There's been a question of whether multifamily would see some significant distress. A couple of years ago, Blackrock thought it would be a long way off. By early in 2023, Yardi thought multifamily distress was going to increase as buyers and sellers waited for the other to blink over prices. But even then, others thought there would be little multifamily distress this year.

According to a new report from Trepp, the resolution between the two takes might be a matter of location.

"The multifamily market has been flying under the radar given the distress prevalent in other sectors, but in certain regions, there have been some notable developments," Trepp wrote. "Several major metropolitan areas in the country have exhibited distress or hints of it looming, as evidenced by their performance across a few key statistical indicators."