- 16% of multifamily investors reported decreasing their investments during Q3, the highest share since Q4 2024.
- Multifamily investors expect asset values to remain unchanged over the next 6 months (vs. higher prices in office, industrial and retail).
- 37% of multifamily investors said capital became harder to access versus the prior quarter, the highest share in over two years.
- Investors report that capital market conditions are tightening more in multifamily than any other sector.
John Burns and CRE Daily’s Fear & Greed index through Q3 2026:
- Cap rates currently average 6.1%, but investors say they would need cap rates around 6.9% to begin deploying capital aggressively.
- That 80-basis-point gap will keep transactions muted until it closes through lower prices, stronger NOI, or (least likely) cheaper debt.
Source: John Burns
