2021 Multifamily CMBS Delinquency Rate

The latest monthly update from Trepp on where this key rate is trending.

The Trepp CMBS delinquency rate increased for the first time in 18 months in December 2021. After two huge increases in May and June 2020, the rate fell for 17 consecutive months. That stretch ended at the end of the year as several large office delinquencies contributed to the increase.

The CMBS delinquency rate in December was 4.6 percent, an increase of 19 basis points from the November number. The percentage of loans in the 30 days delinquent bucket is 0.5 percent, up 24 basis points for the month.

In terms of loans in grace period, 2.1 percent of loans by balance missed the December payment but were less than 30 days delinquent. That was up eight basis points for the month. The percentageof loans with the special servicer fell to 6.8 percent in December from 6.9 percent in November. The percentage of loans on servicer watchlist dropped to 26.5 percent in December from 27.5 percent in November.

The multifamily delinquency rate dropped 14 basis points to 1.8 percent.

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