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NMHC Annual Meeting Recap: 2026 Signals an Inflection Point for Multifamily Markets
Woodland Hills, CA – February 2, 2026 – Investors Management Group and Parktown Living attended the 2026 National Multifamily Housing Council (NMHC) Annual Meeting in Las Vegas. Recognized as the largest multifamily conference of the year with attendance over 10,000, NMHC brings together industry leaders for educational presentations, private meetings and networking.
The conference underscored a multifamily real estate market at an inflection point, with capital poised to deploy amid ongoing pricing tensions and selective recovery expectations.
Market Dynamics: The Bid-Ask Spread Narrows
Investors expressed readiness to re-enter the market after an extended period on the sidelines, though the persistent bid-ask spread continues to complicate transactions. A notable shift is occurring as sellers begin moderating their pricing expectations. Conference attendees reported that property owners are increasingly willing to negotiate, driven by concerns about potential distress scenarios and a strategic preference to exit positions before financial challenges intensify.
Looming Refinancing Crisis
A significant theme emerged around loans originated during the 2021-2022 period, which are now approaching maturity in a dramatically different interest rate environment. Property owners facing refinancing decisions are confronting difficult choices: hold assets in anticipation of value recovery or realize losses now to avoid deeper distress. This dynamic is expected to drive increased transaction activity as owners make pragmatic decisions about their portfolios.
Evolving Credit Landscape
Despite Fannie Mae and Freddie Mac receiving increased lending caps, both agencies have implemented more stringent underwriting standards. Combined with elevated Treasury rates, this has created challenging financing conditions through traditional agency channels. However, the broader credit markets remain highly liquid. Capital that previously flowed to property acquisitions has redirected to the lending side, creating expanded financing options. This shift provides property owners with bridge financing alternatives to navigate the current environment while awaiting operational and value recovery.
“Pocket-y” Recovery Trajectory
Conference consensus pointed toward an uneven recovery pattern over the next 12-24 months. Rather than broad MSA-wide improvements, recovery is expected to concentrate in well-located assets where supply-demand fundamentals have rebalanced. This selective recovery underscores the importance of asset quality and location in the current cycle.
Investment Opportunity Amid Structural Demand
Participants broadly agreed that current conditions present an attractive buying environment. The combination of improving supply-demand dynamics and anticipated interest rate reductions should support value appreciation from today’s entry points. Underpinning this optimism is a fundamental demographic reality: homeownership remains unaffordable for most Americans, ensuring sustained rental demand for the foreseeable future. This structural tailwind provides a solid foundation for multifamily investments positioned to capitalize on the recovery.
About Investors Management Group
Founded by Neil Schimmel, IMG is a nationally acclaimed real estate investment and asset management firm highly specialized in apartment communities. Our mission is to create vibrant, sustainable living environments through strategic investments and a commitment to community development. With a network of over 1,000 accredited investors, we strive to enhance the quality of life for our 5,000+ tenants nationwide and support the growth of local neighborhoods. IMG’s culture is characterized by innovation and a steadfast commitment to creating value in multifamily investments. Learn more