Delinquency rates for apartment commercial mortgage-backed securities reached a nine-year high in August, rising 71 basis points to 6.86%. Servicing rates for apartment CMBS loans also increased to 8.61%. The overall Trepp CMBS Special Servicing rate decreased to 10.29%, with notable reductions in lodging and mixed-use properties.

The Trepp CMBS Delinquency Rate rose for the sixth consecutive month to 7.29% in August. Office rates hit an all-time high of 11.66%, while retail delinquency fell to 6.42%. Despite rising delinquencies, REIT executives note a lack of distress in the market and a scarcity of buying opportunities.

REIT executives from MAA and UDR report that distress in the market has not yet translated into buying opportunities. Cap rates have fallen, indicating increasing prices for apartments, but transaction volume remains low. While potential distress looms, significant buying opportunities have yet to materialize.

Read more at Yahoo Finance: Apartment CMBS delinquencies hit 9-year high, distress sales still slow