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Multifamily investors stay upbeat, but tighten standards on deals
A June 2026 survey found capital still available, even as apartment transaction volume fell 5.7% in the first half of 2026 and investors shifted toward durable cash flow and realistic pricing.
Berkadia’s second annual Mid-Year Multifamily Pulse Survey, conducted in June 2026, shows investors remain confident in multifamily’s long-term outlook, even as market volatility and tighter underwriting standards are making deal selection more cautious. ConnectCRE reports the survey drew responses from more than 100 multifamily professionals, mainly principals and directors at private investment firms.
While near-term sentiment has become more cautious, investors are not pulling back from the sector, according to ConnectCRE. Instead, respondents said they are sharpening their focus on opportunities with durable cash flow, realistic pricing, strong fundamentals, and longer-term value.
ConnectCRE also points to transaction data showing a disconnect between activity and sentiment. RCA reported a 5.7% decline in apartment transaction volume in the first half of 2026 versus the first half of 2025, while Berkadia recorded a 16.8% increase in multifamily sales volume to $5.6 billion from $4.8 billion over the same periods.
The survey reflects that long-term conviction remains intact, even with more demanding execution. ConnectCRE reports 82% of respondents plan aggressive growth, 83% expect multifamily investment conditions to improve by early 2028, and respondents cited a shortage of deals that meet today’s higher standards.