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Feb 17
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NEUTRAL
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Justin Wheeler
CEO, Berkadia
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"Most of the markets, especially the southeast markets... have an over supply problem that's probably going to last for another, you know, 6 to 12 months." While housing is unaffordable (keeping people renting), the sheer volume of new apartment deliveries prevents landlords from raising rents. Operational costs (labor/insurance) are rising while revenue is flat. Avoid/Neutral on Multifamily developers and REITs until the supply glut is absorbed (late 2026). Supply absorbs faster than expected due to construction financing freeze. |
CNBC
Property Play: Scenes from a CRE finance conf...
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