Multifamily homes cover a broad range of housing types, including apartment buildings, condominiums, duplexes, and lofts. For many Americans who live in urban environments, or who cannot or prefer not to live in a single family home, multifamily homes are a flexible and often more affordable alternative. 

The National Multifamily Housing Council and the National Apartment Association estimated that, to meet structural demand, apartment developers would need to add an average of 325,000 new unit completions annually between 2017 and 2030. In many major American cities, multi-family residential buildings cost less per square foot to construct than single-family homes. 

Occupancy rates remain high; vacancy rates remain low, in the 5% range or lower.

Renting in the US is big money. According to Zillow, U.S. renters paid roughly $4.5 trillion in rent during the last decade, more than the 2018 GDP of Germany. They reported that in 2019 alone, U.S. renters paid $512 billion in rent.