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Multifamily Plays Increasingly Prominent Role in Composition of CMBS.
Multifamily properties make up the third largest property type in commercial mortgage-backed securities deals by loan balance, according to a report from Moody's Investors Service.
Multifamily loans constituted about 22% of the collateral securing CMBS during 2002, the rating agency reports, after retail (40.5%) and office (23.6%) loans.
Moody's regards multifamily housing to be less riskier than most other property types because it has one of the lowest default rates of the major property types.
Stewart Rubin, a Moody's analyst, notes, "Fundamentally, multifamily is less risky than other asset types for several reasons: there is generally less cash flow volatility, they have lower operating expense ratios, they are less capital- intensive than other property types, and refinance possibilities include Fannie Mae."
On the negative side of the equation, multifamily properties have short-term leases.
However, this factor is "mitigated by the reality of high residential lease renewal rates," Mr. Rubin said.
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