What Multifamily Leaders Should Know About Today’s Capital Markets: Insights From Nasdaq’s Jason Peters

When you talk with someone who lives and breathes capital markets, you quickly realize just how many invisible forces shape the multifamily industry every day. That was certainly the case in our recent Resident Experts webinar with Jason Peters, Director at Nasdaq’s Capital Access Platforms division.

Jason has spent more than fifteen years tracking market analytics, investor sentiment, and economic performance across the real estate and housing sectors. With this experience, he delivers valuable insights and perspective that can help multifamily leaders navigate the volatile economic conditions we’re all navigating now.

The conversation ranged from rate-cut expectations to renter affordability, investor appetite, and even Bitcoin’s surprising role as a leading market indicator. Below are the biggest takeaways every operator, owner, and marketer should carry into 2026 and beyond.

1. Optimism Is Fragile—And Economic Data Is Driving Every Swing

Earlier this year, investor confidence was buoyed by AI enthusiasm, strong corporate earnings, and expectations of rate cuts. But as Jason explained, uncertainty has crept back in.

• A prolonged government shutdown created turbulence.
• Markets are anxiously waiting for delayed economic data.
• The probability of a December rate cut plummeted from 95% to 50%, reshaping investor sentiment almost overnight.

The takeaway for multifamily? Uncertainty is the new norm, and operators should prepare for continued volatility as the broader economy recalibrates.

2. Rising Rates and Market Volatility Are Putting Pressure on REITs

Apartment REIT performance paints a clear picture of investor caution. Year-to-date, the sector is down roughly 13%, making it one of the worst-performing REIT categories. This contrasts sharply with the broader REIT space (up around 2%) and the S&P 500 (up roughly 14%).

Why does this matter to operators? Because capital flows influence transaction volumes, valuations, and deal velocity. All of which eventually reach the property level through pricing, investment decisions, and operating budgets.

3. Employment Is the Most Critical Indicator for Multifamily Health

When asked which fundamentals will matter most, Jason didn’t hesitate to say employment.

• Median household incomes have been rising.
• Renters still view leasing as 30–50% more affordable than buying.
• Rent growth has softened because of supply, but that’s not because residents are unwilling to spend.

If jobs remain strong, demand should follow. And with supply expected to peak and normalize, conditions may begin improving in 2026, potentially setting the stage for renewed rent growth.

4. The Fifty-Year Mortgage Isn’t Likely to Reshape Housing—Yet

Recent headlines about potential 50-year mortgages sparked curiosity across the industry. Jason acknowledged the attention but noted that:

• Longer loans dramatically increase total interest paid.
• Equity builds slowly.
• The generational wealth cycle could be disrupted.

“It’s hard to know what will ultimately materialize,” he noted, “but it’s not likely to be a defining factor for multifamily.”

5. Institutional Investors Are Still on the Sidelines For Now

According to Nasdaq’s data, institutional demand for multifamily assets remains subdued. High supply, unclear rate direction, and economic uncertainty are keeping investors cautious.

However, momentum could shift quickly if:

• Borrowing costs fall
• Supply recedes
• Demand remains strong
  
  

In that scenario, 2026 could usher in a healthier investment climate.

6. Insurance Costs and Natural Disasters Are Becoming “Uncontrollables”

While interest rates dominate headlines, Jason warned that rising insurance premiums may be one of the steepest near-term challenges. This is especially true for coastal markets that, despite their desirability, are feeling the strain.

Insurance increases aren’t limited to apartments. Every type of dwelling is affected. Operators should anticipate tighter margins as these costs continue climbing with no clear relief in sight.

7. Watch These Market Signals Closely in 2025

Jason offered a practical checklist for operators tracking market shifts:

• The 10-Year Treasury Yield – a leading indicator for borrowing costs and investor behavior.
• Bitcoin – yes, Bitcoin. Jason noted that it has recently acted as a “risk-on/risk-off” signal, often moving ahead of equity markets.
• Employment Data – the single most important input for demand and renter spending power.
• Inflation Trends – shaping everything from wages to consumer confidence.

His advice: Control what you can control. But keep your eye on the data because it’s telling you where the market is headed.

Want to Dive Deeper? Watch the Full Conversation

This blog scratches the surface of our discussion, but the full webinar is packed with insights, context, and real-world examples that multifamily professionals will find invaluable as they prepare for 2025 and 2026. You can access the webinar by clicking here.

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