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 July 2025, the White House passed its key tax and spending package, US trade talks grew more complex, and housing strains sharpened focus on Fed rate policy.

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.

On-time rental payments in independently operated units fell again in July 2025 — another warning sign that the financial health of renter households is under stress.

Geopolitical risks are primarily tied to U.S. commercial real estate through market volatility, energy prices, and the rising cost of U.S. debt.

A monthly summary of commercial real estate insights and analysis from Chandan Economics and our partners.