The Midwest is quietly leading rent growth while the Sunbelt continues to cool but sellers haven’t gotten the memo.

In this episode of The Gray Report, we break down what we’re actually seeing on the ground: Fort Wayne acquisition opportunities that don’t quite pencil, cap rates creeping into the mid-5s and 6s, and why discipline matters more than ever in a slow-growth environment.

We also unpack preferred returns (what they are — and what they definitely are not), challenge the accuracy of CPI’s shelter inflation data, and discuss whether the Fed may be making decisions based on flawed housing metrics.

If you care about where multifamily is heading in 2026 — and how to navigate uncertainty without overreaching — this one’s for you.