, $6, Hartford $92,9 $37, $51, $39, $42, $36, $3,7 $43,3 $3, $35, Litchfield $9, $38, $59,3 $59, $42, $25,9 $3, $5, $22,8 $21,5 Middlesex $1, $4,2 $47,7 $83, $24, $35, $42,4 $33,7 $28, $44,7 New Haven $92,6 $38, $5,5 $38,7 $41,6 $38,5 $36, $38, $33,6 $29,7 New London $85, $41,2 $54, $44,8 $41, $34,68 $31,2 $55, $54, $2,2 Tolland $97, $37,9 $68,5 $23, $78, $3,4 $57,2 $13,4 $44,7 $18,3 Windham $78,3 $35, $6, $15, $43, $35,4 $28, $35, $23,7 $9,8 18 Source: 217 ACS PUMS 18
19 Thousands Connecticut Renter Cost Burdens by Income ELI (<3% AMI) VLI (3-5% AMI) LI (5-8% AMI) 8-12 AMI >=12 AMI Not cost burdened Moderately cost burdened Severely cost burdened Source: Calculation based on 217 American Community Survey 1-Year Sample, as provided by IPUMS-USA, and HUD 217 income limits
20 Total Rental Units Subsidized Proportion of Total Rental Units Federally Subsidized Rental Housing Units 3,, 32% 31% 35% 2,5, 2,, 25% 3% 25% 1,5, 1,, 5, 11% 1% 9% 6% 9% 15% 12% 14% 11% 13% 16% 18% 2% 15% 1% 5% % Public Housing Voucher LIHTC and other Privately Financed Total Subsidized % 2 2 Source: AHS 213
21 Rents and Incomes Over Time 2% 15% 1% 5% % % -1% -15% -2% Median Renter Income Median Gross Rent Incomes and rents adjusted to 217 dollars by CPI-U inflator, then indexed to 21 levels.
22 Supply-side Challenges to Greater Affordability New Construction: Regulations (zoning process/fees, code changes, additional development requirements) Increasing costs of materials Steel +7.8%, cement +4.6%, lumber/plywood +11.1% in 217 Limited labor supply Still more than 1% below 26 peak Preservation: Hard to rehab while maintaining affordability Acquisitions have gotten more expensive Upgrades to housing quality (adding $15-$25k/unit) New building systems, in-unit improvements Comes at cost of needing to turn over units to do the work and raise rents to pay for it 22 22
23 Read our research at Bit.ly/PDR_Reports
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