Multifamily CMBS delinquency rate fell in February

Trepp’s February data show the multifamily CMBS delinquency rate fell 9 bps month‑over‑month to 6.85%, down from 6.94% in January 2026.

Key context

• Multifamily’s February 6.85% delinquency rate is 27 bps below its recent October 2025 peak of 7.12%.

• Despite the monthly improvement, multifamily delinquencies are still up sharply year‑over‑year: 6.85% now versus 4.46% a year ago, a 239 bp increase.

• Overall CMBS delinquencies declined 33 bps in February to 7.14%, with office, retail, and multifamily improving while lodging and industrial ticked higher.

Selected property‑type delinquencies (Trepp, February 2026)