Metro Ratings, Q4 2026. Fifteen metros, distress against rent growth.
This edition covers 15 metros, not the 40 first announced. No free source gives distress, rents, supply and refinancing for 40 metros, and we do not fill gaps. The 15 are the metros one dated report ranks highest on CMBS distress; rent growth and the refinancing wall are added only where a dated source gives them.
The 15 metros rank from of CMBS balance in distress in Minneapolis to in Philadelphia. Rent growth is a separate question: the Yardi Matrix report names five weak metros, , , , Tampa and Boston . Only Denver and Austin are in both lists.
Where CMBS loans are already in trouble.
Rent growth, year over year: no figure. Bond loans maturing Sep 2026 to Jun 2027: no figure.
Share of each metro’s CMBS balance in distress, CRED iQ. The page shows 15 rows; metros below them are not ranked here.
Rents and distress, side by side.
| Metro | CMBS distress | Rent growth YoY | Bond loans due Sep 2026 to Jun 2027 |
|---|---|---|---|
| Minneapolis | no figure | no figure | |
| Denver | no figure | ||
| Oklahoma City | no figure | no figure | |
| Portland | no figure | no figure | |
| Austin | no figure | ||
| St. Louis | no figure | no figure | |
| Chicago | no figure | no figure | |
| Cleveland | no figure | no figure | |
| Milwaukee | no figure | no figure | |
| San Francisco | no figure | ||
| Cincinnati | no figure | no figure | |
| Hartford | no figure | no figure | |
| Birmingham | no figure | no figure | |
| Pittsburgh | no figure | no figure | |
| Philadelphia | no figure | no figure | |
| Houston | no figure | no figure | |
| Tampa | no figure | no figure | |
| Boston | no figure | no figure |
Houston, Tampa and Boston have a rent figure but sit outside the 15 distress rows, so their distress cell reads «no figure». New York and Los Angeles have a refinancing figure but no place in the distress 15, so they are not rows here.
Two metros have both figures.
Only metros with a figure on both axes can be plotted. Today that is Denver and Austin; the other 16 are missing one axis and are left off rather than placed by guess.
CMBS distress rate, then apartment rent growth year over year.
Two points show no pattern and we draw no line through them.
What this page does and does not say.
Distress rate: share of a metro’s CMBS balance that is delinquent or with a workout team, as CRED iQ defines it. Rent growth: year over year, apartments, Yardi Matrix top 30 metros.
Why 15: the distress page lists 15 rows; the full table is not free. Rent growth: the report’s text names five metros, and only Denver and Austin are also in the distress 15. So the scatter holds two points. That is what the sources support, and we say so rather than guess the rest.
Read it as a map of where to look, not a rating A to C. A rating needs demand, supply and price factors for every metro, and we do not have them for these 15.
See how a Titleman underwriting run marks where records disagree
This is research, not investment advice. Figures come from the documents named on each card; the scatter and the table contain no estimates.