The last few years have been a reset for how I look at multifamily. Between rising rates, tighter lending, and deals that suddenly stopped penciling, I had to revisit assumptions that used to feel pretty safe. Heading into 2026, I’m less focused on guessing where rates go next and more focused on what actually holds up when things get choppy. A few things I keep coming back to based on what I’m seeing day to day: Predictable debt matters more than cheap debt.