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Freddie Mac's Apartment Investment Market Index declined quarter-to-quarter and year-over-year in the fourth quarter of 2021.

Rising Prices, Mortgage Rates Drive Freddie Mac Apartment Investment Index Downward 

The Freddie Mac Multifamily Apartment Investment Market Index (AIMI) fell by 4.8% in the fourth quarter of 2021, with the index down 2.4% year over year. Record multifamily price appreciation, which saw its largest single-quarter growth in the history of the index, and rising mortgage rates more than offset unprecedented growth in NOI.  

Over the past year, property prices grew by 19.6%, mortgage rates increased by six basis points and NOI grew by 17.7%, according to Freddie Mac. 

“The year-over-year AIMI decline shows us that it may be more difficult now to find attractive multifamily investment opportunities in some markets than it was a year ago,” said Steve Guggenmos, VP of research & modeling at Freddie Mac Multifamily. “Even though we’re seeing off the charts net operating incomes, prices are also rising dramatically. In most markets. Investors are paying more per dollar of property income compared with one year ago.” 


Inside The Story

Freddie Mac Multifamily

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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