A landlord can collect the rent, pay the loan, and still run out of options.
Some mall owners are reaching the end of their loan terms with every payment made and few lenders willing to refinance.
Apartment owners face their own squeeze as cheap loans come due at higher rates and rent increases on existing tenants lose steam.
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The CMBS delinquency rate reached 8.02% in September, the highest since November 2020.
Property tax delinquency is at its highest since 2017, and bank repossessions are up 42% from a year ago.
Here’s where owners are struggling to hold on and where more properties are changing hands:
🏚️ Property Tax Delinquency Hits 9-Year High
📊 CMBS Delinquency Climbs to 8.02%
🏦 Bank Repossessions Surge 42%
🏘️ Apartment Renewal Rent Growth Weakens
🛍️ Mall Recovery Masks Refinancing Trouble
💸 Higher Rates Squeeze Apartment Owners
Video of the Week: Overpriced Homes Can’t Sell. How Bad Is Your Zip Code?
Chart of the Week: Insurance Is Taking a Bigger Bite Out of Apartment Revenue
Podcast of the Week: 13.9 MILLION Homes Are Coming
Property Tax Delinquency Hits Highest Level Since 2017
The national rate among homeowners paying taxes directly rose to 5.2% in 2026 from 4.2% in 2025, with delinquency more closely linked to HOA liens and mortgages over 90 days past due than unemployment.
CMBS Delinquency Climbs to Highest Since November 2020
The rate rose 17 basis points to 8.02% in September, driven largely by five loans, including a $1.10B Los Angeles studio-and-office portfolio.
Bank Repossessions Surge 42% as Texas Leads
Completed foreclosures reached 5,794 in August, up 42% year over year, with Texas accounting for 1,835 despite foreclosure starts nationwide rising just 7% annually.
Apartment Owners’ Renewal Rent Cushion Shrinks
Growth in renewal rents reached its weakest reading since before the pandemic, reducing the revenue support that helped owners offset falling new-lease rents.
Top-Tier Malls Mask Deeper Financial Distress
Mall values rose 13% year over year, yet $8.7B of tracked mall CMBS loans are in special servicing, with $3.4B delinquent across an overlapping group.
Apartment Cap Rates Barely Exceed Treasury Yields
Loans from the low-rate era are coming due at higher financing costs, leaving affected owners weighing fresh equity, expensive extensions, or a sale.
Video of the week