2026 Multifamily Midyear Investment Outlook

As we hit the midpoint of 2026, multifamily leaders are still navigating stubbornly high borrowing costs, shifting policy signals and uneven capital flows.

But what’s changed since last year, and will there be any improvements this year?

MHN brings together Mike Cale, Senior Vice President of Capital Markets at Berkadia; Kelli Carhart, President & Head of Multifamily Capital Markets at CBRE; Paul Fiorilla, Associate Director at Yardi Matrix; Sharon Wilson Géno, President at NMHC; and Justin Levitt, Managing Director & Head of the Northeast Region for U.S. Debt at PGIM to explore where opportunities are emerging, where risks are lingering and how operators and investors can position for the next phase. Panelists discussed:

• Where capital is flowing—and how to access it now
• The outlook for interest rates, Treasurys and lender sentiment
• The evolving policy landscape and its market implications
• What’s ahead for deal volume, pricing and bid-ask spreads
• How underwriting assumptions are shifting

Participants: