Multiple headwinds to deal activity across the U.S. have taken a toll on multifamily investment activity in the past year, not the least of which is trying to get a property to underwrite during a period of negative rent growth. Skyrocketing insurance costs have further eroded some investor interest and kept others on the sidelines in the past year. But even though year over year sales volume is down markedly in that time, two groups of markets continue to lead the nation.