The multifamily sector has been on a wild tear since the onset of the pandemic, with double-digit rent growth across both gateway cities and markets typically regarded as secondary or even tertiary. But that runaway growth begs the question: how long can investors and owners expect the trend to continue?

Despite mounting headwinds for the overall economy, “capital will have a strong preference for multifamily,” says Bobby Khorshidi, president and chief executive office of Archway Capital in Los Angeles. “The last downturn was based on a freeze in the credit markets and an intense liquidity crunch. This time around, there is a tremendous amount of liquidity and emergence of the non-bank lending sector, which has contributed in a material way to the growth of values since the last economic downturn.

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