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Segmentation in the Multifamily Mortgage Market: Evidence from the Residential Finance Survey

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  • William Segal

Abstract

Small multifamily properties with fewer than 50 dwelling units are important from a policy standpoint because they are more affordable and often are located in underserved areas. Small properties appear to experience greater difficulty than larger properties in securing mortgage financing. It is estimated that 41.5 percent of units in the multifamily housing stock are from small properties.Data from the 1991 Residential Finance Survey support the hypothesis that the mortgage market for multifamily properties is affected by segmentation. Information asymmetries may have contributed to domination of the small property mortgage market by portfolio lenders. Differences exist between small and large multifamily markets in the percentage of properties financed and the incidence of adjustable-rate financing. Regression analysis confirms a lower incidence of mortgage financing and higher ex ante likelihood of relational and adjustable-rate financing among small properties, after controlling for risk, location, and owner characteristics.

Suggested Citation

  • William Segal, 2002. "Segmentation in the Multifamily Mortgage Market: Evidence from the Residential Finance Survey," Journal of Housing Research, Taylor & Francis Journals, vol. 13(2), pages 175-198, January.
    • Handle: RePEc:taf:rjrhxx:v:13:y:2002:i:2:p:175-198
    DOI: 10.1080/26911337.2002.12519479
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