Multifamily starts fell in September amid high construction costs
Why this matters
Multifamily has been the most actively underwritten sector through the rate cycle, with cap rate compression resuming in Sun Belt and gateway markets as 2024-2025 deliveries roll off and refinance demand on 2021-vintage bridge loans clears. Transaction velocity is up modestly, concentrated in stabilized Class A and grocery-adjacent garden assets. Allocators continue to favor residential for its income durability and its insulation from secular demand questions that still hang over commercial sectors.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed multifamily deal value tracked in October 2026: $7.3B across 76 reported transactions. All Multifamily coverage →
Computed from Real Estate Trail’s own tracked coverage
High financing costs, elevated fuel prices and tariffs are driving up homebuilding prices, according to experts.
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