The magneto‐optical polar Kerr effect properties of compositionally modulated Pdm‐Ninmultilayers have been studied, at room temperature, for modulation wavelengths containing just a few monolayers. A perpendicular anisotropy component was observed to develop for very thin Ni layers (n=2 or 1 atomic planes). The rotation values were found to depend strongly on bothmandnsuggesting a modulation‐induced property modification. These results were supported by magnetic studies. Also, they are discussed on the basis of extensive structural and other investigations.