There’s an interesting shift happening in multifamily right now.
Investors still want to buy. They’re just becoming much more selective about what makes a good deal.
Berkadia’s latest Mid-Year Multifamily Pulse Survey found that 82% of investors still plan to expand their portfolios, even though 61% have a negative or somewhat negative outlook for the second half of 2026.
That sounds contradictory, but it really isn’t.
Investors still believe in multifamily. They’re simply raising the bar for where they put their money.
So, What Are Investors Looking For?
The focus is moving toward durable cash flow, realistic pricing, strong fundamentals, and downside protection.
According to Berkadia, 73% of investors surveyed are assuming rent growth of no more than 2.5% over the next 18 months.
That tells us investors aren’t building deals around aggressive projections anymore.
They want properties that can perform based on what the numbers look like today.
Krystle’s Take
Here’s what I think matters:
A good property doesn’t automatically mean a good deal.
The purchase price, income, expenses, property condition, business plan, and financing all have to work together.
There is still plenty of interest in multifamily. But investors are becoming less willing to overlook weak numbers just because they believe the market will eventually improve.
That discipline is probably a good thing.
The Bottom Line
Multifamily investors aren’t stepping away from the market.
They’re getting pickier.
For buyers, that means the best opportunities may be the ones with strong existing cash flow, realistic assumptions, and a clear plan for long-term value.
If you’re evaluating a multifamily acquisition, let’s look at the full picture and determine whether the numbers and financing actually make sense.