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Construction + Economy, Lighting Industry

Trouble Arrives In The Multifamily Real Estate Market

David Shiller April 16, 2024

In late January, LightNOW posted about signs of trouble ahead for the Multifamily real estate market. There are now indications that trouble has arrived. Apartment loans at least 30 days past due or in non-accrual have jumped 81%.

Banks are increasingly taking losses on apartment loans. This will likely lead to distressed selling, as well as buying opportunities for brave investors. In Q4 2023, multifamily loans at least 30 days past due or in non-acrual status rose to $3.6 Billion, a 43% increase from Q3 2023, and an 81% spike year over year. The figures are from S&P Global Market Intelligence.

Loan Loss Rate For Apartments:

  • 2020: 12% (when COVID-19 hit)
  • 2021: 6%
  • 2022: 5%
  • 2023: 16%

*Data from MSCI.

Things were much worse, however, during and after the Great Recession. The 2009 loan loss rate was 37%, and in 2011 35%. More information is available here

Image: Pexels.com

 

author avatar
David Shiller
David Shiller is the Publisher of LightNOW, and Senior Business Development Consultant at Capacity Consulting, a North American consulting firm providing business development services to advanced lighting manufacturers. The ALA awarded David the Pillar of the Industry Award. David has been co-chair of the ALA’s Engineering Committee since 2010. David established MaxLite’s OEM component sales into a multi-million dollar division. He invented GU24 lamps while leading ENERGY STAR lighting programs for the US EPA. David has been published in leading lighting publications, including LD+A, enLIGHTenment Magazine, LEDs Magazine, and more.
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Launched in 2001, LightNOW covers the rapidly changing lighting world for lighting people. Check-in daily to see new posts by Editor David Shiller, Craig DiLouie, and other experts in the lighting field including consultants and lighting designers. Posts include news items to keep you up to date, short opinion pieces to invite you to consider another point of view, new products every Monday, and links to new research and tools to help you design with light. Also be sure to subscribe to the LightNOW newsletter (free), which is published every two weeks as a digest of articles on the site. We always welcome your feedback, so feel free to comment on any of the stories that appear here at LightNOW. If you are a manufacturer, LightNOW offers a low-cost ad vehicle to reach thousands of specifiers, contractors, reps, distributors, consultants, owners, and other stakeholders in the sales channel. For advertising inquiries, contact Suelynn Shiller. Thank you for visiting, and we hope you find LightNOW useful for your career in lighting

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