Real estate investment trust net operating income has been less volatile during the current economic cycle but specific sectors can still experience substantial volatility. Multifamily is the most volatile sector, with the office and retail sectors experiencing less volatility. “It does make sense intuitively in that multifamily leases are the shortest so they should be more volatile,” said Steven Marks, a managing director at Fitch Ratings. “The biggest takeaway is that the dirty little secret is that multifamily, as much as people love multifamily, it’s the most volatile.”