Executive summary
The U.S. multifamily sector enters Q2 2026 with credit markets reopening — lending volume at its highest level since 2021 — even as the cost of capital holds structurally higher. Rents turned positive for the first time this cycle as new deliveries pass their peak, and entry pricing sits roughly 20% below the 2022 high. With $162 billion in loans maturing through 2027, the return now comes from income and the entry discount, not from cap-rate compression or cheaper debt.
Highlights
01Credit reopens — lending volume at its highest since 2021
02Rents turn positive as deliveries pass their peak
03Entry pricing near the cycle low — about 20% below the 2022 peak
04A $162 billion maturity wall opens credit and acquisition opportunities
05Rates stay higher for longer — the Fed pauses, the 10-year holds above 4%
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Published by Ativore Asset Management
