HOW RENTER OCCUPATIONS VARYBY APARTMENT BUILDING SIZE

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.

Source: American Community Survey; Chandan Economics

See the full report on ALEX Chatter here: www.arborloanexpress.com/chatter

Given their urban location and ability to afford higher rents, a greater share of residents in large apartment buildings are employed in (science, technology, engineering and mathematics) STEM jobs. Residents employed in STEM occupations comprised 32% of all workers living in large apartment buildings in 2014.

The relatively more suburban small properties with lower rents cater to workers employed over a broader range of occupations and wages.

Small property renters have lower average wages compared to large building renters. Large apartment residents earn nearly 38% higher incomes on average compared to their small building counterparts.

Annual Wage by Occupation Categories

$20,000

$0

$40,000

$60,000

$80,000 Small Assets(5-49 units)

Large Assets(50+ units)

Legal, Education and Community

Services

STEM-Plus Sales & OfficeSupport

Local & PersonalServices

Production &Transportation

Natural Resources, Construction

and Maintenance

Other

Apartment Distribution of Workers by Occupation

10%

0%

20%

30%

40%

Legal, Education and Community

Services

STEM-Plus Sales & OfficeSupport

Local & PersonalServices

Production &Transportation

Natural Resources, Construction

and Maintenance

Other

Small Assets(5-49 units)

Large Assets(50+ units)