After two years of volatility, U.S. multifamily is entering a new phase. Cap rates have reset. Rent growth is flat. And while most investors are still waiting for yield, the data shows a different story: supply is collapsing, absorption is stabilizing, and capital is quietly re-entering the market.

In this episode, we break down three defining signals that will shape strategy in 2026–2027:
— Why Sun Belt distress is peaking, not deepening
— Which Midwest markets are quietly outperforming on NOI and occupancy
— How a record drop in new starts sets up a national undersupply by 2027

This is not a recovery story — it’s a repricing setup. If you're still modeling 2024 assumptions, you're already behind.