US Apartment Landlords Face a $1.8 Trillion Debt Wall — Nearly $300 Billion Comes Due This Year as Refinancing Costs Soar

U.S. apartment landlords are facing over $1.8 trillion in debt due over the next decade, with nearly $300 billion maturing this year alone. Refinancing costs have surged, with current rates approximately double those from five years ago, leading some landlords to sell properties at losses or restructure their finances. Multifamily loan delinquency in commercial mortgage-backed securities has reached 7.1%, and apartment values have dropped about 3.5% in the past month, remaining over 20% below their 2022 peak.