Connect Apartments 2026

Multifamily has entered a normalization phase after years of outsized growth.
Rent increases have moderated, vacancies have risen in select markets, and
performance is now being driven more by asset-level fundamentals than macro
tailwinds. While long-term demand remains supported by housing shortages and
affordability challenges, the near-term story is one of divergence—by market,
product type, and execution. This session will set the tone for the day,
grounding attendees in where fundamentals stand today and what signals matter
most heading into the next cycle.

This closing session brings together top industry leaders for a forward-looking
discussion on where multifamily is headed next. As supply slows and long-term
demand remains intact, many investors are positioning ahead of the next cycle.
The conversation will focus on timing the recovery, deploying capital
strategically, and what will separate winners over the next 3–5 years.

As a wave of loan maturities approaches, capital is being deployed more
selectively and with greater discipline. Lenders have returned, but underwriting
is tighter, leverage is lower, and structure matters more than ever. At the same
time, investors are shifting from yield-driven strategies to basis-driven
opportunities, often targeting recapitalizations and dislocations. This session will
explore how debt and equity are aligning, where transactions are getting done,
and how institutional capital is thinking about timing and risk.

The metrics keep ticking upward as more properties become distressed. With
trillions of dollars of CMBS set to mature in the next few years, property owners
are looking for ways to refinance or exit their investments, buyers are looking for
the bottom on pricing and lenders are beginning to apply stricter underwriting
even to healthy properties. Our panel of experts will provide their take on the
market as this year concludes and into 2027.

After a historic wave of new deliveries, many markets are experiencing short-
term supply pressure, particularly in the Sun Belt. At the same time, rising costs
and tighter capital have significantly slowed new starts, setting up a potential
supply gap in the years ahead. Developers and capital partners are recalibrating
pipelines, reassessing where projects still pencil, and watching closely for the
right entry point. This session will focus on how supply and demand are evolving
—and what that means for the next development cycle.

With rent growth muted, operational execution has become the primary driver of
performance. Owners are focused on maintaining occupancy, increasing renewal
rates, managing expenses, and using technology to streamline leasing and
operations. Concessions have returned in many markets, and operators are
balancing short-term leasing velocity with long-term asset value. This session will
highlight how leading firms are adapting their strategies to protect and grow NOI
in a more competitive environment.

As the multifamily market adjusts to a higher-for-longer interest rate
environment, financing strategies continue to evolve. From agency lending and
bank financing to debt funds, preferred equity, and structured capital solutions,
borrowers are navigating a more complex capital stack than at any point in the
last decade. This panel will explore lender appetite, underwriting trends,
refinancing challenges, construction financing, and where capital providers are
finding opportunities in today's market.