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

Key Facts

US multifamily property owners face more than $1.8 trillion in loan maturities over the next decade, according to Mortgage Bankers Association data cited in published reports. About $757 billion is concentrated between 2026 and 2028, including nearly $300 billion in 2026 and $223 billion in 2027.

A large share of the loans dates to 2020 and 2021, when apartment financing rates were near 3%; refinancing rates are now closer to 6%. Roughly doubling the rate raises debt-service costs even when principal is unchanged, reducing owners' cash flow and potentially requiring fresh equity to complete a refinancing.

Rollover risk is compounded by apartment values that are more than 20% below their 2022 peak and a multifamily delinquency rate in commercial mortgage-backed securities that has risen to 7.1% from 1% in October 2023. Lower collateral values and higher rates can push borrowers toward loan restructurings, property sales or handing assets back to lenders.

Credit channels have not closed completely: the Mortgage Bankers Association said multifamily loan originations rose 49% year over year in the first quarter of 2026. The maturity wave's impact will depend on each property's quality and cash flow, along with lender flexibility, rather than on the debt total alone.