Americas Real Estate: REITs

Latest edition · October 9, 2026

Americas Real Estate REITs Takeaways from our Private Real Estate Apartment Panel

Goldman Sachs hosted a Private Real Estate Apartment Panel with executives from Morgan Properties, Cortland, and Nuveen Real Estate. Panelists highlighted improving 2H26 Sunbelt rental tradeouts, a constructive 2027–2028 NOI outlook driven by concession burn-off, and accelerating distressed sales resulting from higher-for-longer borrowing costs.

Goldman Sachs' Private Real Estate Apartment Webinar gathered leaders from Morgan Properties, Cortland, and Nuveen Real Estate to assess multifamily market conditions. While current demand and occupancies remain healthy at roughly 95%, late-2026 data shows improved new-lease tradeouts and a clear inflection point heading into 2027–2028 as concessions diminish and expense growth (taxes and insurance) moderates. However, the persistent high-rate environment is exacerbating financing distress on 2021–2022 vintage floating-rate assets, which panelists anticipate will spark significant recapitalizations, lender takebacks, and distressed transaction volume over the coming 24–36 months.

Key takeaways from the latest edition

• 1.Sunbelt multifamily fundamentals show stronger 2H26 data points, with an encouraging outlook for 2027–2028 rent and NOI growth driven by the burn-off of concessions.
• 2.An elevated higher-for-longer interest rate environment is generating multifamily distress, driving anticipated lender takebacks, forced sales, and 30%–50% loan haircuts over the next 24–36 months.
• 3.Expense growth is moderating toward 2.5% into 2027 as property tax and insurance pressures ease compared to recent years, supporting low- to mid-single-digit NOI growth.

What this series covers

• Portfolios
• Demand and affordability
• Portfolio, Recent results, & Outlook
• Regional differences
• Expenses and NOI
• Transactions: Distressed sales expected to accelerate over coming quarters

Edition archive

• Americas Real Estate REITs Takeaways from our Private Real Estate Apartment Panel

  October 9, 2026

• Americas Real Estate REITs Rates move, REITs do what A look across performance and correlations, refreshing into an elevat...

  September 18, 2026

• Americas Real Estate REITs Model Updates SPG, EPRT, KIM

  September 10, 2026

• Americas Real Estate REITs Residential REITs Conference Season Preview

  September 10, 2026

• AMERICAS REAL ESTATE: REITS Revising FY26 industrial absorption estimate higher, while LMI pricing shows potential inflection point

  July 6, 2026