The term "multifamily" refers to a type of residential real estate property that is designed and intended for use by multiple families or households. This can include anything from small apartments, townhouses, or condominiums, all the way up to large-scale housing complexes with hundreds of units. The key characteristic of multifamily properties is their ability to provide shared amenities such as laundry facilities, community rooms, and outdoor spaces for residents to use. These types of buildings are often managed by a property management company or owner, who oversees the maintenance and upkeep of the building, as well as setting rules and policies for tenants to follow.