Sector Spotlight: Multifamily REITs Continue To Languish; Suddenly Affordable Housing?

Peak Pricing 12/31/2021 About five years ago, 2nd Market Capital, a real estate securities dedicated investor, felt priced out of the entire multifamily REIT sector. Trading at an average P/FFO north of 28x, we felt owning multifamily shares posed more risk than reward. S&P Global IQSource: S&P Global IQ The passage of time and the delivery of a tsunami of new apartments in the hottest sunbelt markets, however, has taken the shine off multifamily investment. This graph illustrates how little love the apart ...