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Trimont U.S. Multifamily Market Tracker

Trimont Research’s U.S. Multifamily Market Tracker provides a comprehensive overview of multifamily commercial real estate (CRE) market conditions. The tracker is updated monthly and aggregates data from multiple sources, with direct links included in the descriptions below. We categorize the data into four distinct, but related, groups: rents, demand, supply, finance, that enable users to concisely analyze market conditions at the national and local levels. Each category should be viewed in the context of the others. The tracker also includes Trimont Research’s Market Activity Risk Matrix for additional insight.

Please note: Data in the tracker is available for viewing only and cannot be downloaded. For more information, please contact the Trimont Research Team at research@trimont.com.

  • Multifamily Mortgage Lending by U.S. Banks: This graph tracks lending trends and risk profiles by bank size, highlighting shifts in multifamily finance and the importance of small banks in the sector. The H.8 release provides a near real-time view of balance sheet trends for commercial banks in the U.S. The H.8 estimates are based on data from the restricted FR 2644 reporting form (which is filed by a voluntary authorized panel of 850 domestically chartered banks and foreign-related institutions) and quarterly Bank Call Reports for those commercial banks that are not included in the FR 2644 panel. The FR 2644 panel size represents roughly 90 percent of commercial bank assets in the U.S., making the weekly H.8 estimates highly accurate. Note: H.8 data exclude thrifts, federal saving banks, savings and loans associations, credit unions, and consumer finance companies.
  • Net Percentage of Banks Reporting (Underwriting and Loan Demand): Monitoring credit flows is essential for understanding trends in multifamily finance. The Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) provides quarterly insights into bank underwriting standards and credit demand, serving as a leading indicator of credit growth. SLOOS surveys a panel of approximately 80 large domestic banks and 24 U.S. branches and agencies of foreign banks, with each survey timed to coincide with Federal Open Market Committee (FOMC) meetings. In addition to its standard questions, SLOOS frequently includes special topics of current interest.
    • The Tracker graph displays data on bank underwriting trends and loan demand for multifamily loans, presented on a net percentage basis. This metric reflects the difference between the proportion of banks reporting tighter versus loosened underwriting standards, and stronger versus weaker loan demand. A positive net percentage indicates that, on balance, banks are reporting either tighter underwriting or increased loan demand.
  • U.S. Commercial Bank Multifamily Loan Delinquencies: Each quarter, banks are required to submit a Consolidated Report of Condition and Income, commonly referred to as Bank Call Reports, to regulatory agencies. These reports provide a comprehensive and detailed view of the financial condition of individual banks. When aggregated, Bank Call Reports offer valuable insights into the overall health and risk profile of the banking industry. Regulatory agencies further facilitate analysis by providing industry aggregates and enabling peer group comparisons by geography, asset size, and other criteria. For the purposes of this analysis, data is sourced from the FDIC and reflect multifamily asset quality trends across all insured institutions.
  • HMDA U.S. Multifamily Mortgage Originations: Each year, the Federal Financial Institutions Examination Council (FFIEC) publishes anonymized data on individual mortgage applications and lending transactions at the Census tract level, in compliance with the Home Mortgage Disclosure Act (HMDA). In May 2025, the FFIEC released the 2024 dataset, encompassing nearly 5,000 U.S. financial institutions. While analysts often focus on single-family mortgage originations, the dataset also includes multifamily originations, which inform the HMDA U.S. Multifamily Mortgage Originations table.
  • Holders of Multifamily Mortgage Debt: The Financial Accounts of the United States, formerly known as the Flow of Funds and also referred to as the “Z1,” tracks the sources and uses of funds across various sectors of the economy. This dataset provides a comprehensive overview of mortgage debt holders, with the multifamily sector reported as a distinct category. Historically, commercial banks have been the largest holders of multifamily mortgages. However, their share has declined over the past decade, while the proportion held by GSE pools and life insurance companies has increased. Because the Z1 aggregates data from sources such as the H.8 release and Bank Call Reports, it is possible to further subdivide the commercial bank category for a more detailed analysis of bank lending’s role in multifamily finance.