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Trepp says “tale of two markets” is now hitting multifamily

Speaking at Connect Apartments 2026 in Los Angeles, Lonnie Hendry said some apartment properties are underwater while multifamily remains outperforming other asset classes.

Reported · Written up by our desk · Industry

Against a backdrop of high interest rates, inflation, and the conflict in Iran, Trepp’s Lonnie Hendry told attendees at Connect Apartments 2026 in Los Angeles that the market dynamic often described as a “tale of two markets” has spread beyond the post-pandemic office sector to multifamily housing, according to ConnectCRE.

Hendry said the split can be asset- and operator-specific, pointing to the possibility of two apartment buildings on the same street facing completely different outcomes depending on factors including the debt stack and who runs the properties.

He also said multifamily is still performing exceptionally well relative to other asset classes, while warning that there are definitely many properties underwater.

ConnectCRE’s coverage also notes Hendry is Trepp’s chief product officer, and the remarks were made at the event in Los Angeles.

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