The multifamily space picked up pace in 2024, spurring hopes of a commercial market rebound
Multifamily lending in the US climbed to $288.7 billion in 2024, a 17% increase from the previous year, according to the Mortgage Bankers Association’s (MBA) annual report. It found that 2,463 lenders originated new mortgages for properties with five or more units, reflecting renewed momentum after a subdued 2023.
“Following 2023’s low-volume year, multifamily lending picked up in 2024, with activity increasing across lenders of all sizes and capital sources,” Reggie Booker, MBA’s Associate Vice President of Commercial Real Estate Research, said in a press release.
“While the multifamily market is served by some of the largest institutions in the country, it remains broad and diverse, with more than half of lenders active in the space making only a handful of loans in a year,” Booker said.
The MBA’s findings are supported by the Federal Housing Finance Agency (FHFA), which reported that Fannie Mae and Freddie Mac together purchased over $140 billion in multifamily loans in 2024, reflecting a continued focus on affordable housing and market liquidity.
Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac accounted for 41% of total multifamily mortgage volume by dollar amount. The top five lenders by volume were JPMorgan Chase & Co., Walker & Dunlop, Berkadia, Wells Fargo, and CBRE.
The MBA’s analysis draws from its survey of large multifamily lenders and Home Mortgage Disclosure Act (HMDA) data, which captures activity from smaller banks and commercial lenders. The report also profiled distinct market segments, including very-small loans of $1 million or less, and provided a breakdown of lending by investor group and metropolitan area.
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