2024 Multifamily CMBS Delinquency Rates
The latest monthly update from Trepp. Read the highlights here.
The Trepp CMBS Delinquency Rate continued its uphill climb in September. Overall, the delinquency rate rose 26 basis points to 5.70 percent.
Most of the major property types contributed to the rise in the overall rate, but the retail sector contributed to about 50 percent of the net change in the total delinquent loan amount.
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The retail delinquency rate rose 86 basis points in September, reaching 7.07 percent. The last time the retail delinquency rate was above 7.0 percent was in April 2022. A large single-asset single-borrower deal that had previously been current on payments but now shows a delinquency status of nonperforming matured balloon, was one of many large retail loans to turn delinquent in September.
The office sector accounted for 37 percent of the $2 billion net increase in the overall dollar amount of delinquent loans in September, with the office delinquency rate increasing 39 basis points to 8.36 percent.
If we included loans that are beyond their maturity date but current on interest payments, the delinquency rate would be 7.15 percent, down 6 basis points from August.
The percentage of loans in the 30 days delinquent bucket is 0.17 percent, down 8 basis points for the month.
Our numbers assume defeased loans are still part of the denominator unless otherwise specified.
—Posted on October 28, 2024