In this week’s Chart of the Week, we examine MBA’s 2025 Annual Report on Multifamily Lending, which found that multifamily mortgage lending staged a strong recovery in 2025, with origination volume climbing 32 percent to $381.8 billion. The rebound marks a turnaround after several challenging years for the sector: after peaking near $490 billion in 2021, on the back of historically low interest rates, volume pulled back sharply through 2023, as higher rates and valuation uncertainty sidelined many borrowers and lenders. The 2025 totals suggest that capital is once again flowing more freely into multifamily properties, even as the market remains well below its 2021-2022 highs.
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