MMI swings to profit as rate surge delays CRE recovery
Apartment supply drop lifts landlord pricing power MMI's own 2026 outlook sees US apartment completions falling about 34% from last year, the lowest since 2014. Less new supply means tighter vacancies and firmer rents, which makes apartment buildings more attractive to buy and sell — more deals means more commissions for MMI.
It is a core demand driver for MMI's brokerage business and is new this period.
Q2 swings to profit, revenue up about 18% MMI's second-quarter revenue rose roughly 18% to about $203 million, and it swung from a year-ago loss to a small profit. Brokerage and financing fees both grew, and the company kept buying back stock and paying its dividend — signs the business is recovering.
Earnings are the clearest evidence of MMI's financial health and are new this period.
Rate surge pushes CRE recovery further out MMI's CEO said the recent jump in interest rates is delaying the commercial real estate sales recovery and disrupting deals already underway. Higher rates make it harder to agree on prices, so deals take longer and some fall apart — a drag on MMI's commissions.
It is the main counterweight to the positive earnings and supply news.
IPA closes $58.7M Phoenix multifamily sale MMI's IPA division sold a 260-unit Phoenix apartment complex for $58.7 million. Big single deals like this show MMI can still close large transactions even in a slow market, and each one adds directly to its brokerage revenue.
It is a concrete example of MMI closing deals despite the rate headwind.