Multifamily

The problems faced by mortgage servicers have been highlighted in recent weeks.

Most property managers are working with tenants on payment plans or other relief measures, but have concerns about abilities to cover costs and pay mortgages down the line.

In Manhattan, new leases fell by 38 percent in March compared to March 2019.

The percentage of loans in forbearance grew to 2.66 percent as of April 1, according to the Mortgage Bankers Association.

March is usually a big month for multifamily rents. This year rent acceleration slowed and experts expect worse metrics in April.

Many small landlords in U.S. have less financial flexibility in dealing with missed rent payments.

Banks, life insurance companies and the GSEs are still quoting deals on a selective basis, although spreads are higher and leverage is lower.