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Showing episodes and shows of
Spencer Gray
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The Gray Report Podcast
Inside the 2026 Multifamily Market Cycle
đď¸ 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...
2026-02-23
1h 16
The Gray Report Podcast
What 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...
2026-02-13
1h 21
The Gray Report Podcast
Optimism 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...
2026-01-09
1h 05
The Gray Report Podcast
New 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.
2026-01-02
1h 17
The Gray Report Podcast
2026 Midwest Multifamily Forecast
2026 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
2025-12-19
1h 33
The Gray Report Podcast
Live: Network With Investors
Join 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...
2025-12-09
1h 31
The Gray Report Podcast
Multifamily Market Trends In 2025
Multifamily 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...
2025-12-01
1h 14
The Gray Report Podcast
Looking Forward To 2026
Dive 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...
2025-11-21
59 min
The Gray Report Podcast
Looking Forward To 2026
Dive 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...
2025-11-21
59 min
The Gray Report Podcast
Could 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...
2025-11-14
1h 09
The Gray Report Podcast
Investment Discipline in Uncertain Times
Apartment 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...
2025-11-07
1h 14
The Gray Report Podcast
Gold, Fraud, and States in Recession
Spencer 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...
2025-10-24
57 min
The Gray Report Podcast
Building, Adapting, and Leading in Property Management
The 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...
2025-10-17
1h 16
The Gray Report Podcast
Closing a Multifamily Deal
In 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...
2025-10-10
1h 01
The Gray Report Podcast
Rent Growth, Recession Risks & Griffinâs NFL-to-Real Estate Journey
In 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...
2025-10-03
1h 29
The Gray Report Podcast
The History of Gray Capital
On 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...
2025-09-26
1h 13
The Gray Report Podcast
How to Invest and Raise Capital for Multifamily with Blake Pieroni
2025 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....
2025-09-19
1h 19
The Gray Report Podcast
Rate Cuts, Rising Questions, and the Rapid Ascent of AI in PropTech
Spencer 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...
2025-08-29
1h 27
The Gray Report Podcast
Can 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...
2025-08-23
1h 07
The Gray Report Podcast
Inflation 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...
2025-08-16
1h 07
The Gray Report Podcast
A "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...
2025-08-08
44 min
The Gray Report Podcast
Clear Predictions for Apartment Supply and Multifamily Performance
This 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...
2025-08-01
1h 29
The Gray Report Podcast
Is 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...
2025-07-25
56 min
The Gray Report Podcast
Where 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...
2025-07-18
52 min
The Gray Report Podcast
The Big Beautiful Multifamily Market
The 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...
2025-07-11
1h 20
The Gray Report Podcast
The State of the Multifamily Market, Now and in the Future
Learn 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.
2025-07-05
1h 17
The Gray Report Podcast
What 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...
2025-06-28
1h 23
The Gray Report Podcast
Multifamily 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...
2025-06-20
1h 15
The Gray Report Podcast
Is 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...
2025-06-13
1h 02
The Gray Report Podcast
Yardi Matrix's Paul Fiorilla on the Big Picture View of Housing and the Economy
Gray 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...
2025-06-10
48 min
The Gray Report Podcast
Home 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...
2025-06-06
1h 15
The Gray Report Podcast
Using Housing Market Data to Predict the Future, with RealPage Chief Economist Carl Whitaker
Gray 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 ...
2025-05-22
47 min
The Gray Report Podcast
Where 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...
2025-05-16
1h 07
The Gray Report Podcast
The Biggest Issues in Rental Housing with Chris Nebenzahl of John Burns Research and Consulting
Gray 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...
2025-05-15
52 min
The Gray Report Podcast
Incoming 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.
2025-03-14
56 min
The Gray Report Podcast
Hard Facts and Vague Fears in the Multifamily Market
As 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...
2025-02-28
1h 09
The Gray Report Podcast
Apartment 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...
2025-02-22
1h 10
The Gray Report Podcast
Multifamily 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.
2025-02-15
54 min
The Gray Report Podcast
Multifamily 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...
2025-02-07
1h 27
The Gray Report Podcast
A Chill Wind Blows through Multifamily
Multifamily 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...
2025-01-31
1h 13
The Gray Report Podcast
Housing 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...
2025-01-24
1h 14
The Gray Report Podcast
Economy 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...
2025-01-17
1h 33
The Gray Report Podcast
Will 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...
2025-01-10
57 min
The Gray Report Podcast
The Housing Vibes in 2025
The 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/
2025-01-04
1h 00
The Gray Report Podcast
2024 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...
2024-12-28
35 min
The Gray Report Podcast
2025 Multifamily Forecast
Spencer 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.
2024-12-22
1h 09
The Gray Report Podcast
Who 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...
2024-12-14
1h 25
The Gray Report Podcast
Where 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...
2024-12-09
1h 07
The Gray Report Podcast
Apartment 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...
2024-12-02
00 min
The Gray Report Podcast
The Multifamily Deals Are Coming Back
Lower (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...
2024-11-24
1h 03
The Gray Report Podcast
Fed 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...
2024-09-23
1h 02
The Gray Report Podcast
Will 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...
2024-08-26
57 min
The Gray Report Podcast
Multifamily 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...
2024-07-14
1h 01
The Gray Report Podcast
The Hard Data on the Multifamily Market with Chris Salviati of Apartment List
Gray 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...
2024-07-09
47 min
The Gray Report Podcast
Is 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...
2024-07-07
55 min
The Gray Report Podcast
Housing 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...
2024-07-01
1h 07
The Gray Report Podcast
Midwest Multifamily Shows Its Strength
Lower 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...
2024-06-24
56 min
The Gray Report Podcast
Deals, 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
2024-06-09
56 min
The Gray Report Podcast
CPI, Interest Rates, and Blackstone's $10B Multifamily REIT Acquisition
A 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...
2024-04-14
1h 02
The Gray Report Podcast
Getting Excited about a "Normal" Market
Sources 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 ...
2024-04-08
1h 01
The Gray Report Podcast
Renting vs. Buying - Suburbs vs. Downtown
Costs 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...
2024-03-29
1h 03
The Gray Report Podcast
Fed Keeps Rates Steady (and High)âMultifamily Impacts
The 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...
2024-03-24
1h 13
The Gray Report Podcast
RealPage's Carl Whitaker on the Data Driving the Multifamily Market
In 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...
2024-03-24
47 min
The Gray Report Podcast
Multifamily Borrowers Are Not out of the Woods Yet
Multifamily 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...
2024-03-18
1h 09
The Gray Report Podcast
Grant Cardone's Take on the Multifamily Market
Grant 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...
2024-03-17
56 min
The Gray Report Podcast
Yardi Matrix's Paul Fiorilla on What's Driving the Multifamily Market in 2024
Gray 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...
2024-03-11
1h 10
The Gray Report Podcast
Cap Rate and Interest Rate Trends in 2024
Cap 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...
2024-03-10
1h 09
The Gray Report Podcast
Multifamily Predictions Converge on Optimism
As 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...
2024-03-04
1h 21
The Gray Report Podcast
Single Family Rentals and the Multifamily Market
Single 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...
2024-02-26
1h 05
The Gray Report Podcast
Could 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...
2024-02-19
1h 06
The Gray Report Podcast
2024 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...
2023-12-26
1h 16
The Gray Report Podcast
Will 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...
2023-11-04
1h 32
The Gray Report Podcast
Have 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...
2023-10-16
1h 29
The Gray Report Podcast
Loan 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...
2023-10-02
1h 17
The Gray Report Podcast
Introducing Katrina Greene and The Complex
Katrina 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.
2023-08-29
1h 04
The Gray Report Podcast
Looking Beyond the 2023 CRE Market Cooldown
Mid-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...
2023-08-14
1h 10
The Gray Report Podcast
When 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...
2023-06-08
45 min
The Gray Report Podcast
Silicon Valley Bank, Proptech, and Covering the Multifamily Market with Paul Bergeron
Gray 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...
2023-03-15
55 min
The Gray Report Podcast
Multifamily in the Time of High-Interest Rates
Comments 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...
2023-03-13
1h 23
The Gray Report Podcast
Apartment List Chief Economist Igor Popov Offers Invaluable Market Analysis
Gray 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...
2023-03-09
1h 06
The Gray Report Podcast
Yardi Matrix's Paul Fiorilla on the Multifamily Market's Past, Present, and Future
Yardi 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...
2023-02-06
1h 07
The Gray Report Podcast
RealPage's Carl Whitaker Discusses Multifamily Trends, Markets, and Metrics to Follow
Director 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...
2023-02-02
57 min
The Gray Report Podcast
Multifamily 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...
2023-01-05
49 min
The Gray Report Podcast
Another Fed Rate Hike: Best Markets for Multifamily Investors
The 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...
2022-05-06
55 min
The Gray Report Podcast
Multifamily Strength During Economic Uncertainty
The 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...
2022-04-29
36 min
The Gray Report Podcast
Inflection Point: Recession vs. Recovery
Recession 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...
2022-04-24
48 min
The Gray Report Podcast
When 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...
2022-04-15
57 min
The Gray Report Podcast
Recession Incoming? Be Ready and Take Action
The 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...
2022-04-08
56 min
The Gray Report Podcast
Yield Curve Inverts: Multifamily Strategies for a Risky Economy
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 podcast does not constitute professional financial advice and is for educational/entertainment purposes only.
2022-04-03
28 min
The Gray Report Podcast
How 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.
2022-03-25
49 min
The Gray Report Podcast
Why Multifamily Is Stronger Than Inflation
Multifamily 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...
2022-03-18
58 min
The Gray Report Podcast
Key Factors Behind the Long-Term Housing Shortage
Several 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
2022-03-11
43 min
The Gray Report Podcast
Multifamily Building Through Crisis
Apartment 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...
2022-03-04
1h 14
The Gray Report Podcast
Low 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.
2022-02-25
42 min
The Gray Report Podcast
What's the Worst Case Scenario for Multifamily? Housing Market Expert on Inflation, the Fed, and the Apartment Market
Noah 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 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.
2022-02-21
46 min
The Gray Report Podcast
Crucial Contexts for Housing Costs and Apartment Investors
Multifamily 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...
2022-02-18
47 min
The Gray Report Podcast
Will 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.
2022-02-11
53 min
The Gray Report Podcast
Michael Blank: Multifamily Expert and "Financial Freedom" Thought Leader
In 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 Sign up for our...
2022-02-08
36 min
The Gray Report Podcast
Tokenized 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.
2022-02-08
47 min
The Gray Report Podcast
Episode Zero
The 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.
2022-02-08
26 min