COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

The growing share of apartment renters playing catch-up on their monthly bills may speak to a broader undercurrent of distress.

Published with our partners at Arbor Realty Trust, the Q3 2025 Small Multifamily Investment Trends Report explores a wide range of topics within the small-asset subsector — including cap rates, asset pricing, refinancing activity, originations, and credit trends.

On-time rental payments in independently operated units improved in August 2025 — a positive development for a sector that has been dogged by declining performance for most of the year-to-date.

In this briefing, we explore how multifamily growth has unfolded across the urban spectrum over the past 10 years — and why the space between suburban and urban markets deserves a closer look.