A multifamily property is an apartment complex with many units. However, multifamily properties are not like duplexes, triplexes or even quadplexes that have up to four units — they're much larger. Generally, a multifamily property has 50 or more units.
Multifamily properties are not meant to be owned by one person who's looking for a family compound or for a property meant for any other personal use. The most common owner of a multifamily property will be a property management company or an investor looking to own a multifamily property as an investment or business venture.
Because of this, most units in multifamily properties are rented out to tenants, though, in some cases, property owners may reserve one or more units for their now use.
Rental units in multifamily properties may look different from those that aren't located in multifamily properties. For starters, you'll have access to a considerable amount of amenities and community spaces at a multifamily property that other, detached rentals may not be able to offer.
As a renter, you may be wondering if renting a unit in a property like this is the right move for you. It all depends on what you're looking for in a home.
There's a good chance that apartments you find for rent will be a part of a multifamily property, though some multifamily properties also have townhomes or even detached homes.
Some things that are indicative of rental units in multifamily properties are shared common facilities, on-site management and neighbors. Keep this in mind when considering whether or not you should rent in a multifamily property.
Timothy Harris is a freelance writer based in Albuquerque. He brings a professional background in event marketing, residential real estate and journalism to the table to provide useful and relevant content for the modern renter. Timothy has previously written content for Karsten & Associates in New Mexico and Up 'til Dawn, a philanthropic fundraiser that benefits St. Jude Children's Research Hospital.