Colliers Capital Markets, Debt & Structured Finance, and Valuation & Advisory Services professionals recently attended the 2026 NMHC Annual Meeting, held January 27-29 in Las Vegas. Below are 10 key takeaways shaped by conversations with investors, lenders, and operators.

  1. Multifamily activity is ramping up, with many investors planning a busier acquisition year in 2026. Several groups expect a notable increase in closed trades compared with 2025.
  2. Debt liquidity is exceptionally strong, as agencies, banks, life companies, and debt funds continue to prioritize multifamily. Competitive terms are encouraging refinancing, recapitalizations, and new investment activity.
  3. Loan pricing remains compelling, with both fixed and floating spreads sitting near their lowest point in years. This borrower-friendly environment is supporting multifamily deal flow across product types.
  4. Broad industry sentiment leaned positive, with most participants expecting the market to gain traction as the current supply bulge works through the system in 2026.
  5. Capital availability is helping prevent large-scale distress. Flexible loan structures, bridge solutions, and creative proceeds offerings are enabling many owners with upcoming maturities to recapitalize rather than sell at discounts.
  6. Equity capital is active but disciplined. While value-add and opportunistic strategies are well funded, core capital continues to underwrite cautiously amid tight cap rates and modest near-term rent growth expectations.
  7. Market performance expectations vary by region. Investors remain constructive on several Midwest and coastal markets with manageable supply, while select Sun Belt metros are viewed as longer-term recovery stories.
  8. Urban submarkets are regaining momentum, supported by improving office utilization, strengthening downtown vibrancy, and more moderate suburban pipeline pressure.
  9. Even softer markets are securing financing, reflecting lenders’ long-range view of multifamily as resilient, despite temporary operational headwinds.
  10. Near-term fundamentals remain mixed, with slower job and population growth and a shrinking 24–34 renter cohort tempering 2026 expectations. Most participants anticipate meaningful performance improvement beginning in 2027.