Shows
The 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: “Multifamily 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: “REPORT: HUD To Ax Half Of Its Workers, Launch Task Force To Study More Cuts” - 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: https://www.graycapitalllc.com/report/Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter 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: “Survey of Quarterly Apartment Conditions” -https://www.nmhc.org/research-insight/quarterly-survey/2025/nmhc-quarterly-survey-of-apartment-conditions-january-2025/Trepp: “Office & Multifamily Loans Drove CMBS Delinquencies Higher in 2024” -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: “U.S. Homes Sales in 2024 Fell to Lowest Level in Nearly 30 Years” - 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: “Residential Real Estate Snapshot, November 2025” - https://www.nar.realtor/sites/default/files/2025-01/2024-12-residential-real-estate-market-snapshot-report-01-17-2025.pdf
RealPage: “Apartment 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: “Consumer Price Index, Dec. 2024 (up 2.9% YoY)” - https://www.bls.gov/news.release/cpi.nr0.htm
J.P. Morgan: “December 2024 jobs report: 256,000 jobs added, a strong finish to the year” - https://www.jpmorgan.com/insights/outlook/economic-outlook/jobs-report-december-2024
NAHB: “U.S. Population Grows at Highest Rate Since 2001” - 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 2025—perhaps even some who faced loan maturities in 2023 and were already granted extensions from their lenders—could 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: “Commercial real estate optimism is rising, namely apartments” - https://jbrec.com/insights/investors-optimistic-about-commercial-real-estate-aparments-for-2025/
The Conference Board: “US Consumer Confidence Pulled Back in December” - https://www.conference-board.org/topics/consumer-confidence
University of Michigan: “Index of Consumer Sentiment” - 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: “The Tide Is Turning For CRE” - 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: “Homeowner vs. Renter Spending” - https://www.freddiemac.com/research/forecast/20241220-us-economy-remains-robust-with-strong-q3-growth
RealPage: “Class 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: https://www.graycapitalllc.com/newsletter
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: “A New Status Quo for the Geography of Residential Construction?” - 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: “Scheduled Apartment Supply Peaks by Market” - https://www.realpage.com/analytics/expected-supply-peak-by-market/
Apartment List: “National Rent Report, November 2024” - https://www.apartmentlist.com/research/national-rent-data
Moody’s 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: https://www.grayreport.com/
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: https://www.grayreport.com/
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: “Apartment List's 2024 Millennial Homeownership Report” - https://www.apartmentlist.com/research/millennial-homeownership-2024
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.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: “U.S. Added 818,000 Fewer Jobs Than Reported Earlier” - https://www.nytimes.com/2024/08/23/business/the-big-number-818000-jobs-revision.html
The White House: “Remarks by Vice President Harris at a Campaign Event in Raleigh, NC” - 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: “Commercial 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: https://www.grayreport.com/
Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter
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: “Rent Hikes Loom, Posing Threat to Inflation Fight” - https://www.wsj.com/real-estate/rent-hikes-loom-posing-threat-to-inflation-fight-e6797e39
RealPage: “Most 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: https://www.grayreport.com/
Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter
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 investor2024-06-0956 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: “Consumer Price Index, March 2024” - https://www.bls.gov/news.release/cpi.nr0.htm
The Wall Street Journal: “Blackstone Making $10 Billion Multifamily Purchase, Going on the Real Estate Offensive” - 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:
Moody’s Analytics: “Q1 2024 Preliminary Trend Announcement” - 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: “February 2024 Rental Report: Renting a starter home is more affordable than buying one in all 50 metros” - https://www.realtor.com/research/february-2024-rent/
CBRE: “Assessing Investor Sentiment: A Window Of Opportunity” - https://www.cbre.com/insights/articles/cmc-epis...2024-03-291h 03The Gray Report PodcastFed Keeps Rates Steady (and High)—Multifamily 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: “Stocks Gain after Fed Holds Rates Steady” - 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: https://www.grayreport.com/
Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter
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: “Multifamily Loans Coming Due Face Stress Test” - https://www.yardimatrix.com/publications/download/file/5217-MatrixResearchBulletin-MultifamilyMaturity-March2024
Bureau of Labor Statistics: “Consumer Price Index, February 2024” - https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm
Harvard Joint Center for Housing Studies: “Power to the Neighborhoods: NYC Growth Politics and the Origins of the Housing Crisis” - 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: https://www.grayreport.com/
Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter
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: https://www.grayreport.com/
Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter
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: “Monetary Policy Report” - https://www.federalreserve.gov/publications/files/20240301_mprfullreport.pdf
Capital Spectator: “US Growth Expected To Slow In Next Month’s Q1 GDP Report” - https://www.capitalspectator.com/us-growth-expected-to-slow-in-next-months-q1-gdp-report/
CBRE: “U.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: “PCE Inflation, January 2024” - https://www.bea.gov/news/2024/personal-income-and-outlays-january-2024
John Burns Research and Consulting, CRE Daily: “Fear and Greed Survey, 4Q23”...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: “US Single-Family Rent Index – February 2024” - https://www.corelogic.com/press-releases/corelogic-us-annual-rent-growth-remains-slow-steady-december/
RealPage: “Incomes Grew Faster Than Rents in 2023” - https://www.realpage.com/analytics/rent-income-ratios-decline-2023/
Moody’s Analytics: “Q4 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: “What to Expect for CRE in 2024” - https://www.marcusmillichap.com/research/videos/what-to-expect-for-cre-in-2024
CBRE: “U.S. Real Estate Market Outlook 2024” - https://www.cbre.com/insights/books/us-real-estate-market-outlook-2024/multifamily
Cushman & Wakefield: “2024 U.S. Macro Outlook: A Rolling Recession Is Here” - https://www.cushmanwakefield.com/en/united-states/insights/us-macro-outlook
Fannie Mae: “Multifamily Values Not Driven Solely by Rent Growth” 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: “Fed keeps rates unchanged, acknowledges economy is 'strong’” - 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: 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 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: 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 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: “Loan 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: "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: “Powell says ‘no decision’ on the Fed’s next move on rates” - 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.
Apartment List Research: https://www.apartmentlist.com/research
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/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:
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/
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/
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 minThe Gray Report PodcastDoom or Boom in 2023? Multifamily Trends to WatchSome impactful trends of 2022 may not be as prominent next year. For example, this year's dramatic interest rate increases are expected to plateau and 2022's high levels of inflation will likely to decrease in 2023. That being said, many of the major forces driving the multifamily market will continue. The critically low supply of housing may not have gotten as much attention in light of the declining rent and single family home prices this year, but housing demand will remain high until single family and apartment construction dramatically increases, which will not happen overnight or next year, for that matter. 2022-12-311h 08The Gray Report PodcastIs the Fed Wrong about Rent Growth?A working paper from the Federal Reserve Bank of Cleveland outlines a new way of measuring rent growth with strong implications for how economic policy makers understand and track inflation, Fannie Mae's most recent commentary on the multifamily market reviews the housing implications associated with the growth of the 75+ population, Japan's bond market shifts signal greater concerns about inflation, and reports on the apartment market continue to highlight the strength of Midwestern markets with a lower cost of living.
For the latest multifamily news from across the internet, visit the Gray Report website: https://www.grayreport.com/2022-12-2335 minThe Gray Report Podcast2023 Multifamily Market PredictionsThe Federal Reserve is raising rates another 50 basis points, the CPI report is showing inflation cooling, and multifamily investors and industry leaders are making predictions for the apartment market and commercial real estate in the year to come. Expectations of a serious economic downturn next year have lessened, and while financing will remain a challenge in 2023, strong apartment demand will continue to make multifamily assets a very attractive investment option.
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...2022-12-171h 08The Gray Report PodcastHuge REIT Redemptions: Will Multifamily Survive?Investor capital flowing out of major real estate investment trusts like Blackstone's BREIT and Starwood's SREIT may cause some anxiety about the state of the multifamily market, but there is very little indication that these issues in the REIT space will have a meaningful impact on apartment asset prices. The issues affecting these REITs are the same ones driving the commercial real estate market as a whole: Interest rates have dampened investor demand and caused property values to moderate. Looking forward to 2023, multifamily fundamentals remain strong and Midwestern markets continue to attract positive attention from investors looking for stable...2022-12-0942 minThe Gray Report PodcastReality Check for the Multifamily MarketReports on the apartment market continue to show declining rent performance at the national level, but there is considerable variation among different markets, with midwestern markets receiving more attention for their strong, positive performance compared to many of the previously high performing markets in the South and West. In the broader economy, middling jobs numbers could mean that the Federal Reserve is less inclined toward another sharp increase in the Federal Funds Rate, but we have not yet felt the full effects of this year's rate hikes, which will continue to shape the multifamily market throughout 2023.
2022-12-031h 21The Gray Report PodcastInterest Rate Realities and the Multifamily MarketInterest rate pressures have settled the multifamily market considerably since the beginning of 2022, but the size and persistence of the housing shortage and unaffordability crisis all but ensures that home values will remain elevated in the future. While near-term economic uncertainty continues, the fundamentals of the multifamily market remain strong.
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...2022-11-271h 10The Gray Report PodcastCaution and Opportunity in the Multifamily MarketAs investors slow down activity amid an uncertain economy and a multifamily market that continues to moderate, real opportunities for investment remain in a number of specific markets throughout the country. The rent growth story of 2022 has diverged significantly from 2021, and many of the markets with incredible growth last year have slowed down significantly in 2022, especially in the past few months. Increasingly, however, the markets that saw elevated—but not extreme—growth in 2021 are rising to the top this year, with Midwestern markets like Louisville, KY; Indianapolis, IN; Kansas City, MO, and Cincinnati, OH among the top markets for year...2022-11-201h 13The Gray Report PodcastElection Consequences for the Apartment MarketAs the results of the midterm elections point to a likely-divided Congress at the federal level, local ballot measures across the country bring changes to a number of markets, with some cities enacting rent control measures, dedicating money to building additional housing, or discouraging homeowners from leaving a property vacant for extended periods. While these policy changes are limited to specific markets, at the national level, the apartment market should not expect dramatic changes in the wake of the elections, as investors, buyers, and sellers continue to navigate the elevated interest rate environment and the potential for continued inflation...2022-11-1154 minThe Gray Report PodcastAnother 0.75% Fed Rate Hike. What Happens Next?The Federal Reserve has raised interest rates by another 75 basis points even as the economy and the housing market in particular have not fully absorbed the rate accumulating rate hikes from earlier this year in 2022. Reports published this week show lower sentiment in the multifamily market alongside slightly stronger seasonal rent trends, but other recent reports serve as a reminder of the resilience of the apartment market amidst an increasingly uncertain economy.
For the latest multifamily news from across the internet, check out the Gray Report website: https://www.grayreport.com/
Sign up for our...2022-11-0551 minThe Gray Report PodcastHome Prices Are Falling. What Happens to Rents?Recent Case-Schiller figures show single family home prices continuing to slide downwards, and discussions of a deflating housing bubble have steadily increased. At the same time, multifamily fundamentals are still strong, and while rising mortgage rates are a major factor in declining single family home prices, apartment demand should remain high given that mortgage rates are not a factor in renters' decisions.
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: h...2022-10-3050 minThe Gray Report PodcastPopulation Explosions and Rent RevolutionsWhile the Consumer Price Index recorded a substantial .8% monthly increase in rent prices, these historically-lagging figures are at odds with apartment industry reports showing moderating rent growth over the past few months. Even so, the positive long-term prospects for multifamily are reinforced by new research suggesting that the 15-year trend of declining U.S. birth rates may be reversing for certain populations.
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...2022-10-211h 02The Gray Report PodcastThe Growing Strength of Stable Apartment MarketsMultifamily fundamentals remain strong amidst an uncertain economic environment, which is as true today as it is reflective of the historic performance of the apartment market. Even so, we have seen a slowdown in rent growth as we approach the end of the year, and while this pullback in rent growth is in line with typical seasonal trends, recent reports have found a number of steady-growth markets and sub-markets that have outperformed the rent growth leaders of 2021.
For the latest multifamily news from across the internet, check out the Gray Report website: https://www...2022-10-1558 minThe Gray Report PodcastTesting Multifamily's Stability During Economic UncertaintyEven as apartment demand continues to normalize and ever-increasing interest rates create more challenges for investors, reports published this week emphasize the performance and stability of private commercial real estate investments like multifamily apartments, which have historically been valued as less volatile and better-performing alternatives to the stock market during periods of economic uncertainty.
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/
2022-10-0745 minThe Gray Report PodcastHousing Problems and Multifamily Solutions for Q4 2022Newly published reports and examinations of the housing environment and multifamily market underscore the impacts of the Fed's latest rate hike as we head into the final quarter of the year. Apartment rents are trending toward a seasonal slowdown in line with pre-pandemic trends, and while home values are falling, housing affordability remains a problem. Despite these headwinds, the multifamily market is on solid footing, supported by consistent high demand, and in the context of the volatility and uncertainty in the broader economy, the historic stability of apartment assets and the longer hold period for these investments continue to...2022-09-301h 10The Gray Report Podcast0.75% Rate Hike and Falling Home Prices—What Happens to Apartments?The Federal Reserve's 0.75% increase in the federal funds rate places even more pressure on the economy, and as home prices show consistent signs of a cooldown, multifamily investors are watching the market closely. While single-family home prices are correlated with multifamily rents, apartment rent growth has not seen the same declines, partly because average monthly payments for single-family homes have been consistently above the price of rentals, providing some cushion against the interest-rate-related volatility we are currently facing.
For the latest multifamily news from across the internet, check out the Gray Report website: www.TheGrayReport.com
2022-09-2351 minThe Gray Report PodcastCPI Report Shows the True Power of Rent GrowthStock markets fell after the latest CPI report showed higher-then-expected inflation, but the nominal increase—0.1% month-over-month—is relatively low. More significantly, the CPI shows that rental housing has become one of the most powerful drivers of inflation. Notably, market rate apartment rents remain below the 30% unaffordability threshold, and elevated mortgage rates have kept rental housing as a more affordable option than buying a home, suggesting that there may be room for further growth.
For the latest multifamily news from across the internet, check out the Gray Report website: https://www.grayreport.com/
2022-09-181h 05The Gray Report PodcastApartment Market Predictions for the End of 2022Apartment industry professionals expect continued pressure from interest rates and inflation through the rest of the year, with many expecting mild cap rate expansion in the near future. That being said, the multifamily market's strong fundamentals and history of stable performance amidst economic volatility leaves open the possibility of greater investor interest, especially in the wake of such strong rent growth in 2021 and 2022.
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/2022-09-1049 minThe Gray Report PodcastCap Rate Predictions for 2022 and BeyondDespite continued turbulence in the economy, persistent trends in the multifamily market and commercial real estate are sharpening many projections for 2022 and 2023. A recently-published cap rate survey further highlights the effect that the Federal Reserve's interest rate regime has had on CRE markets, and several recent multifamily reports show how the higher-performing apartment markets of 2021 have softened in 2022, with renter and investor demand increasing in smaller secondary/tertiary markets.
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...2022-09-0257 minThe Gray Report PodcastSingle Family Sales Plummet, Multifamily Building SurgesSales volumes for single family homes have decreased significantly due to increasing mortgage rates, but with the slowdown so strongly linked to interest rate hikes, there is no evidence that would suggest an implosion or collapse. Housing demand remains strong, but the sharp increases in average mortgage payments have priced a growing number of people out of buying a home. As reports published this week note, the apartment market can expect continued demand from would-be homebuyers, and while multifamily development continues at elevated levels, longer construction timelines and persistent materials and labor problems will make it difficult to substantially...2022-08-2642 minThe Gray Report PodcastWeWork Founder's Multifamily Venture: Doomed to Fail?Adam Neumann was ousted as CEO of the office-sharing company he founded, but Andreessen Horowitz's $350 million investment in Neumann's multifamily-focused venture, the largest first-round investment in Andreessen Horowitz's history, is a substantial second chance for Neumann. It is not surprising that more investors are entering the apartment investment market, as multiple reports published this week continue to illustrate its resilience and elevated rent growth, but Andreessen's insistence that the rental market is "soulless" and in need of ground-up transformation ignores the significant progress and already-existing technologies in the multifamily industry that continue to improve the lives of renters and...2022-08-201h 02The Gray Report PodcastShocking Labor Market News: Multifamily ImpactsLast week's jobs numbers revealed a stronger-than-expected labor market, and the just-released CPI report shows that inflation has leveled off and could be heading down. The economic anxieties of 2022, however, will not be so easily dispelled. Wage growth from the strong jobs market has the potential to re-ignite the rising prices of previous months, and apartment rents are becoming an increasingly powerful driver of inflation. The recent reports on employment and inflation are clearly good news, and for multifamily market specifically, its historic resilience during inflationary periods, along with recent projections of consistent elevated rent growth for the next...2022-08-1353 minThe Gray Report PodcastThe Risks for MultifamilyIn the face of mounting anxieties about the broader economy, several reports were published this week that analyze the long-term and short-term risks for the multifamily market, from consumer sentiment, to apartment performance during a recession, to the prospect of lower population growth. In this episode we discuss the likelihood of these risks, how the multifamily market might perform if these risks were realized, and what investors should do to account for these possibilities.
For the latest multifamily news from across the internet, check out the Gray Report website: https://www.grayreport.com/
Sign up...2022-08-051h 01The Gray Report PodcastRecession Fears and Multifamily StabilityAlong with negative GDP numbers for Q2, the second consecutive 0.75% rate increase from the Federal Reserve comes as reports on decreased home sales show the impact of previous rate hikes. In the multifamily market, higher cost of leverage is expected to continue to further impact cap rates and asset prices as more apartment buyers are unable to make their investment plans work in a higher interest rate environment.
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...2022-07-3144 minThe Gray Report PodcastWill Apartment Rents Implode?As rising interest rates and inflation do little to resolve the housing affordability crisis, anxious stories about excessively high rents are not difficult to find. Recent reporting on renter income trends and household formation, however, suggests that there is room for apartment rents to grow, especially among lifestyle and middle-income renters at class A and B properties.
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...2022-07-2450 minThe Gray Report PodcastHow Will an Overheated Economy Impact the Multifamily Market?A certain strain of anxiety has carried forward from the bigger-than-expected employment numbers in last week’s jobs report to the inflation numbers in this week’s consumer price index. This heated economy is expected to bring an additional 75+ basis-point interest rate increase from the Federal Reserve, and within this heightened economic atmosphere, apartment assets have taken an increasingly influential role as rent growth impacts inflation.
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.gray...2022-07-1543 minThe Gray Report PodcastAre Apartment Asset Prices Going Down? Are Cap Rates Going Up?Rate hikes from the Federal Reserve and greater economic uncertainty have had a clear affect on investor demand, with fewer investors and purchasers able to make multifamily projects work in an elevated interest rate environment, which could lead to higher cap rates. At the same time, the fundamentals of apartment assets are as strong as ever, to the point where rising apartment rents are expected to play an increasingly substantial inflationary role as the year progresses.
For the latest multifamily news from across the internet, check out the Gray Report website: https://www.grayreport.com/
...2022-07-0854 min
The Gray Report PodcastMultifamily Inflection PointThe multifamily market continues its stable performance and elevated rent growth, but there are signs of changes in housing demand in the coming months, with the Case Shiller Home Price Index showing a slight decrease in single family home price growth. Apartment demand, however, should remain high, with multiple reports published this week supporting the resilience of the multifamily market.
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...2022-07-0154 min
The Gray Report PodcastHousing Demand and the FedIt has only been one week after the Federal Reserve's recent interest rate increase, but the effects of the Fed's earlier interest rate movement are clear in the reduced sales volumes for single family homes and lower housing sentiment in general. While the Federal Reserve's actions have had a noticeable effect on home buyer demand, overall housing demand has changed very little, and rising apartment rents have become an even more prominent topic of discussion.
For the latest multifamily news from across the internet, check out the Gray Report website: https://www.grayreport.com/
Sign...2022-06-2445 minThe Gray Report PodcastHistoric Fed Rate Hike: What Happens to the Multifamily Market?The Federal Reserve's 0.75% increase in the Federal Funds rate is the largest since 1994, causing some volatility in the stock market this week and leading to some anticipation of higher cap rates for CRE markets in the near term. Multifamily assets, however, have continued to perform very well, with several reports published this week noting how rising single-family mortgage rates have driven more people into the apartment market.
For the latest multifamily news from across the internet, check out the Gray Report website: https://www.grayreport.com/
Sign up for...2022-06-1750 minThe Gray Report PodcastMultifamily Rents Are Up with No Signs of SlowdownSteady apartment rent growth and continued investor interest in multifamily properties have led to optimistic assessments of the market, even though this year's rent growth is not expected to return to 2021 levels. Discussions of the housing market as a whole are, even in this reduced-sales-volume, higher-interest-rate environment, consistently marked by the mention of our low housing supply. Lumber prices may be down quite a bit from their peak, but the high prices of other materials, in addition to labor shortages and logistical delays, remain a significant barrier to bringing new housing supply online quickly.
For the latest...2022-06-1251 minThe Gray Report PodcastMultifamily Going Strong as Home Sales CoolAs the Federal Reserve moves forward with Quantitative Tightening along with its recent interest rate increases, home sales have gone down slightly, but still-elevated home prices and persistent difficulties with housing construction continue to keep housing demand high. While homebuyers are balking at elevated mortgage payments, multifamily rent growth is expected to remain strong and stable as peak leasing season continues.
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/
...2022-06-0346 minThe Gray Report PodcastCap Rates and Appreciation Trends in 2022Apartment properties and the commercial real estate market as a whole have historically been secure investment options during inflationary periods like the one we are currently facing, and while multifamily sales volumes may be reduced due to rising interest rates, properties in more competitive, low-cap-rate markets may be more sensitive to these changes than those in other markets. Reports published this week outline the long-term decline in cap rates in previous years, but the current rising cost of debt could run counter to this decline, at least in the near-term.
For the latest multifamily news from across...2022-05-2755 minThe Gray Report PodcastThe Housing Affordability Crisis and the Multifamily MarketAs prices continue to rise throughout the economy, the Biden administration has announced plans to address the rising cost of housing specifically, and while these plans have not yet been implemented, they reflect a growing amount of public attention on housing affordability. While much of this attention is centered around the affordable housing space, the issues and policies associated with affordable housing affect the housing market as a whole, including market-rate multifamily properties.
For the latest multifamily news from across the internet, check out the Gray Report website: www.TheGrayReport.com
Sign up for our...2022-05-2028 minThe Gray Report PodcastCap Rates, Rents Rise as Inflation Continues at 8.3%Apartment investors are seeing a re-pricing of assets off the extreme low cap rates driven by low interest rates and enticing bridge and debt fund financing that has fueled the historic price growth seen since the start of the pandemic.
At the same time, several reports published this week find that multifamily assets themselves continue relatively stable growth as rents continue to rise and occupancy is tight, a sharp contrast from the enormous volatility in the stock market.
For the latest multifamily news from across the internet, check out the Gray Report website: www.TheGrayReport...2022-05-1648 minThe 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 we’ve 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.
For the latest multifamily news from across the internet, check out the Gray Report website: https://www.grayreport.com/
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/
Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter/
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.
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/
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
Sign up for our free multifamily newsletter here...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
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.2022-02-2542 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/
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.2022-02-2146 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
Sign up for our free multifamily newsletter here: www.graycapitalllc.com/newsletter
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 “Financial Freedom with Real Estate Podcast,” 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
Sign up for our...2022-02-0836 minThe Gray Report PodcastTokenized Real Estate Is Here (Almost)The Gray Capital team discusses tokenized real estate, emerging alternative investments, multifamily’s 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