A subset of multifamily — student housing, which has generally seen more strength than other property types — has some winners and losers when it comes to year-over-year weighted average net cash flow changes, according to a recent Trepp report.

"As of June 2023, the fall 2023 school year had 85.7% of beds already leased across core universities, compared to the record-high 86.2% leasing rate seen in June 2022 for the corresponding school year and the average rate of 75% in the years prior to the pandemic," wrote Trepp research analysis Emily Yue. 

"While sentiment towards the student housing property sector has generally been positive, many universities and surrounding multifamily properties are starting to show signs of cracks in their bottom lines," she continued. "Some schools showing negative signs are public universities that increased spending dramatically over the past decade and are facing a decrease in revenue as student enrollment declines. These universities are now experiencing significant budget deficits."