The multifamily market has rebounded as swiftly has is stalled last year, but for industry experts the market enthusiasm is no surprise. Multifamily benefits from a renting culture that has driven apartment investment for the last decade—but during periods of economic dislocation, housing shows its resiliency. The pandemic has been no different.

"The biggest factor in terms of the way that it has become back from the pandemic is due to its perceived safety as an asset class," Mike Procopio, CEO of The Procopio Companies, tells GlobeSt.com. "If you look at real estate in general, the real performers are multifamily, industrial and lab. The rest of the asset classes, in terms of the risk profile, have become unattractive to a lot of core investors. I think you are seeing capital flood into multifamily as one of those safe bets."

Due to the dynamics of this downturn, a Main Street recession affecting service workers, luxury class-A owners and operators saw little disruption. "During the pandemic, the class-A multifamily, where we play, almost didn't skip a beat. The class-B and class-C operators were much more impacted by the eviction moratorium and from a depressed collections perspective," says Procopio.