On April 2nd, multifamily investors and commercial real estate professionals gathered for Metonic’s 2026 Multifamily Investment Forum — a morning of networking, breakfast, and high-level insights from some of the industry’s sharpest minds.
The morning featured three key sessions covering the multifamily market outlook, value-add investing, and capital markets. Throughout the event, attendees heard from nationally recognized housing economist Jay Parsons, VP of Production at Colliers Debt and Structured Finance Jeff Witt, and members of the Metonic team.
Keynote: Multifamily Market Outlook with Jay Parsons
Rental Housing Economist Jay Parsons shared his data-driven outlook on the multifamily market, covering national and regional trends, capital flows, and what today’s environment means for investors in 2026 and beyond. In the first part of his presentation, Jay discussed how supply, not demand, is the biggest headwind facing the multifamily industry today.
- Supply and Demand – Net absorption, an indicator of demand, remains well above the long-term average, but outsized supply deliveries have suppressed rent growth in some high-supply markets.
- Midwest Stability – While the Midwest didn’t experience the sharp rent increases seen in Sunbelt and coastal markets during the 2021 boom, it also avoided the surge in new construction that followed. As a result, the region has returned to steady, baseline rent growth while previously booming markets are now grappling with flat or negative growth.
- 10-year Deliveries Low – Based on construction permits, 2026 is projected to see a 10-year low in new multifamily deliveries, with only ~317,000 units expected to come online — down significantly from the ~585,000 units completed in 2024.
- Secondary and Tertiary Markets – On average, steady demand and less new supply have led secondary and tertiary markets to outperform major MSAs across all regions between 2020 and 2025.
Spotlight Segment: Metonic’s Value-Add Strategy
Metonic CEO Jasin Alfaro, President Kassie Inness, and Director of Investments Ari Perlmutter took a focused look at Metonic’s value-add investment strategy and platform evolution.
- Clear Path To NOI Growth – The Metonic team focuses on value-add properties with a clear, measurable, and executable path to net operating income (NOI) growth, backed by tangible data including rent comps, market-proven renovation premium, submarket data, expense benchmarks, and supply dynamics. Metonic leverages its extensive value-add experience and operational data from its existing portfolio to enhance deal evaluation.
- Target Markets – Rather than just evaluating deals as they become available, Metonic identifies key markets the team believes will perform well and actively pursues deals in those markets. Metonic evaluates potential target markets quarterly, analyzing 20-30 specific data points. These factors range from surface-level metrics like vacancy and new deliveries to deeper factors such as the age of city infrastructure and its potential impact on property taxes during hold periods.
- Lakewood Terrace Case Study – In 2025, the Metonic team raised capital to acquire Lakewood Terrace, a multifamily community south of Kansas City. During due diligence, the Metonic team investigated opaque aspects of the property’s repair and maintenance records and found a serious water penetration issue. The costs of fixing the issue would have significantly impacted returns, so Metonic walked away from the deal, preserving investor capital.
Panel Discussion: Capital Markets in Transition
Metonic Finance Manager Molly Leith moderated a discussion on capital markets with Metonic CEO Jasin Afaro, Metonic CLO Adam Kirshenbaum, and guest expert Jeff Witt, VP of Production at Colliers Debt and Equity. Witt, who works as an intermediary between large-scale lenders and sponsors, offered a unique perspective on current debt market conditions from both sides of the table.
- Increased Debt Availability – A wide array of lenders are competing to deploy capital into the multifamily market. Major lenders Fannie Mae and Freddie Mac increased their multifamily loan purchase cap by 20% in 2026, and other capital sources, including life insurance companies, are looking to allocate capital into commercial mortgages.
- The Sponsor Advantage – Despite high multifamily lending targets, lender groups remain selective about the deals they fund and the sponsors they choose to work with. While most lenders are unlikely to meet their aggressive allocation goals, that pressure still works in favor of quality sponsors. Well-capitalized borrowers with strong track records can expect strong competitive loan terms.
- Debt Service-to-Coverage Ratio (DSCR) – Prior to the COVID-19 pandemic, loans were typically restricted by the Loan-to-Value ratio. Now deals are more constrained by DSCR — essentially a measure of whether a property’s income is sufficient to cover its debt payments. This means operators who can credibly underwrite strong NOI have an advantage in securing favorable loan proceeds.