September 21, 2018

Apartment Types: What's the Difference?

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.

Visit My Home by Freddie MacSM for more tips on planning to rent an apartment.