Shows
The Gray Report PodcastInside the 2026 Multifamily Market Cycleđď¸ The Gray Report | Cash-on-Cash Explained + 2026 Multifamily OutlookThis week on The Gray Report, Spencer Gray and Griffin Haddad break down one of the most misunderstood return metrics in real estate: cash-on-cash return.What is it?How is it calculated?How can leverage, interest-only debt, and refinances dramatically change it?And why can it sometimes be misleading?They go three layers deep into:Cash-on-cash vs IRR vs equity multipleHow financing structure impacts investor returnsOriginal vs current capital after a refinanceHow spons...
2026-02-231h 16The Gray Report PodcastWhat Could a New Fed Chair Mean for Multifamily?A new Fed Chair nominee. Elevated bond yields. Slowing rent growth. Negative absorption.What does it all mean for multifamily investors?Spencer Gray unpacks how Kevin Warshâs potential leadership at the Federal Reserve could reshape interest rates, inflation expectations, and long-term asset pricing â including apartments.This episode also dives into:⢠Why IRR can be misleading⢠The difference between speed of return vs. total return⢠Updated 2026 supply forecasts⢠Oversupplied Sunbelt markets vs. Midwest resilience⢠Why operational excellence matters more than everIn times of uncertainty, understanding first principl...
2026-02-131h 21The Gray Report PodcastOptimism For Multifamily In 2026?Is there real optimism for multifamily in 2026 or are challenges still ahead?In this episode of The Gray Report Podcast, Spencer Gray examines what 2026 may hold for the multifamily real estate market. The discussion covers slowing new supply, the growing wave of 2026 loan maturities, rising operating expenses, and whether meaningful price discovery is finally approaching.The episode also explores capital returning to commercial real estate, risks in overbuilt markets, and why disciplined strategy, capital structure, and risk management will define successful multifamily investing in the next cycle. This is a clear, data-driven conversation for investors...
2026-01-091h 05The Gray Report PodcastNew Year, New Outlook For Multifamily ?Is capital really coming back? Are rents finally bottoming? And why does the Midwest keep showing up at the top of every forecast? Spencer Gray is joined by Griffin Haddad to unpack CPI confusion, investor psychology, and what disciplined operators are actually underwriting heading into 2026.
2026-01-021h 17The Gray Report Podcast2026 Midwest Multifamily Forecast2026 Midwest Multifamily Forecast  Whatâs next for Midwest multifamily in 2026?Join Gray Report hosts Spencer Gray and Griffin Haddad, alongside John Chapman, Data Science Associate and co-author of the 2026 Midwest Multifamily Forecast, as they break down the key trends, risks, and opportunities shaping Midwest apartment markets. Get exclusive insights and data you wonât find in the published report. Read the full 2026 Midwest Multifamily Forecast: https://www.graycapitalllc.com/2026-multifamily-forecast/  Â
2025-12-191h 33The Gray Report PodcastLive: Network With InvestorsJoin hosts Spencer Gray and Griffin Haddad for a special live episode of The Gray Report recorded right after returning from an institutional investor conference in Miami. In this behind-the-scenes breakdown, Spencer and Griffin share what really happens at these high-level networking events: the conversations, the capital raising dynamics, the international investor presence, and the âcast of charactersâ you meet when you're raising money in todayâs market.Before diving into conference insights, the team unpacks new multifamily research, including a spotlight on Chicagoâs surprising rent growth outlook for 2026, current supply and demand fundamentals, and what their pr...
2025-12-091h 31The Gray Report PodcastMultifamily Market Trends In 2025Multifamily Market Trends in 2025In this episode of The Gray Report, Spencer Gray and Griffin Haddad break down whatâs really happening in todayâs multifamily market cutting through the noise, uncertainty, and constant narrative swings. From rent growth cooling to shifting cap rates, new development patterns, demand resilience, and the impact of AI and employment trends, this episode equips investors with data-driven insights for 2025 and beyond. Â Â They also cover highlights from Gray Capitalâs new 2026 Midwest Multifamily Forecast Report, examining supply-demand dynamics, market fundamentals, and why Midwest metros like Columbus are positioned to outpe...
2025-12-011h 14The Gray Report PodcastLooking Forward To 2026Dive into this weekâs episode of The Gray Report as Spencer Gray and new co-host Griffin Haddad break down the most important trends shaping multifamily real estate heading into 2026.From Midwest outperformance and slowing rent growth to supply waves, investor sentiment, distressed opportunities, and insights from major reports (PwC, Yardi, and the brand-new Gray Capital 2026 Midwest Multifamily Forecast), this episode is packed with actionable data for both passive and active investors.Plusâdonât miss the announcement of our December 16th live webinar, featuring data scientist John Chapman, who will walk through our forecasting method...
2025-11-2159 minThe Gray Report PodcastLooking Forward To 2026Dive into this weekâs episode of The Gray Report as Spencer Gray and new co-host Griffin Haddad break down the most important trends shaping multifamily real estate heading into 2026.From Midwest outperformance and slowing rent growth to supply waves, investor sentiment, distressed opportunities, and insights from major reports (PwC, Yardi, and the brand-new Gray Capital 2026 Midwest Multifamily Forecast), this episode is packed with actionable data for both passive and active investors.Plusâdonât miss the announcement of our December 16th live webinar, featuring data scientist John Chapman, who will walk through our forecasting method...
2025-11-2159 minThe Gray Report PodcastCould 50-Year Mortgage Solve the Housing Crisis?This week on The Gray Report, Spencer Gray and Senior Analyst Addison Luebert break down the biggest stories shaping U.S. housing and multifamilyâfrom new rent-growth data to headline-grabbing policy proposals coming out of Washington.We cover:CoStarâs latest rent-growth data and why 2025â2026 may bring continued flat or negative performanceGray Capitalâs 2026 Midwest Multifamily Forecast Report and how our internal projections compare to national modelsHow we approach underwriting in a slow-growth environmentDynamic pricing (AIRM) and why rent rolls are more complex than everThe proposed $2,000 âtariff dividendâ stimulusâhow COVID-era checks impacted multifamily and what simil...
2025-11-141h 09The Gray Report PodcastInvestment Discipline in Uncertain TimesApartment prices have fallen for three straight months and national rent growth is officially negative. What does that mean for multifamily investors?In this episode, Spencer Gray and Jay Reeder, Chief Investment Officer at Gray Capital, break down the latest RealPage and Realtor.com data, exploring trends in rent growth, occupancy, and the impact of dynamic pricing on todayâs uncertain market. They discuss investor psychology, underwriting strategies, and whether it still makes sense to buy in 2025 or wait for 2026.Topics include:⢠Falling apartment prices and softening demand⢠The psychology of invest...
2025-11-071h 14The Gray Report PodcastGold, Fraud, and States in RecessionSpencer Gray and Griffin Haddad (Gray Capital Investor Relations) deliver an episode packed with fundamental investing concepts and actionable market analysis.This week's discussion covers the basics of multifamily real estate investing, making it the perfect listen for those new to the asset class or looking for a foundational refresher.In this episode, we tackle:State of the Economy: An alarming report on the economic health of U.S. states and what the "recession map" shows for investors.Why Gold is Surging: The flight to real assets amid global uncertainty and how...
2025-10-2457 minThe Gray Report PodcastBuilding, Adapting, and Leading in Property ManagementThe Gray Report Podcast: Adapting in Property Management with Gray Residential LeadershipIn this special episode of The Gray Report, host Griffin Haddad, Investor Relations professional at Gray Capital, is joined by Katrina Greene (Senior Vice President, Gray Residential), Joe Powell (Vice President, Gray Residential), and Blake Pieroni (Head of Investor Relations, Gray Capital) for a deep dive into the evolution of property management â and how adaptation, leadership, and technology are shaping the multifamily industry.Over the course of the conversation, the group explores:How three decades of experience have reshaped the da...
2025-10-171h 16The Gray Report PodcastClosing a Multifamily DealIn this special episode of The Gray Report, Spencer Gray takes you behind the scenes of Gray Capitalâs latest acquisition: The Flats at Stones Crossing, a 292-unit Class A multifamily community in Indianapolis.Recorded live on closing day with CIO Jay Reeder and SVP of Gray Residential Katrina Greene, the team shares what it really takes to close a large multifamily deal, while also breaking down the latest Yardi Matrix September Report and multifamily market trendsârent growth, supply, and Midwest resilience.đ Subscribe to The Gray Report on YouTubeđ Sign up for the fr...
2025-10-101h 01The Gray Report PodcastRent Growth, Recession Risks & Griffinâs NFL-to-Real Estate JourneyIn this episode of The Gray Report, Spencer Gray is joined by Gray Capitalâs Griffin Haddad, Investor Relations, for a wide-ranging conversation on the state of the multifamily housing market, the broader economy, and the human side of investing.We cover:Why national rent growth is turning negative â and how the Midwest is bucking the trendVacancy, absorption, and the true drivers of NOI growth in todayâs marketHow interest rates, the Fed, and the 10-year Treasury shape multifamily investingWhat investors should know about affordability, homeownership vs. renting, and value-add strategiesThe risks of institutional over-investment in market...
2025-10-031h 29The Gray Report PodcastThe History of Gray CapitalOn this episode of The Gray Report, Spencer Gray goes solo for an in-depth look at todayâs multifamily market and the journey behind Gray Capital. He unpacks what the latest Fed rate cuts really mean, why CPIâs âshelterâ component can be misleading, and how uncertainty in the labor market is reshaping leasing and renewal trends. Spencer also explores the slowdown in new apartment construction, the policy levers that could address affordability, and the resilience of single-family housing despite higher borrowing costs.Beyond the headlines, Spencer shares the personal story of founding Gray Capitalâfrom early...
2025-09-261h 13The Gray Report PodcastHow to Invest and Raise Capital for Multifamily with Blake Pieroni2025 is reshaping how investors approach raising capital in multifamily real estate. From shifting market dynamics to evolving investor expectations, strategies that worked before may not be enough today.Spencer Gray, Founder & CEO of Gray Capital, sits down with special guest Blake Pieroni to discuss:The state of raising capital in 2025How multifamily investors can position themselves for successKey lessons and pitfalls from real-world capital raisesGain insights designed for investors navigating todayâs market.Subscribe to The Gray Report for weekly perspectives on multifamily investing, capital markets, and building long-term wealth....
2025-09-191h 19The Gray Report PodcastRate Cuts, Rising Questions, and the Rapid Ascent of AI in PropTechSpencer Gray sits down with Gray Residential's own SVP, Katrina Greene to unpack four timely topics shaping multifamily operations and investment today: the latest CBRE cap rate survey and what it implies for pricing and risk; key takeaways from Chair Powellâs Jackson Hole remarks; practical causes behind the current leasing slowdownâand how operators can respond; plus a grounded look at AI in the multifamily workforceâwhere it adds value, what to pilot, and how to upskill teams.https://jayparsons.com/2025/08/19/august-multifamily-update-the-summer-rent-slump-continues/?utm_source=chatgpt.comhttps://www.reuters.com/business/finance/powell-fires-up-markets-some-investors-see-reason-caution-2025-08-22/?u...
2025-08-291h 27The Gray Report PodcastCan Multifamily Investors Trust the Numbers? Can They Trust the Market?Apartment construction activity is shrinking, despite a recent housing report showing increased multifamily starts. After 2+ years of stagnant rent growth in the wake of a once-in-a-generation surge in apartment building, the multifamily market is on the edge of a shift towards a demand-driven market. Slower-moving investors are waiting for interest rate cuts to jump into the market, but in many midwestern markets (like Indianapolis) that have been the best-performing in recent years, forward-looking investors are investing with confidence.Link to sources discussed in this episode:CNBC: âWhen âinvest like the 1%â fails: How Yieldstreetâs real estate bets left customers with mas...
2025-08-231h 07The Gray Report PodcastInflation is flat. CRE loan distress is still a problem.While near-term interest cuts will not be deep enough to rescue troubled or financially distressed multifamily borrowers, if the Fed signals a shift to a less restrictive/elevated interest rate regime, the growing amount of investors re-entering the multifamily market will very quickly accelerate.Link to sources discussed in this episode:Bureau of Labor Statistics: âJuly 2025 Consumer Price Index: All Items Steady at 2.7% YoY Increase, Core up from 2.9 to 3.1% YoY Increaseâ Marcus & Millichap: âThe Forces Driving Interest Rates Lower â Will They Last?â - https://www.marcusmillichap.com/research/videos/the-forces-driving-interest-rates-lower-will-they-lastRealtor.com: âTrump Plans IPO for Fannie Mae and Freddie Mac in Late...
2025-08-161h 07The Gray Report PodcastA "Generational Reset" for the Apartment Market?The multifamily market has seen lower rent growth and lower investment activity for more than two years, and there is little indication that interest rates will fall quickly enough or reach the levels they were in 2021 when the apartment investment market was at its hottest. There are still deals being done, however, and some are looking at the market and seeing significant potential for growth, arguing that these past few years of cooling multifamily valuations and lower rent growth have "reset" pricing and opened up opportunities for investments that could achieve outsized returns as the multifamily market and commercial...
2025-08-0844 minThe Gray Report PodcastClear Predictions for Apartment Supply and Multifamily PerformanceThis week's episode highlights the work of Data Scientist John Chapman and his research aimed at accurately predicting future apartment supply, a topic that has become increasingly more relevant in the transition from the high levels of apartment building into a greater balance between supply and demand.Link to sources discussed in this episode:RealPage: âMultifamily Momentum Shifting in Top U.S. Marketsâ - https://www.realpage.com/analytics/june-2025-metro-permit-update/NAR: âJune 2025 CRE Market Insightsâ - https://www.nar.realtor/research-and-statistics/research-reports/june-2025-commercial-real-estate-market-insightsCotality: âWho Really Owns the Homebuyer?â - https://www.cotality.com/insights/analysis/who-really-owns-the-homebuyerLearn more about Gray C...
2025-08-011h 29The Gray Report PodcastIs There Any Hope for the Housing Market?While some are warning of a persistent cooldown in the housing market, multifamily investors are getting (gradually) more optimistic about the apartment sector.Link to sources discussed in this episode:RealPage: âConcession Values are Up, but the Number of Units Offering Discounts Has Fadedâ - https://www.realpage.com/analytics/market-questions-recap-2q-2025/Trepp: âWhy CRE's Current Stability May Be Masking Mounting Risksâ - https://www.trepp.com/trepptalk/why-cre-stability-may-be-masking-mounting-risks John Burns Research and Consulting: âThe multifamily reset is taking shapeâ - https://jbrec.com/insights/multifamily-reset-taking-shape-2025/CBRE: âMultifamily Underwriting Metrics Improve in Q2â - https://www.cbre.com/insights/briefs/multifami...
2025-07-2556 minThe Gray Report PodcastWhere is the housing market taking the economy?The Consumer Price Index showed housing inflation higher than overall inflation, but the for-sale home market has been softening, leading some to question whether falling single family home prices will lead to broader economic disruption.Link to sources discussed in this episode:Bureau of Labor Statistics: âConsumer Price Index, June 2025â - https://www.bls.gov/news.release/cpi.nr0.htm Cotality: âThe rising cost of staying putâ - https://www.cotality.com/insights/articles/serious-mortgage-delinquencies-rising CNBC: âNearly one third of major U.S. housing markets now see falling home pricesâ - https://www.cnbc.com/2025/07/14/us-housing-markets-falling-prices.html Zillow: âThe National Housi...
2025-07-1852 minThe Gray Report PodcastThe Big Beautiful Multifamily MarketThe recent passage of the Trump administration's "Big Beautiful Bill," which permanently restores major tax benefits like 100% bonus depreciation, among other tax breaks, has been very well received among real estate investors. On the other hand, multiple recent reports on the multifamily forcefully confront the possibility of a continued downturn in the apartment market, but the enormous amount of demand and the significantly lower levels of construction activity are clear indicators that, after more than 2 years of stagnation and cooldowns, apartment market fundamentals are poised for major positive growth moving forward.Link to sources discussed in this episode:Trepp: âSe...
2025-07-111h 20The Gray Report PodcastThe State of the Multifamily Market, Now and in the FutureLearn more about Gray Capital's Midwest Multifamily Fund: https://www.graycapitalllc.com/midwest Download Gray Capital's latest report: â https://www.graycapitalllc.com/future Sign up for our free multifamily newsletter here: â https://www.graycapitalllc.com/newsletterâ DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes only. This video is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
2025-07-051h 17The Gray Report PodcastWhat Are Apartment Investors Thinking?As multifamily investor sentiment continues the noncommittal "cautious optimism" that has prevailed these past few years, certain markets and asset classes have had much stronger and steadier performance than others.Sources discussed in this episode: John Burns Research and Consulting: âCommercial real estate capital still sidelined; foreign investors pulling backâ - https://jbrec.com/wp-content/uploads/2025/06/Burns-CRE-Daily_Fear-and-Greed-Index-Chartbook_2025-06.pdf Berkadia: âHow emerging trends are impacting multifamily investor sentimentâ - https://berkadia.com/wp-content/uploads/2025/05/Berkadia-Mid-Multifamily-Investor-Pulse-Survey.pdf Avison Young: âMid-Year CRE Outlook: âa dynamic blend of resilience, recalibration, and cautious optimismââ - https://www.avisonyoung.us/outlook/2025-mid-year Realtor.com: âInvestors...
2025-06-281h 23The Gray Report PodcastMultifamily in 2025: Go with the Flow or Batten Down the Hatches?Venture capital fund Andreesen Horowitz pumps more money into WeWork founderâs apartment investment company, Flow. Is it worth the money, and whatâs the real investment? We discuss the housing dynamics that are catching Flow investors' attention and the commercial real estate dynamics that are highlighting multifamily's solid performance amid a shaky CRE market.Sources discussed in this episode: Bisnow: âMarc Andreessen Is 'Doubling Down' On Adam Neumannâs Flowâ - https://www.bisnow.com/national/news/capital-markets/marc-andreessen-is-doubling-down-on-adam-neumanns-growing-cre-empire-129777 Curbed (New York Magazine): " The Baffling Return of Adam Neumann, Megalandlord" - https://www.curbed.com/article/what-we-know-about-adam-neumanns-flow.html Andreesen...
2025-06-201h 15The Gray Report PodcastIs the Real Estate Market Getting Worse?The broader commercial real estate landscape could see further pricing volatility, especially as distress levels tick upward and financing challenges persist. Multifamily, however, remains more stable, but current, more modest rent growth trends could be a challenge for markets/regions still working through the historic wave of apartment development. Many investors are looking past the current environment into a potential under-supply of apartments in 2026, and the continued divergence among different regions and markets will reward investors who can find opportunity in this current uncertainty.Sources discussed in this episode:MSCI: âEarly Warnings of CRE Price Problemsâ - https://www.msci...
2025-06-131h 02The Gray Report PodcastYardi Matrix's Paul Fiorilla on the Big Picture View of Housing and the EconomyGray Report host Spencer Gray speaks with guest Paul Fiorilla, Director of Research at RealPage, about the big picture trends in housing and the economy, with insightful conversation about housing affordability, single-family rentals, macro-economic developments, and the multifamily market. Yardi Matrix: https://www.yardimatrix.com/ Yardi Matrix Research: https://www.yardimatrix.com/Publications Download Gray Capital's latest report: â https://www.graycapitalllc.com/midwest-report/â Sign up for our free multifamily newsletter here: â https://www.graycapitalllc.com/newsletterâ DISCLAIMERS: This podcast does not...
2025-06-1048 minThe Gray Report PodcastHome Sales Teetering Towards the Abyss: What's Next for Housing?Signs of a softening for-sale home market are making some worry about a larger economic downturn, and apartment rent growth has faltered, growing less this year than in the past. That being said, apartment market performance varies considerably from region to region. Midwest and Northeast markets have rent growth close to 3-3.5%, while the South and West are less than 1% (and sometimes negative). Apartment construction trends point to a more balanced market as 2025 moves into 2026, but higher supply markets may take longer to get to this equilibrium.Sources discussed in this episode:GlobeSt: âExperts Warn Housing Could Be the Ti...
2025-06-061h 15The Gray Report PodcastUsing Housing Market Data to Predict the Future, with RealPage Chief Economist Carl WhitakerGray Report host Spencer Gray speaks with guest Carl Whitaker, Chief Economist at RealPage, about the latest housing market data and information and how the RealPage research team processes this information to generate their analysis and insights on the future of the apartment market. RealPage link: https://www.realpage.com/. RealPage Analytics Blog: https://www.realpage.com/analytics/ Download Gray Capital's latest report: â https://www.graycapitalllc.com/midwest-report/â Sign up for our free multifamily newsletter here: â https://www.graycapitalllc.com/newsletterâ ...
2025-05-2247 minThe Gray Report PodcastWhere Will Housing Be the Hottest?The hesitancy and uncertainty of the current moment have contributed to slightly lower rent growth in the apartment market and an increase in renewals as operators prioritize resident retention, but in many midwestern markets, rent growth has been robust as apartment supply trends normalize.Sources discussed in this episode:The Wall Street Journal: âTrumpâs China Deal Makes Sense. How He Got Here Doesnât.â - https://archive.is/uul8n Bureau of Labor Statistics: CPI lower than expected inflation, with food prices (and egg prices down), shelter inflation still going strong - https://www.bls.gov/news.release/cpi.nr0...
2025-05-161h 07The Gray Report PodcastThe Biggest Issues in Rental Housing with Chris Nebenzahl of John Burns Research and ConsultingGray Report host Spencer Gray speaks with guest Chris Nebenzahl, VP of Rental Research at John Burns Research and Consulting, about the macro forces driving the rental housing market in the United States.John Burns Research and Consulting Link: https://jbrec.com/Download Gray Capital's latest report: â https://www.graycapitalllc.com/midwest-report/â Sign up for our free multifamily newsletter here: â https://www.graycapitalllc.com/newsletterâ DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes only. This video is not an offer to invest. Any offering would be made through a private placement memorandum and woul...
2025-05-1552 minThe Gray Report PodcastIncoming Recession? What Apartment Investors Need to Know.In this webinar replay, Spencer Gray and Matt Bastnagel of Gray Capital discuss key trends for housing demand and construction activity, growing apartment investment activity, and the increasing multifamily investment opportunities in 2025.Download the full report at graycapitalllc.com/windowDISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes only. This video is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
2025-03-1456 minThe Gray Report PodcastHard Facts and Vague Fears in the Multifamily MarketAs multifamily starts continue to decline (far more than single family home starts) and both housing demand in general and apartment demand specifically show consistent strength, the case for multifamily asset strength continues to improve. Despite a recent decrease in 10-year treasury yields, elevated interest rates continue to inject a level of uncertainty into the market, but this same uncertainty will lead to some significant investment opportunities, with institutional investors like Apollo showing clear confidence in the multifamily market in their recent $1.5 billion acquisition of Bridge Investment. Sources discussed in this episode: John Burns Research and Consulting: âMultifamily market ou...
2025-02-281h 09The Gray Report PodcastApartment demand. There will always be apartment demand.Apartment fundamentals continue to improve, with multiple data sources sharing a broad consensus of improving demand. Additionally, recent reports project a considerable drop-off in newly-delivered apartments in 2025 and continuing into 2026. As this steady, elevated apartment demand meets a shrinking amount of new supply, we could see noticeably higher rent growth in 2025 and 2026.Sources discussed in this episode:Bisnow: âREPORT: HUD To Ax Half Of Its Workers, Launch Task Force To Study More Cutsâ - https://www.bisnow.com/national/news/top-talent/report-hud-to-axe-half-of-its-workers-128053The Wall Stre...
2025-02-221h 10The Gray Report PodcastMultifamily in Balance, or Will Things Fall Apart?Learn about Gray Capital's latest multifamily deal for accredited investors: https://www.graycapitalllc.com/walcott/Download Gray Capital's latest report: â https://www.graycapitalllc.com/report/â Sign up for our free multifamily newsletter here: â https://www.graycapitalllc.com/newsletterâ DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes only. This video is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
2025-02-1554 minThe Gray Report PodcastMultifamily Groundhog Day? Or Are Major Shifts on the Way?Investor sentiment in the multifamily market has settled into much the same place that it was at the start of 2024, but crucial improvements in multifamily fundamentals have driven more interest in multifamily investment in 2025, despite the added weight of higher-for-longer interest rates.Sources discussed in this episode:NMHC: âSurvey of Quarterly Apartment Conditionsâ -https://www.nmhc.org/research-insight/quarterly-survey/2025/nmhc-quarterly-survey-of-apartment-conditions-january-2025/Trepp: âOffice & Multifamily Loans Drove CMBS Delinquencies Higher in 2024â -https://www.trepp.com/trepptalk/office-multifamily-loans-drive-cmbs-delinquencies-higher-in-2024& page 14 ofhttps://www.trepp.com/hubfs/The%20Year%20End%202024.pdf?hsCt...
2025-02-071h 27The Gray Report PodcastA Chill Wind Blows through MultifamilyMultifamily investment optimism persists, but expectations have cooled somewhat since late 2024. Persistently-high ten-year treasury yields have changed the prevailing assumptions about interest rates and the multifamily lending market, with higher-for-longer expectations taking hold, moderating the previous optimism about the multifamily investment market, but even if the lending environment remains the same, the near-unanimous consensus of improved rent growth and apartment fundamentals continues to support the strong investment prospects for multifamily, no matter how cold the wind may blow.
Sources discussed in this episode:
The Wall Street Journal: âU.S. Homes Sales in 2024 Fell to Lowest Level in Nearly 30 Yearsâ - ht...
2025-01-311h 13The Gray Report PodcastHousing transformation in 2025?Amid the steady flow of executive orders from the new Trump administration, there remains some lingering uncertainty about the direction of the economy, but nothing that has overcome the prevailing economic optimism presently. The apartment market, while still working through a massive wave of new supply, has a clear positive trajectory for 2025, backed by high housing demand and an interest rate environment that continues to favor renters over homebuyers.
Sources discussed in this episode:
NAR: âResidential Real Estate Snapshot, November 2025â - https://www.nar.realtor/sites/default/files/2025-01/2024-12-residential-real-estate-market-snapshot-report-01-17-2025.pdf
RealPage: âApartment Rent Growth Expectations at the...
2025-01-241h 14The Gray Report PodcastEconomy Heats Up: What Happens to Housing?Population growth, inflation, and increasing demand for apartments point to continued economic heat at the start of 2025, but the pressures of debt costs have also risen as the CRE market comes to terms with the prospect of continued high interest rates.
Sources discussed in this episode:
Bureau of Labor Statistics: âConsumer Price Index, Dec. 2024 (up 2.9% YoY)â - https://www.bls.gov/news.release/cpi.nr0.htm
J.P. Morgan: âDecember 2024 jobs report: 256,000 jobs added, a strong finish to the yearâ - https://www.jpmorgan.com/insights/outlook/economic-outlook/jobs-report-december-2024
NAHB: âU.S. Population Grows at Highest Rate Since 2001â - https://eyeo...
2025-01-171h 33The Gray Report PodcastWill High Rates Ruin the Commercial Real Estate Comeback?Amid news of a powerful upswing in apartment demand, rising investor interest, and increasing consumer confidence, the rising yields for 10-year treasuries are a dark cloud that promises to make CRE investment interesting, if not straightforwardly difficult for investors looking for a larger spread between cap rates and debt costs. Likewise, CRE borrowers with loan maturities in 2025âperhaps even some who faced loan maturities in 2023 and were already granted extensions from their lendersâcould face an even tougher path. There is optimism among multifamily investors, but 2025 will have its share of challenges alongside opportunities.
Sour...
2025-01-1057 minThe Gray Report PodcastThe Housing Vibes in 2025The Gray Capital team discusses investor and consumer sentiment at the start of 2025, explaining the different trends and expectations for the multifamily market and the economy.
Sources discussed in this episode:
John Burns Research and Consulting: âCommercial real estate optimism is rising, namely apartmentsâ - https://jbrec.com/insights/investors-optimistic-about-commercial-real-estate-aparments-for-2025/
The Conference Board: âUS Consumer Confidence Pulled Back in Decemberâ - https://www.conference-board.org/topics/consumer-confidence
University of Michigan: âIndex of Consumer Sentimentâ - http://www.sca.isr.umich.edu/
2025-01-041h 00The Gray Report Podcast2024 vs. 2025: What Will Change for Housing and Multifamily?The Gray Capital team reviews the shifts in housing and multifamily at the transition from 2024 to 2025.
Sources discussed in this episode:
Cushman & Wakefield: âThe Tide Is Turning For CREâ - https://cw-gbl-gws-prod.azureedge.net/-/media/cw/americas/united-states/insights/research-report-pdfs/2024/122024chiefeconomistsperspectivev2.pdf?rev=14b033774366436f9b2b3e49f45c1beb&hash=4A92E1939002FB3489EB5122D66A2000
Freddie Mac: âHomeowner vs. Renter Spendingâ - https://www.freddiemac.com/research/forecast/20241220-us-economy-remains-robust-with-strong-q3-growth
RealPage: âClass A Price Premium Smallest i...
2024-12-2835 minThe Gray Report Podcast2025 Multifamily ForecastSpencer Gray and Matt Bastnagel of Gray Capital discuss their expectations for the multifamily market in 2025, with comments on existing and future trends in the multifamily investment market, housing, and the economy.
Download the full 2025 forecast report at graycapitalllc.com/report
Sign up for our free multifamily newsletter here: â https://www.graycapitalllc.com/newsletterâ
DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes only. This video is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
2024-12-221h 09The Gray Report PodcastWho Gets It Right About Apartments in 2025?We comb through the multitude of predictions for the multifamily market in 2025, with comments on apartment supply timelines, interest rates, housing demand, and other important factors.
Sources discussed in this episode:
Marcus & Millichap: Marcus and Millichap 2025 Multifamily Outlook - https://www.marcusmillichap.com/news-events/events/marcus-millichap-events/2025-multifamily-investment-outlook
NAA: 2025 Apartment Housing Outlook - https://www.naahq.org/2025-apartment-housing-outlook
NAHB: âA New Status Quo for the Geography of Residential Construction?â - https://eyeonhousing.org/2024/12/hbgi-q3-2024-a-new-status-quo-for-the-geography-of-residential-construction/
Fo...
2024-12-141h 25The Gray Report PodcastWhere Is Multifamily Headed?Gray Capital President and CEO Spencer Gray speaks with Chief Investment Officer Jay Reeder about the current state of the multifamily market, prospects for the future, and the impacts of supply trends, affordability and interest rates on the apartment market and housing as a whole.
Sources discussed in this episode:
RealPage: âScheduled Apartment Supply Peaks by Marketâ - https://www.realpage.com/analytics/expected-supply-peak-by-market/
Apartment List: âNational Rent Report, November 2024â - https://www.apartmentlist.com/research/national-rent-data
Moodyâs Analytics...
2024-12-091h 07The Gray Report PodcastApartment Shortage in the Making?As the wave of apartment supply slows, there may not be much building activity to follow, based on current permits and starts data. Low interest rates and other incentives could induce builders to begin more apartment projects, but the lengthy timeframe till completion could mean that, even though we're still well within a historic wave of apartment supply, there could be an apartment shortage in the making.
For the latest multifamily news from across the internet, visit the Gray Report website: â https://www.grayreport.com/â
Download Gray Capital's latest repo...
2024-12-0200 minThe Gray Report PodcastThe Multifamily Deals Are Coming BackLower (slightly) interest rates, improving fundamentals, positive investor sentiment, and a pending wave of loan maturities are among the factors contributing to a projected recovery in investment sales activity in 2025.
For the latest multifamily news from across the internet, visit the Gray Report website: â https://www.grayreport.com/â
Download Gray Capital's latest report on multifamily loan maturities: https://www.graycapitalllc.com/report/
Sources discussed in this episode:
Gray Capital: "Extend and Pretend Creates New Wave of Loan Maturities" - http...
2024-11-241h 03The Gray Report PodcastFed Slashes Rates 0.5%: Will CRE Investors Rush into the Market?In this edited replay of our live Gray Report video on the recent interest rate decision from the Federal Reserve,
Spencer Gray, Jay Reeder, and Matt Bastnagel of Gray Capital discuss the current multifamily market as well as remarks from Federal Reserve Chair Jerome Powell at the September 2024 FOMC meeting and press conference.
Sources discussed in this episode:
Apartment List: âApartment List's 2024 Millennial Homeownership Reportâ - https://www.apartmentlist.com/research/millennial-homeownership-2024
For the latest multifamily news from across the internet, visit the Gray Report website: â https://www.grayreport.com/â
Sign up for our free multifamily newsletter here: â https://www.grayca...
2024-09-231h 02The Gray Report PodcastWill Harris Campaign's Housing Policies Hurt the Apartment Market?With the Democratic National Convention bringing increasing attention to the policy platform of presidential candidate Kamala Harris, the Gray Capital team breaks down her comments on the economy and housing made during a campaign stop several days before the convention.
Sources discussed in this episode:
The New York Times: âU.S. Added 818,000 Fewer Jobs Than Reported Earlierâ - https://www.nytimes.com/2024/08/23/business/the-big-number-818000-jobs-revision.html
The White House: âRemarks by Vice President Harris at a Campaign Event in Raleigh, NCâ - https://www.whitehou...
2024-08-2657 minThe Gray Report PodcastMultifamily Has Bottomed. Growth Is Here.Apartment prices increased a full 4.9% last month, according to recent data from Green Street's Property Price Index, which follows a 2% increase from the previous month and is the strongest positive trend since late 2021. Apartment demand remains strong amid a generational peak in new apartment supply. Weakening (however gradually) inflation, alongside indications from the Federal Reserve that interest rate cuts are a growing possibility, could finally lead to a more active multifamily investment market, but currently, sales activity is relatively low.
Sources cited in this episode:
Green Street: âCommercial Property Pr...
2024-07-141h 01The Gray Report PodcastThe Hard Data on the Multifamily Market with Chris Salviati of Apartment ListGray Report host Spencer Gray speaks with Chris Salviati, Senior Housing Economist at Apartment List, about major trends in the multifamily space, notable apartment markets, and multifamily in relation to the larger economy.
Follow the latest reports from the Apartment List research team:
https://www.apartmentlist.com/research
For the latest multifamily news from across the internet, visit the Gray Report website: â https://www.grayreport.com/â
Sign up for our free multifamily newsletter here: â https://www.graycapitalllc.com/newsletterâ
Le...
2024-07-0947 minThe Gray Report PodcastIs now REALLY the time to invest in multifamily?A "trifecta of positive inflation reports" shows consistently weakening inflation, and data from both the single-family and multifamily markets points to persistent strong housing demand. Multifamily investment activity, however, is low, and there is little sign of interest rate relief for multifamily borrowers still struggling with high debt costs and sluggish rent growth. The sharpening contrast between the potential for growth and the current stagnation in the multifamily market represents a significant opportunity for investors, especially those with greater access to capital.
Sources discussed in this episode:
Apartment List...
2024-07-0755 minThe Gray Report PodcastHousing Demand Keeps Growing, Will Multifamily Follow?Amid persistently high interest rates and waning, but still-elevated, inflation, prices for single-family homes continue to increase, and despite the lower rent growth in the apartment market, the Harvard JCHS's recent State of the Nation's Housing Report finds continued affordability pressure in both the rental and for-sale areas of the housing market. While both rent growth and the growth of single-family home prices have sharply increased in the past 3 years, prices for single-family homes have increased by a far greater amount, which is a strong signal of housing demand that points to higher rent growth in the multifamily market...
2024-07-011h 07The Gray Report PodcastMidwest Multifamily Shows Its StrengthLower housing starts could exacerbate housing affordability issues, and while much of the US multifamily market is cooling due to to increased supply, midwestern multifamily markets are showing solid performance above national averages.
Sources cited in this episode:
The United States Census Bureau: "New Residential Construction, May 2024" - https://www.census.gov/construction/nrc/current/index.html
The Wall Street Journal: âRent Hikes Loom, Posing Threat to Inflation Fightâ - https://www.wsj.com/real-estate/rent-hikes-loom-posing-threat-to-inflation-fight-e6797e39
RealPage: âMost U.S. A...
2024-06-2456 minThe Gray Report PodcastDeals, Developments, & the Future of Indianapolis with Mickey Shuey of Indianapolis Business Journal
In a conversation with real estate reporter Mickey Shuey of the Indianapolis Business Journal, Spencer Gray discusses the specific developments and major trends in the city of Indianapolis.
For the latest multifamily news from across the internet, visit the Gray Report website: â https://www.grayreport.com/â
Sign up for our free multifamily newsletter here: â https://www.graycapitalllc.com/newsletterâ
DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes only. This video is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investor
2024-06-0956 minThe Gray Report PodcastCPI, Interest Rates, and Blackstone's $10B Multifamily REIT AcquisitionA 3.5% annual jump in CPI inflation numbers has led investors and experts to rethink their expectations of an interest rate cut in mid-year 2024, but Blackstone's recent agreement to acquire Apartment Income REIT Corp. for $10 billion could spark greater investment activity in spite of elevated interest rates, especially given the improving fundamentals in the apartment market.
Sources discussed in this episode:
CPI: âConsumer Price Index, March 2024â - https://www.bls.gov/news.release/cpi.nr0.htm
The Wall Street Journal: âBlackstone Making $10 Billion Multifamily Purchase, Going on the Real Estate Offensiveâ - https://www.wsj.com/real-estate/blackstone-making-10-billion-multifamily-purchase-going-on-the-real-estate-offensive-f3126928
Yardi Matrix...
2024-04-141h 02The Gray Report PodcastGetting Excited about a "Normal" MarketSources discussed in this episode:
Moodyâs Analytics: âQ1 2024 Preliminary Trend Announcementâ - https://cre.moodysanalytics.com/insights/cre-trends/q1-2024-preliminary-trend-announcement/
The Conference Board: "U.S. Leading Economic Index" - https://www.conference-board.org/topics/us-leading-indicators
The Wall Street Journal: "What's Wrong with the Economy? It's You, Not the Data" - https://www.wsj.com/economy/consumers/whats-wrong-with-the-economy-its-you-not-the-data-cfa911e6
Bureau of Labor Statistics: "The Employment Situation - March 2024" - https://www.bls.gov/news.release/empsit.nr0.htm
...
2024-04-081h 01The Gray Report PodcastRenting vs. Buying - Suburbs vs. DowntownCosts for homebuyers have been growing at more than twice the rate as rentals, making renting a more affordable option. Buoyed by recent data on apartment fundamentals multifamily investors are re-entering the market, undaunted by persistent high interest rates, last year's sluggish rent growth, and projections of elevated supply through the end of 2024.
Sources discussed in this episode:
Realtor.com: âFebruary 2024 Rental Report: Renting a starter home is more affordable than buying one in all 50 metrosâ - https://www.realtor.com/research/february-2024-rent/
CBRE: âAssessing Investor Sentiment: A Window Of Opportunityâ - https://www.cbre.com/insights/articles/cmc-epis...
2024-03-291h 03The Gray Report PodcastFed Keeps Rates Steady (and High)âMultifamily ImpactsThe Federal Reserve has thus far not deviated from its projections of 3 federal funds rate reductions in 2024, but it is in no hurry to start. While current elevated rates are not ideal for multifamily borrowers, multifamily investors with a longer-term view of the apartment market and housing demand have markedly increased their intentions to invest this year.
Sources discussed in this episode:
The Wall Street Journal: âStocks Gain after Fed Holds Rates Steadyâ - https://www.wsj.com/livecoverage/fed-meeting-fomc-interest-rate-decision-march-2024
Trepp: "Trepp Property Price Inde...
2024-03-241h 13The Gray Report PodcastRealPage's Carl Whitaker on the Data Driving the Multifamily MarketIn a return appearance on the Gray Report, RealPage
Director of Research & Analysis Carl Whitaker discusses economic trends, construction issues, rent growth developments, and the data that can give multifamily investors a clear view of the market in 2024.
For the latest multifamily news from across the internet, visit the Gray Report website: â https://www.grayreport.com/â
Sign up for our free multifamily newsletter here: â https://www.graycapitalllc.com/newsletterâ
Learn more about Gray Capital's latest multifamily investment offering for accredited investors: https://www.graycapitalllc.com/new-offering/
DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertai...
2024-03-2447 minThe Gray Report PodcastMultifamily Borrowers Are Not out of the Woods YetMultifamily loan maturities have not led to a full-scale crisis in the apartment investment market, but the issue is far from resolved for many borrowers, which could lead to pockets of distress in the sector.
Sources discussed in this episode:
Yardi Matrix: âMultifamily Loans Coming Due Face Stress Testâ - https://www.yardimatrix.com/publications/download/file/5217-MatrixResearchBulletin-MultifamilyMaturity-March2024
Bureau of Labor Statistics: âConsumer Price Index, February 2024â - https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm
Harvard Joint Center for Housing Studies: âPower to the Neighborhoods: NYC Growth Politics and the Origins of the Housing Crisisâ - https://www.jchs.har...
2024-03-181h 09The Gray Report PodcastGrant Cardone's Take on the Multifamily MarketGrant Cardone shares his inimitable insights on the current state of multifamily investment and specific markets across the country.
For the latest multifamily news from across the internet, visit the Gray Report website: â https://www.grayreport.com/â
Sign up for our free multifamily newsletter here: â https://www.graycapitalllc.com/newsletterâ
Learn more about Gray Capital's latest multifamily investment offering for accredited investors: https://www.graycapitalllc.com/new-offering/
DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. This podcast is not an offer to invest. Any offering would be made through a private placemen...
2024-03-1756 minThe Gray Report PodcastYardi Matrix's Paul Fiorilla on What's Driving the Multifamily Market in 2024Gray Report host Spencer Gray speaks with guest Paul Fiorilla, Director of Research at Yardi Matrix, and reviews the most important trends affecting the multifamily market in 2024.
For the latest multifamily news from across the internet, visit the Gray Report website: â https://www.grayreport.com/â
Sign up for our free multifamily newsletter here: â https://www.graycapitalllc.com/newsletterâ
Learn more about Gray Capital's latest multifamily investment offering for accredited investors: https://www.graycapitalllc.com/new-offering/
DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. This podcast is not an offer to invest. Any offe...
2024-03-111h 10The Gray Report PodcastCap Rate and Interest Rate Trends in 2024Cap rate trends and interest rate trends have come under the spotlight, with several reports on the topic as well as specific developments that will play a major factor in how the economy progresses.
Sources discussed in this episode:
Federal Reserve Bank of the United States: âMonetary Policy Reportâ - https://www.federalreserve.gov/publications/files/20240301_mprfullreport.pdf
Capital Spectator: âUS Growth Expected To Slow In Next Monthâs Q1 GDP Reportâ - https://www.capitalspectator.com/us-growth-expected-to-slow-in-next-months-q1-gdp-report/
CBRE: âU.S. Cap Rate Sur...
2024-03-101h 09The Gray Report PodcastMultifamily Predictions Converge on OptimismAs we move further from the uncertainty and rent growth stagnation of 2023, an increasing number of sources are finding room for optimism in the multifamily investment market. A looming drop-off in multifamily supply, the consequence of an interest-rate-driven decline in new construction projects, has become a central part of projections for the multifamily market, leading to expectations of higher rent growth and increased apartment demand in 2025 and 2026.
Sources discussed in this episode:
Bureau of Economic Analysis: âPCE Inflation, January 2024â - https://www.bea.gov/news/2024/personal-income-and-outlays-january-2024
John Burns Research and Consulting, CRE Daily: âFear and Greed Survey, 4Q23â...
2024-03-041h 21The Gray Report PodcastSingle Family Rentals and the Multifamily MarketSingle family rentals are a growing portion of the housing market, and while the single family market is correlated and connected to multifamily performance, single family rentals are not necessarily a competitive threat to the multifamily market.
Sources cited in this episode:
Yardi Matrix: National Multifamily Report, Jan. 2024 - https://www.yardimatrix.com/publications/download/file/5071-MatrixMultifamilyNationalReport-January2024
CoreLogic: âUS Single-Family Rent Index â February 2024â - https://www.corelogic.com/press-releases/corelogic-us-annual-rent-growth-remains-slow-steady-december/
RealPage: âIncomes Grew Faster Than Rents in 2023â - https://www.realpage.com/analytics/rent-income-ratios-decline-2023/
Moodyâs Analytics: âQ4 2023 Housing Affordability Update: Rent Burden Lightened for Median US Households Last Year, but Not...
2024-02-261h 05The Gray Report PodcastCould Multifamily Crash in 2024? Really?This month's inflation report came in slightly higher than expected, causing some worry that the much-anticipated interest rate cuts from the Fed may not arrive as quickly as previously thought. A "higher for longer" environment is one reason why some are pessimistic about multifamily in 2024, but there is little evidence for continued declines in multifamily valuations, which are already 20-30% below the peak. Consistent demand, a more balanced supply/demand environment after 2024, and, yes, lower interest rate expectations are a strong counter-balance to multifamily doomsayers and help explain why investors intend to be far more active this year compared...
2024-02-191h 06The Gray Report Podcast2024 Predictions for Multifamily and the Economy
The Gray Capital team shares their predictions for the multifamily market and the economy in 2024, comparing them to other forecasts that have recently been published.
Sources discussed in this episode:
Marcus & Millichap: âWhat to Expect for CRE in 2024â - https://www.marcusmillichap.com/research/videos/what-to-expect-for-cre-in-2024
CBRE: âU.S. Real Estate Market Outlook 2024â - https://www.cbre.com/insights/books/us-real-estate-market-outlook-2024/multifamily
Cushman & Wakefield: â2024 U.S. Macro Outlook: A Rolling Recession Is Hereâ - https://www.cushmanwakefield.com/en/united-states/insights/us-macro-outlook
Fannie Mae: âMultifamily Values Not Driven Solely by Rent Growthâ https://www.fanniemae.com/media/49951/display
For the latest multi...
2023-12-261h 16The Gray Report PodcastWill the Fed's Rate Hike Pause Restart CRE Markets?For CRE investors waiting to buy (or sell) properties, a rate hike pause may not be enough to encourage their re-entry into the market as investors expect further cap rate expansion in 2024. For multifamily specifically, confidence in longer-term asset performance has led to greater investor interest compared to other CRE sectors, but overall investment volume is lower than pre-pandemic averages.
Sources discussed in this episode:
Gray Capital: "Huge Buying Opportunity: Potential Multifamily Crash?" - https://youtu.be/TBZB9vpDW6M
Reuters: âFed keeps rates unchanged, acknowledges economy is 'strongââ - https://www.reuters.com/markets/us/fed-poised-hold-rates-steady-despite-economys-bullish-tone-2023-11-01/
Indepe...
2023-11-041h 32The Gray Report PodcastHave Prices Hit Bottom for Multifamily?The Gray Capital team discusses cap rate trends and apartment supply. Also in this episode, Gray Capital President, CEO, and Co-Founder Spencer Gray brings Hannah Ott and Cameron Benz, powerhouse multifamily brokers on the Indianapolis Cushman & Wakefield team, into the studio for a discussion of what's happening on the ground for multifamily buyers and sellers.
For the latest multifamily news from across the internet, visit the Gray Report website: â https://www.grayreport.com/â
Sign up for our free multifamily newsletter here: â https://www.graycapitalllc.com/newsletterâ
DISCLAIMERS: This podcast does not constitute professional financial advice and is for educ...
2023-10-161h 29The Gray Report PodcastLoan Maturities Will Reshape the Market
Reports of persistently-high expenses for commercial real estate operators, extended periods of higher interest rates, and lower rent growth have compounded the potential for distress linked to the wave of multifamily loan maturities due in Q4 of this year. Solid, long-term fundamentals and robust housing demand continue to make multifamily an attractive investment, but for floating-rate borrowers whose loans are coming due, these accumulating challenges could motivate sales at prices low enough to break the multifamily sales market out of its current stagnation.
Sources discussed in this episode:
Gray Capital: Research Update: "Wave Multifamily Loan Maturities Imminent" - https...
2023-10-021h 17The Gray Report PodcastIntroducing Katrina Greene and The ComplexKatrina Greene is the Director of Property Management for Gray Residential, and her upcoming podcast, The Complex, will detail the complicated and crucial aspects of managing apartment properties.
For the latest multifamily news from across the internet, visit the Gray Report website: â https://www.grayreport.com/â
Sign up for our free multifamily newsletter here: â https://www.graycapitalllc.com/newsletterâ
DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. This podcast is not an offer to invest.
2023-08-291h 04The Gray Report PodcastLooking Beyond the 2023 CRE Market CooldownMid-year updates and forecasts for the apartment and CRE markets uniformly note the improved economic conditions compared to the start of the year, but forecasts for rent growth and capital markets are diverging. Under one scenario, a recession in late 2023/early 2024 will prompt an interest rate reduction that could stimulate CRE capital markets, but under an alternative scenario, we are spared from a recession but deal with a longer period of elevated interest rates and inflation. Regardless of the ultimate outcome, interest rates are expected to remain high for at least 6 months, and the potential for property distress has...
2023-08-141h 10The Gray Report PodcastWhen Will Distress Hit the Multifamily Market?The drumbeat of coverage on commercial real estate loan trouble continues this week as strong jobs numbers fuel more uncertainty about inflation and economic strength, and while the multifamily market has shown stable rent growth, there is a high amount of regional variability. With the exception of Texas markets and the indefatigable growth of Miami, a number of Sunbelt markets have had negative rent growth, while markets in the Midwest and Northeast have much stronger rent growth as a group, especially more affordable markets with low rent-to-income ratios.
Sources discussed in this episode:
Gray Capital: âLoan Maturities and Distress in...
2023-06-0845 min
The Gray Report PodcastSilicon Valley Bank, Proptech, and Covering the Multifamily Market with Paul BergeronGray Report guest Paul Bergeron works at the nexus of information on the multifamily market, gathering data and opinions on the most important events in multifamily and commercial real estate. Gray Capital President and CEO Spencer Gray speaks with Paul about his experience reporting on CRE as well as the major issues currently shaping the multifamily industry.
Paul Bergeron LinkedIn Profile: https://www.linkedin.com/in/paul-bergeron-6762b26/
Sources discussed in this episode:
GlobeSt: â"Banks Collapse Affecting Mortgage Rates, VC, PropTech" - https://www.gl...
2023-03-1555 minThe Gray Report PodcastMultifamily in the Time of High-Interest RatesComments from Fed chair Jerome Powell indicate that we are headed towards even higher interest rates, which will almost certainly present a larger obstacle for potential sellers of apartment properties looking to wait out current conditions and avoid selling in a softening market. Recent reports on housing demand, on the other hand, support continued strong fundamentals for multifamily assets.
Sources discussed in this episode:
Associated Press: âPowell says âno decisionâ on the Fedâs next move on ratesâ - https://apnews.com/article/federal-reserve-powell-inflation-rates-economy-debt-89c49a1032527f2d2f1d6d674bafe187
The Gray Repor...
2023-03-131h 23The Gray Report PodcastApartment List Chief Economist Igor Popov Offers Invaluable Market AnalysisGray Capital President and CEO Spencer Gray speaks with Igor Popov, Chief Economist at Apartment, to explain the crucial trends driving housing, apartments, and the economy in 2023. Â
Apartment List Research: https://www.apartmentlist.com/researchÂ
For the latest multifamily news from across the internet, visit the Gray Report website: https://www.grayreport.com/Â
Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter Â
DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/ente...
2023-03-091h 06The Gray Report PodcastYardi Matrix's Paul Fiorilla on the Multifamily Market's Past, Present, and FutureYardi Matrix Director of U.S. Research, Paul Fiorilla, joins Gray Capital President and CEO Spencer Gray in a conversation about the factors driving the multifamily market and what to expect as the year progresses.
Sources discussed in this episode:
Yardi Matrix: "December 2023 National Multifamily Report" - https://www.yardimatrix.com/publications/download/file/3335-MatrixMultifamilyNationalReport-December2022
Yardi Matrix: "Winter 2023 U.S. Multifamily Outlook" - https://www.yardimatrix.com/publications/download/File//3345-MatrixMultifamilyNationalReport-Winter2023
Yardi Matrix: "Yardi Matrix U.S. Self-Storage Report...
2023-02-061h 07The Gray Report PodcastRealPage's Carl Whitaker Discusses Multifamily Trends, Markets, and Metrics to FollowDirector of Research & Analysis, Carl Whitaker, joins Gray Capital President and CEO Spencer Gray to discuss major trends, markets, and metrics to follow in 2023.
Sources discussed in this episode: Â
RealPage: "Three Types of Apartment Markets That Could Outperform in 2023" - https://www.realpage.com/analytics/three-types-of-markets-that-could-outperform-in-2023/Â
RealPage: "Three Types of Markets That Could Struggle in 2023" - https://www.realpage.com/analytics/three-types-of-markets-that-could-struggle-in-2023/
For the latest multifamily news from across the internet, visit the Gray Report website: https://www.grayreport.com/Â
Sign up for our...
2023-02-0257 minThe Gray Report PodcastMultifamily Predictions: Which Ones Will Come True in 2023?Among the many recent outlooks and projections for the multifamily market this year, some predictions will naturally be more accurate than others. The Gray Capital team discusses the state of the multifamily market and different visions for the markets and trends that will be the most prominent in 2023.
For the latest multifamily news from across the internet, visit the Gray Report website: https://www.grayreport.com/
Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter/
DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment...
2023-01-0549 min
The Gray Report PodcastAnother Fed Rate Hike: Best Markets for Multifamily InvestorsThe recent .5% rate increase from the Federal Reserve may have been expected, but the effects of these rising rates are more open-ended. Jerome Powell acknowledged the difficulty in managing inflation without precipitating an economic downturn, but he also noted that our strong job market makes an economic crisis less likely. In the near term, rising mortgage rates are moving home buyers into the rental market, but these rate increases are leading some multifamily investors to look beyond popular Sunbelt markets where low cap rates have made investment projects less feasible.
For the latest multifamily news from across...
2022-05-0655 minThe Gray Report PodcastMultifamily Strength During Economic UncertaintyThe multifamily market has continued its strong performance, even as recent ups and downs in the stock market, high inflation, rising interest rates, and growing recession worries impact the economy more broadly. Employment and demographic trends point to continued apartment rent growth and elevated demand, especially in markets with robust and growing local economies.
For the latest multifamily news from across the internet, check out the Gray Report website: https://www.grayreport.com/
Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter/
DISCLAIMERS: This podcast does not constitute professional...
2022-04-2936 minThe Gray Report PodcastInflection Point: Recession vs. RecoveryRecession expectations continue unabated, but along with the benefit of having long-term horizons beyond 2022 or 2023, commercial real estate investors continue to see growing returns. While a purely long-term perspective may not be helpful as it relates to the rapid interest rate increases weâve seen in the past few months, being able to filter out the day-to-day noise can allow investors to take note and react quickly when an inflection point approaches. Â
For the latest multifamily news from across the internet, check out the Gray Report website: https://www.grayreport.com/Â
Sign up for our free...
2022-04-2448 minThe Gray Report PodcastWhen Will Fed Hikes Impact Multifamily?The strength of the apartment market and the continued increase in inflation is currently at odds with the potential for reduced demand that has arisen from the Fed's plans for rate hikes, but the high levels of economic activity recorded in recent reports are expected to cool given the Fed's hawkish stance. While strong employment and retail sales numbers could be lagging indicators that will soon show the impact of the Fed's previous rate hikes, it remains to be seen whether these signs of economic strength will serve to cushion the blow of interest rate increases or compel more...
2022-04-1557 minThe Gray Report PodcastRecession Incoming? Be Ready and Take ActionThe multifamily market is in great shape right now, but that makes it even more important for investors to attend to the possible direction of the economy as a whole and the best actions to take in a rising interest rate environment. Despite strong jobs numbers, there are growing concerns about inflation, higher interest rates, and the ongoing war in Ukraine that have many worried about a recession. Amidst this uncertainty, the strength of the apartment market continues to attract investors in pursuit of assets with proven stability during periods of economic volatility.
For the latest multifamily...
2022-04-0856 minThe Gray Report PodcastYield Curve Inverts: Multifamily Strategies for a Risky EconomyFor the latest multifamily news from across the internet, check out the Gray Report website: https://www.grayreport.com/Â
Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter/Â
DISCLAIMER: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only.
2022-04-0328 minThe Gray Report PodcastHow Will the Fed's Interest Rate Hike Affect the Multifamily Market?Last week's announcement of rising interest rates from the Federal Reserve bank has led to some anxious speculation in the economy, and in this episode of the Gray Report, the Gray Capital team explains the potential impacts for multifamily investors. Â
For the latest multifamily news from across the internet, check out the Gray Report website: https://www.grayreport.com/ Â
Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter/ Â
DISCLAIMER: This video does not constitute professional financial advice and is for educational/entertainment purposes only.
2022-03-2549 minThe Gray Report PodcastWhy Multifamily Is Stronger Than InflationMultifamily assets are becoming increasingly valuable as investors take note of the potential for truly disruptive inflation and pursue investments that perform well during inflationary periods. The multifamily market has largely been insulated from inflation as rents continue to grow at more than double their historical averages.
For the latest multifamily news from across the internet, check out the Gray Report website: www.TheGrayReport.com
Sign up for our free multifamily newsletter here: www.graycapitalllc.com/newsletter
DISCLAIMER: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only...
2022-03-1858 minThe Gray Report PodcastKey Factors Behind the Long-Term Housing ShortageSeveral reports on the housing market bring renewed attention to the ongoing housing affordability crisis, specifically the rising costs of homeownership. While the rise of hybrid working arrangements have motivated some movement into suburban areas farther away from employers in central business districts, a growing number of Gen Z renters have been moving to the city, forming a substantial portion of renter demand downtown.
For the latest multifamily news from across the internet, check out the Gray Report website: www.TheGrayReport.com
Sign up for our free multifamily newsletter here: www.graycapitalllc.com/newsletter
2022-03-1143 minThe Gray Report PodcastMultifamily Building Through CrisisApartment developers have continued to increase housing supply to address high demand, with multifamily construction increasing more than single family by the end of last year. The pace of rent increases has subsided but remains above the historical average, and housing demand is such that, even as builders work hard to bring new supply onto the market, elevated rent growth is expected through the end of 2022 if not longer.
For the latest multifamily news from across the internet, check out the Gray Report website: www.TheGrayReport.com
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2022-03-041h 14The Gray Report PodcastLow Vacancy and High Demand: Will Rent Growth Surge Again?The Gray Capital team discusses rising rents, the housing affordability crisis, the supply/demand imbalance, and the potential for 2022 rents to continue the kinds of growth seen in 2021.
For the latest multifamily news from across the internet, check out the Gray Report website: www.TheGrayReport.com
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DISCLAIMER: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only; please consult a licensed financial advisor.
2022-02-2542 minThe Gray Report PodcastWhat's the Worst Case Scenario for Multifamily? Housing Market Expert on Inflation, the Fed, and the Apartment MarketNoah Stone from Berkadia's thought leadership team speaks with Spencer Gray about the impact of interest rates and inflation on the multifamily market, the differing performance of primary and secondary markets, and the fundamental stability of apartment assets.
Berkadia Research and Thought Leadership: https://base.berkadia.com/research-and-resources/Â
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DISCLAIMER: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only; please consult a licensed financial advisor.
2022-02-2146 minThe Gray Report PodcastCrucial Contexts for Housing Costs and Apartment InvestorsMultifamily investment volume is rising dramatically, and recent reports on housing affordability and increased investor activity in apartment markets have led to some concern about housing costs and the potential for a crisis. The Gray Capital team provides some important context to these issues and explains the larger trends that may be a factor in the multifamily market today.
For the latest multifamily news from across the internet, check out the Gray Report website: www.TheGrayReport.com
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DISCLAIMER: This podcast does...
2022-02-1847 minThe Gray Report PodcastWill Fed Taper Lead to Multifamily Tantrum?For the latest multifamily news from across the internet, check out the Gray Report website: www.TheGrayReport.com
Sign up for our free multifamily newsletter here: www.graycapitalllc.com/newsletter
DISCLAIMER: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only; please consult a licensed financial advisor.
2022-02-1153 minThe Gray Report PodcastMichael Blank: Multifamily Expert and "Financial Freedom" Thought LeaderIn this episode of The Gray Report Podcast, Spencer Gray interviews Michael Blank, the host of the popular âFinancial Freedom with Real Estate Podcast,â the founder and CEO of Nighthawk Equity, and the expert multifamily authority behind TheMichaelBlank.com, which provides useful content and resources for individuals interested in multifamily investing. His popularity is well-earned, as experts and beginning investors alike are drawn to his extensive knowledge and accessible advice on the multifamily industry.
For the latest multifamily news from across the internet, check out the Gray Report website: www.TheGrayReport.com
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2022-02-0836 minThe Gray Report PodcastTokenized Real Estate Is Here (Almost)The Gray Capital team discusses tokenized real estate, emerging alternative investments, multifamilyâs success compared to other real estate sectors, and trends in rent payment rates over the last three years.
For the latest multifamily news from across the internet, check out the Gray Report website: www.TheGrayReport.com
Sign up for our free multifamily newsletter here: www.graycapitalllc.com/newsletter
DISCLAIMER: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only; please consult a licensed financial advisor.
2022-02-0847 min
The Gray Report PodcastEpisode ZeroThe Gray Report was created to stay on top of the news, research, and trends shaping the multifamily industry, and The Gray Report Podcast will bring you the latest reports, ideas, and information along with insight and discussion from Gray Capital President and CEO Spencer Gray.
DISCLAIMER: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only; please consult a licensed financial advisor.
2022-02-0826 min