The multifamily market has undergone a fundamental reset. Cap rates have moved from 4.1% in 2021 to approximately 5.7% today. Bridge loan stress is forcing repricing across the sector. And a structural housing shortfall of nearly 4 million units continues to underpin long-term demand. In this white paper, CALCAP Advisors examines the forces reshaping the market — and why disciplined, operationally focused sponsors are positioned to outperform.