Multifamily deals.

Bisnow and CRE Daily report that prices for some distressed pre-1990 Dallas-Fort Worth apartments are down as much as 60 percent from peak as the region's construction pipeline slows. Strong absorption and a cheap basis do not replace the T-12, the rent roll, or the concession math in your model.

The Fed raised the federal funds target 25 basis points to 3.75 percent to 4.00 percent on September 16, the first hike since July 2023. The 10-year Treasury was already above 5 percent. For fixed-rate refinance proceeds, live mortgage quotes still matter more than the overnight print.

Bank-held multifamily delinquencies eased to 1.41 percent in Q2 2026 from a 1.47 percent multi-year high. Early-stage trouble improved. Later-stage delinquencies and charge-offs rose, and median property expenses are still outrunning income. A softer credit headline is not a healthier asset.

Yardi Matrix put the national advertised apartment rent at $1,773 in August, up $2 month over month and 0.4 percent year over year. That print is real. It does not tell you whether Austin, Phoenix, or your own competitive set still has a large lease-up pile competing for the same renters.

Freddie Mac's 30-year mortgage rate averaged 6.66 percent in late August, and J.P. Morgan Asset Management says buying a home costs about 50 percent more than renting. National rental demand can stay strong while Sun Belt owners still give away free months.

Arbor and Chandan Economics find Durham authorized 45.2 multifamily units per 10,000 residents in the first half of 2026, topping the 100 largest metros. Columbia jumped 468 percent year over year. A calm national permit print is not a local supply screen.

A Center for Public Enterprise analysis finds roughly 750,000 multifamily units entitled but not yet permitted, about $225 to $265 billion of supply that federal permit data misses. A falling-starts headline is not a full supply screen.

RealPage's West update shows San Francisco near 11 percent rent growth while West Class C fell 2.4 percent and Class A rose 2.5 percent. LA rents are down 1 percent. A Bay Area print is not a Phoenix, Salt Lake, or Class C growth case.

Apartment List's August report showed rents up 0.1 percent, but still down 0.8 percent over the year. Here is why a national print is not a rent-growth case for your deal.

JLL says liquidity is back and bidding is the strongest in a year. But multifamily is the weakest sector in that same report, and a slow first read of the numbers is how you lose the deal.

Inconsistent underwriting assumptions are a silent portfolio killer. This guide covers how to establish firm-wide underwriting standards, track deviations, and use AI to enforce consistency across a multifamily deal pipeline.

New multifamily deliveries have fallen 46% from peak. LA sits at 26.3% supply overhang; Houston is already at 12.7% and falling. The Sunbelt markets that looked overbuilt 18 months ago are now backed by permanent, high-wage anchors. Capital markets haven't caught up yet.

A complete framework for multifamily underwriting - from reviewing the offering memorandum to calculating IRR and building a defensible investment committee model.