Workforce segment renters living in small apartment properties are adapting to the changing economy, while also representing a board occupational base.

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Source: arbor.com/blog/occupational-workforce-renters-multifamily
Small balance multifamily loans are typically between $1 million and $5 million. Chandan
Economics defines small-cap properties as 5 to 19 units, mid-cap properties as 20 to 50
units, and large-cap properties as larger than 50 units. Both small-cap and mid-cap
properties can fall into the small balance spectrum.
All data is sourced from the American Community Survey (ACS), unless otherwise stated.
ACS statistics are sample-based estimates of the compositional profile of the total
population in the given year of data collection, and include a margin of error.
Shift in Occupational Profile of Renters in Workforce Segment
Households: 2014-16
Small Apartment Properties Gain from Technology Jobs
• The share of STEAM-workforce renters in large apartment properties registered an
increase of 172 basis points (bps), and 99 bps in small apartment properties
• Renters with jobs related to production and transportation also grew as a share of
total demand in small apartment buildings, rising by 20 bps.
Change in Basis Points
Source: Chandan Economics, American Community Survey, 2016
Workforce households, assumed to rent at prevailing market rates, are typically defined as those falling
within a range of 60% to 120% of area median income (AMI), and this is specific to metropolitan and
micropolitan areas due to wage differences across the U.S.
STEAM
Legal and Community
Services
Local Services, Sales,
and Office Support
Production and
Transportation
Single-Family
Rentals
200
100
0
-100
-200
Small Asset
Multifamily
Large Asset
Multifamily
Occupational Profile Skews Toward Technology Jobs Near the Urban Core
• Science, Technology, Engineering, the Arts and Mathematics (STEAM) workers make
up 34% of households in large apartment buildings, as compared to 23% in small
apartment buildings and only 16% in suburban single-family rentals.
• Workforce renters within small apartment properties represent a relatively broader
range of occupations, including local serving, sales, production and transportation
jobs.
Occupational Profile of Renters in Workforce Segment Households: 2016
Percent Share within Asset Class
STEAM
Legal and Community
Services
Local Services, Sales,
and Office Support
Production and
Transportation
Single-Family
Rentals
Source: Chandan Economics, American Community Survey, 2016
50%
40%
30%
20%
10%
0%
Small Asset
Multifamily
Large Asset
Multifamily
The Changing
Occupational
Profile of
Workforce
Segment Renters
Arbor Realty Trust
Workforce segment renters living in small apartment properties are adapting to the
changing economy, while also representing a broad occupational base.