Did the Multifamily Crash Already Happen?
Reports of the death of the multifamily market are greatly exaggerated, and that holds true whether you’re looking at the past few years or the next few decades. Certainly, investment activity and property valuations have fallen, especially compared to their 2021-2022 peaks, but this was more of an interest rate-driven price correction than a collapse. Likewise, there have been increased discussions of weakening demand drivers for the apartment market, but elevated supply remains the biggest factor in the multifamily market. For markets where new apartment deliveries are falling the fastest, demand and supply have come into a balance that has allowed consistently positive rent growth. Markets in the South and West may take longer to reach a healthy equilibrium, but the Northeast and Midwest are poised for growth.
National YoY Rent Growth Average, February 2026*
-0.20% ↑
* Based on data from RealPage, Zillow, Yardi Matrix, Apartment List, and CoStar
National Occupancy Average, February 2026*
93.7% ↑
* Based on data from RealPage, Yardi Matrix, Apartment List, and CoStar
3.65% ↑
3.64% –
The Apartment Market and the Economy
Multifamily Outlook: Declining Supply Growth, Persistent Investor Demand (Yardi Matrix)
“The apartment bust is crushing some investors and sparing others.” (CRE Analyst)
The Missing Dot: Federal Reserve “delivered a meaningfully more hawkish signal” (Berkadia)
Senate to vote on private equity housing ban (Axios)
Multifamily Markets and Reports
Multifamily Starts Reportedly Plunge in May (RealPage)
Housing Starts Weaken in May as Multifamily Construction Slows (NAHB)
America Faces A Massive Senior Housing Shortage. Wall Street Sees Opportunity (Bisnow)
Multifamily and Housing Markets
Implications of a Persistent Slowing in Housing Demand (Mortgage Bankers Association)
Commercial Mortgage Debt Tops $5 Trillion as Multifamily Drives Growth (GlobeSt)
The Indianapolis Commercial Real Estate Market (Crexi)
CRE Markets and Reports
CMBS Distress Rate Climbs to 11.86% in May 2026 (CRED iQ)
Commercial Real Estate Liquidity Is Under Pressure Again (GlobeSt)
Large Bank CRE Delinquency Rates Drop Sharply in Q1, While Others Drift Higher (Trepp)
Can CRE Provide Investment Inflation Resistance? (Marcus & Millichap)
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