Interest RatesAug 12, 2026, 1:01 PM ETiShares Residential and Multisector Real Estate ETF (REZ)HAUS, ESS, MAA, CPT, AVB, EQR, UDR2 CommentsZbigniew Budzinski, CFA47 FollowersSummaryMultifamily REITs face a challenging environment, with supply peaking in 2024 and oversupply pressuring lease rates until at least 2027.Private market distress and a looming $160B–$168 billion maturity wall in 2026–2027 may create future acquisition opportunities for REITs, especially the strongest players.Group valuations are tightly packed; balance sheets are generally safe, but risks from higher yields and private market volatility remain material.I recommend a uniform 'Hold' for the group, with ESS as the only 'Buy' due to its superior fundamentals; caution and patience are warranted.REZ as an ETF is a 'Sell' given healthcare sector overweight and 'Hold' on the rest of its holdings.elxeneize/iStock via Getty ImagesREZ and the Etf ProblemI have recently decided to dust off my old REIT models and decided to go with the housing sector. Having modeled all multifamily REITs I faced the need to choose aThis article was written byZbigniew Budzinski, CFA47 FollowersCuriosity is my middle name. I started my career as a fixed-income quant focusing on Polish bonds, later expanding into US Treasuries, before transitioning to the equity side as one of the youngest pension fund managers in Poland, running the equity book mostly single-handedly at the age of 25. A few years later, after delivering strong results, I experienced burnout and chose to spend a decade as a full-time private investor, focusing on major stock indices and commodity futures. I then returned to the institutional side, spending seven years managing a global listed REITs alternative fund for a Luxembourg-based boutique. While the investment track record was excellent, asset growth was sluggish, and with the outlook for REITs in 2024 looking average at best, I decided to pivot. Today, I dive deep into secular technology trends on my own—specifically the AI revolution, space tech, quantum computing, and biotechnology. I am here on Seeking Alpha to share my research, investment ideas, and financial models. While I am not a native English speaker, I let the quality of my numbers do the talking. My modeling approach is strictly conservative (often highly so); over 30 years of market experience have taught me that incorporating a wide margin of safety is vital, as market anomalies and negative surprises happen far more often than most people, and especially analysts, like to admit.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Comments(2)