During the time since the beginning of the pandemic, revisions of expectations in multifamily were largely of the positive sort. Values growing even more. Cap rates falling to unheard of levels, but which were still manageable given that rents were increasing beyond historical precedents.

There's still some coasting on the momentum built up, according to Yardi Matrix, but its October multifamily rent forecast update sounds much grimmer. At the very end, came this:

"Our forecasts for the end of 2022 and for 2023 have broadly been revised downward, as the usual seasonal deceleration has been exacerbated by a more uncertain economic horizon in the medium term. Headline end-of-year growth for 2022 will still be significantly elevated from the long-term average, but almost all of that growth has already occurred, and most markets will finish out the year with minimal additional growth."