EL7.AI
Macro EconomyMediumUpdated×3•Originally published 22 September 2026•Updated 23 September 2026•
2 min read

US Multifamily Property Owners Face $1.8 Trillion in Debt Maturities Over a Decade

Stylized graphic with US flag, apartment buildings, house keys, and text reading $1.8T NEXT 10 YEARS.

Key Facts

1US multifamily debt maturities exceed $1.8 trillion over the next decade.
2About $757 billion matures between 2026 and 2028, including nearly $300 billion in 2026 and $223 billion in 2027.
3Trepp's multifamily CMBS delinquency rate reached 7.15% in March 2026, versus 1.84% in March 2024.
4The dollar volume of multifamily loan originations rose 49% year over year in the first quarter of 2026.

US multifamily property owners face more than $1.8 trillion in loan maturities over the next decade. About $757 billion is concentrated between 2026 and 2028, including nearly $300 billion in 2026 and $223 billion in 2027; the Mortgage Bankers Association says 13% of the sector's mortgage balance matures in 2026.

Many loans date to 2020 and 2021, when apartment financing rates were near 3%, while refinancing rates are now around 6%. Interest expense roughly doubles on an interest-only loan with the same balance, while payments also rise on amortizing debt, reducing cash flow and potentially forcing an owner to contribute fresh equity to meet refinancing terms.

The latest published reading of Green Street data put apartment values in July 2026 at 19% below their 2022 peak. In a separate measure of credit stress, Trepp's multifamily CMBS delinquency rate reached 7.15% in March 2026, up from 1.84% in March 2024. Lower values reduce the loan amount a property can support, while higher rates raise its payment burden, increasing the risk of restructurings or sales; CMBS data, however, do not represent all multifamily debt.

Even so, the dollar volume of multifamily loan originations rose 49% year over year in the first quarter of 2026, according to the Mortgage Bankers Association, indicating that financing remains available but not on equal terms for every borrower. The maturity wave's impact will turn on each property's income, debt-service coverage and collateral value, along with whether its lender extends the loan or demands fresh equity.