Multifamily has been struggling after its glory days at the height of pandemic panic and madness. Declining prices in the company of office, worthy of mention by the Federal Reserve. Trepp seeing "more significant fluctuations than usual" in multifamily delinquency rates.

But there's some good news on the multifamily front according to the National Multifamily Housing Council. Materials prices for construction are continuing to moderate.

"The share of respondents who reported deals being repriced up continued to fall, reaching 13% this quarter (from 48% in September and 23% in December)," the NMHC said about their survey responses from 48 leading multifamily construction and development firms. "Conversely, the share of respondents who saw deals repriced down doubled (52% of respondents, from 26% in December). Twenty-seven percent of respondents reported no repricing of deals (from 32% three months ago)." The average repricing last June was up 9%, up 10% in September, 9% in December, and now it was down 1%.