LOS ANGELES – A huge bill is soon due for America’s apartment landlords – and renters could be the ones feeling the consequences.
Apartment owners face roughly $1.8 trillion in debt over the next decade, with about $757 billion of it coming due by 2028, according to a Wall Street Journal report citing Mortgage Bankers Association data.
Many landlords borrowed heavily when interest rates were near historic lows. Now those loans are expiring, and refinancing can cost far more. Some owners are also confronting slower rent growth, vacancies and apartment values that have fallen from their pandemic-era highs…