Multifamily

Multifamily, as an adjective, describes a residential property designed to house multiple independent living units within a single structure or complex. These properties typically contain two or more individual dwelling units, often including apartments, townhouses, or duplexes. The shared spaces like hallways, stairwells, and common areas contribute to the overall definition of this category. The primary characteristic is its ability to accommodate multiple families, either through ownership (condominiums) or rental agreements, providing housing solutions for diverse populations seeking various levels of shared community living, and usually, a lower housing cost per family. This classification contrasts with single-family homes designed for a single household.

Multifamily meaning with examples

• The developer's project focused on building a large, modern multifamily complex with a mix of studio, one-, and two-bedroom apartments to cater to the growing population in the city. This project provides much-needed affordable housing with multiple families residing in individual units, supporting a thriving community, and maximizing land use.
• Investing in multifamily real estate can offer higher returns than single-family homes due to the potential for multiple rental income streams. The owner enjoys the diverse nature of the property with tenants, which enables them to benefit from consistent revenue with many families co-existing in the structure, therefore reducing vacancies.
• The city council approved zoning changes to allow for more multifamily housing developments to address the housing shortage and provide a greater variety of housing options for different income levels. This creates living space for many families as opposed to a single unit.
• The real estate agent specialized in selling and managing multifamily properties, guiding investors through the complexities of property management, tenant screening, and financial planning for many family units.
• Rising property taxes and maintenance costs posed a challenge for owners of older, less efficient multifamily buildings who sought to balance their profits with the needs of their tenants from various family households.