Distress

Multifamily Loan Delinquency Has Quadrupled in Two Years

Trepp's CMBS multifamily rate climbed from 1.84% to 7.23% since 2024 — near a post-GFC high and highly concentrated.

The FYN Intelligence Team5 min read

Trepp's CMBS multifamily delinquency rate climbed from 1.84% in March 2024 to 5.44% in March 2025 to 7.23% in June 2026 — nearly 4x in two years and near a post-GFC high.

CMBS multifamily delinquency has nearly quadrupled in two years.

Distress maps onto the two-speed market

The pain is concentrated — New York/New Jersey and Houston account for the bulk of new delinquent balances — and it maps onto the two-speed vacancy market. The metros carrying 15–17%+ vacancy (Sarasota, Huntsville, San Antonio) are exactly where owners lose the pricing power to cover debt service, making retention, not re-leasing, the margin lever.

Sources

  1. Trepp — CMBS Multifamily Delinquency Report (June 2026).
  2. Multifamily Dive — multifamily distress coverage

Keep reading

More from the FYN Intelligence blog

Tenant Screening

1 in 8 Rental Applications Now Carry Faked Income Docs

AI-generated pay-stub fraud jumped 500% in a year — and a single bad approval can trigger a $7K–$15K eviction.

Concessions

Class C Is Giving Away the Most Rent in 25 Years

The average U.S. concession hit 11.1% — the deepest monthly discount in over two decades — and value-tier assets are cutting hardest.

Rent Growth

Single-Family Rents Climb While Apartments Flatline

Detached rentals rose 1.4% year-over-year while multifamily managed just 0.2% — a supply story hiding inside the averages.