Chart of the Week: Multifamily Market Share by Capital Source

This Chart of the Week focuses on the distribution of the multifamily market share by capital source. The multifamily market is a fundamental part of the broader commercial real estate market, and originations have been strong throughout 2025. The figure reports MBA estimates of the shares of originations by each capital source, overlaid with total multifamily origination volumes.

Multifamily originations contracted after 2022. In 2023 and 2024, multifamily origination levels were similar to those in 2016 and 2017. More than 40% of multifamily originations come from Fannie Mae and Freddie Mac-approved lenders, similar to the pre-pandemic period and well below their peak market share in 2009. Agency loans continue to play an important role in the multifamily market.

MBA estimates that the multifamily market will finish 2025 strong. Our most recent forecast estimates growth in multifamily originations of 23% in 2025 relative to 2024. Check out MBA’s CREF Forecasts for more details.

To hear more about multifamily trends in the CRE market, join us at MBA’s Accounting and Financial Management Conference in Phoenix, Ariz., on Nov. 19-21, 2025. MBA’s expert economics team will provide updates on the CRE market and the overall economic environment. This year’s program includes a special session on Agency and FHA lending.

 –Judith Ricks, Ph.D. (jricks@mba.org)