I attended the Northern California Multifamily Forum on September 24, 2026. It was primarily organized by Marcus & Millichap, one of the leading brokerage firms. Here are my takeaways:

1. The general sentiment is that it’s difficult to raise capital right now.

2. If you don’t need to sell, don’t sell right now.

3. Deals are still available.

4. One panelist mentioned that 20-unit properties are currently cheaper (with higher cap rates) than 200-unit properties. The smaller properties are under more pressure because of financing challenges.

5. Rents are increasing in San Francisco and the Bay Area because of the AI boom. Everywhere else in California, the trend is reversed!

6. One institutional investor on the panel said they believe Class A properties will perform better because more people are remaining renters for longer. If you expect to rent for a long time and cannot afford a home, you may at least want to live in a nicer apartment.

7. Institutional capital is drying up because of higher interest rates and oversupply.

8. The days of easy money from cap rate compression are over. You need meaningful renovations that people care about.

9. Social media is playing an important role in advertising units.

Please note that these takeaways reflect my interpretation of the discussion at the forum.