2026 Multifamily Capital Markets Map: Where Liquidity Is - and Isn’t - Flowing

The multifamily capital markets entering 2026 appear abundantly supplied. Origination volume is projected to rise significantly year-over-year, with the Mortgage Bankers Association forecasting approximately $419 billion in new multifamily loans for 2026. This comes on the heels of expanded agency lending capacity, a profusion of dry powder within private credit platforms, a banner year in the CMBS market, and increased life insurance company allocations to high-quality CRE debt.