The risk for certain commercial real estate sectors remains elevated, thanks to what the US Office of Financial Research calls a "divergence" of demand, rents, and market values in its annual report to Congress—and that includes (no doubt to the shock of some) components of the multifamily asset class. 

"Multifamily properties have performed relatively well due to extensive federal government relief, such as expanded unemployment insurance and, most recently, direct federal aid for renters in financial difficulty," the agency's annual report notes. "However, there is long-term uncertainty over the direction of future employment rates and personal income."

The sector most at risk within the multifamily space? Low-rent workforce housing, "where tenants are vulnerable to layoffs and, as a result, have less income to pay rent," the report notes.