Fogelman Properties’ Mike Aiken argues that the multifamily housing market is poised for a recovery—but it won’t happen all at once. While high-leverage loans from 2021–22 are gradually maturing, many are being extended or recapitalized, delaying distress sales in Class A/B properties. Meanwhile, slower‑than‑expected new supply, plagued by construction and supply-chain hiccups, has muted operational improvements. Still, renter demand remains resilient, with modest rent growth expected through late 2025 and a return to historical norms by mid‑2026. Class C assets continue to struggle under bad debt and weak liquidity, but opportunities remain in stable Midwest and coastal markets or in high-growth Sun Belt regions for patient, disciplined investors.
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