Occupancy in garden/low-rise scored 80 and subsidized housing 88. On the brighter side, the share of respondents who thought overall market conditions were better rose from 5% in 3Q to 14% in 4Q 2023.

Investors have nothing against high-rise apartments in busy downtowns. They still pay sky-high prices at low cap rates for all kinds of multifamily properties. But humble garden apartments fetched ...