Don't know a garden-style apartment property from a walk-up? Wonder what the difference is between a high-rise and a mid-rise? Here are definitions of various types of multifamily (five or more units) rental housing:
High-rise - A building with nine or more floors and at least one elevator
Mid-rise - A multi-story building with an elevator, typically in an urban area
Garden-style - A one-, two-, or three-story apartment development built in a garden-like setting in a suburban, rural, or urban location; buildings may or may not have elevators
Walk-up - A four- to six-story building without (as the name implies) an elevator
Manufactured housing community - A community in which the operator leases ground sites to owners of manufactured homes
Special-purpose housing - A multifamily property of any style that targets a particular population segment
Student housing - At least half of the units intended for students attending a nearby learning institution
Seniors housing - Dedicated to housing senior citizens
Subsidized housing - Caters to renters with low incomes or special needs and is made affordable by rent and income restriction
Freddie Mac Multifamily buys mortgage loans on all of these property types across the country. We particularly focus on workforce housing – properties charging rents that are affordable to households earning area median income or less. On average, about 90 percent of the properties we fund fit this description.
Visit My Home by Freddie MacSM for more tips on planning to rent an apartment.
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