“Unprecedented rent growth since the start of 2021 and historic levels of liquidity in the capital markets have pushed valuations in the multifamily market to dizzying — and to some, worrying — heights.
As both retail and office suffered the worst of the pandemic, investors of all stripes flooded into multifamily. The resultant increase in competition has led to some buildings selling for prices that leave veterans of the sector scratching their heads. With the Federal Reserve raising interest rates to combat inflation, market conditions have shifted enough for some to raise the alarm.”
