Data is starting to show that the multifamily segment is facing more pressure than perhaps many realized. Moody’s Analytics CRE recently brought up the question of whether it was time to worry about multifamily, based on September’s CMBS payoff rates.

“We were quite surprised to see a particularly poor September showing for Multifamily in our analysis of other property types,” they wrote. “Multifamily has had a very high payoff rate all year. Prior to September, only February (82.8%) and April (92.8%) have payoff rates below 95%. September came in at a stunning 71.7%. This was especially surprising on the heels of 3 of the 4 best payoff months of the year.”


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