Small multifamily assets—those with 50 units or less—are enjoying favorable market conditions. Recent and historical vacancy figures provide quantitative evidence of their investment potential.


CBRE Research examined the historical vacancy data in the country’s three largest small-asset multifamily markets: New York, Chicago and Los Angeles. Together these metropolitan markets have about 1.1 million units in properties with less than 50 units, or roughly 23% of the country’s total unit count of small multifamily assets, according to Yardi Matrix. Other qualitative and quantitative evidence indicates the trends evident in New York, Chicago and Los Angeles are also taking place across other major markets.