Has Multifamily Hit Bottom? | August Biniaz

Renting is now cheaper than owning across the largest U.S. metros, even with home prices still sharply above where they sat in 2020. Multifamily real estate has taken a real hit in some of the most overbuilt Sun Belt markets, and nearly $900 billion in commercial debt is set to mature this year. Has the bottom already arrived, or is the bigger reset still ahead?

The comparisons to 2008 come quickly, and the affordability math can look familiar on the surface. But multifamily and single-family are not absorbing this cycle the same way, and the reason runs deeper than rates alone.

August Biniaz, Chief Investment Officer and co-founder of CPI Capital, builds and acquires multifamily and build-to-rent properties across Texas and Florida. He joins Market Insider to explain why this downturn isn’t following 2008’s script, and whether real estate has actually found its floor.