2026 Midwest Multifamily Forecast 

What’s 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 won’t find in the published report.

Read the full 2026 Midwest Multifamily Forecast: https://www.graycapitalllc.com/2026-multifamily-forecast/

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 “cast of characters” you meet when you're raising money in today’s market.

Before diving into conference insights, the team unpacks new multifamily research, including a spotlight on Chicago’s surprising rent growth outlook for 2026, current supply and demand fundamentals, and what their proprietary forecasting models say about Midwest markets.

They also react to Apartments.com’s 2026 trends report, covering:
• The slowdown in new supply
• How rent growth may (slowly) re-accelerate
• The rise of automated + AI-powered leasing
• Why concessions are sticking around
• The importance of resident retention in a high-vacancy environment
• Which amenities actually move the needle for renters

Whether you're an investor, operator, or someone curious about how capital really flows into multifamily deals, this episode delivers rare transparency, candid commentary, and practical insights from the field.

Access the full report, data models, and market-by-market projections:
www.graycapitalllc.com/2026-multifamily-forecast/

Join Gray Capital CEO Spencer Gray on December 16th at 2 PM for a deep dive into the report, methodology, and what these forecasts mean for investors heading into 2026.
Don’t miss it!

Multifamily Market Trends in 2025

In this episode of The Gray Report, Spencer Gray and Griffin Haddad break down what’s really happening in today’s 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.    

They also cover highlights from Gray Capital’s new 2026 Midwest Multifamily Forecast Report, examining supply-demand dynamics, market fundamentals, and why Midwest metros like Columbus are positioned to outperform. Other topics include dynamic pricing, the RealPage settlement, GSE lending caps, maturity waves, and long-term fundamentals across the sector.

Whether you're an active investor, passive investor, or industry professional, this episode provides a deeper understanding of where multifamily is heading—and what it means for your strategy.

Download the 2026 Midwest Multifamily Forecast Report:
Get the full report now and stay ahead of 2026’s biggest multifamily opportunities.

https://www.graycapitalllc.com/2026-multifamily-forecast/

Dive into this week’s 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.

Plus—don’t miss the announcement of our December 16th live webinar, featuring data scientist John Chapman, who will walk through our forecasting methodology and what’s ahead for Midwest markets.

Download the 2026 Midwest Multifamily Forecast Report:⁠https://www.graycapitalllc.com/2026-multifamily-forecast/

This week on The Gray Report, Spencer Gray and Senior Analyst Addison Luebert break down the biggest stories shaping U.S. housing and multifamily—from new rent-growth data to headline-grabbing policy proposals coming out of Washington.

We cover:

• CoStar’s latest rent-growth data and why 2025–2026 may bring continued flat or negative performance
• Gray Capital’s 2026 Midwest Multifamily Forecast Report and how our internal projections compare to national models
• How we approach underwriting in a slow-growth environment
• Dynamic pricing (AIRM) and why rent rolls are more complex than ever
• The proposed $2,000 “tariff dividend” stimulus—how COVID-era checks impacted multifamily and what similar policies could mean now
• The proposed 50-year mortgage—who it helps, who it doesn’t, and why it may push home prices higher
• Supply vs. demand—the real driver behind the national affordability crisis
• Concessions, occupancy signals, lender expectations, and operational challenges we’re seeing across the market

Whether you’re an investor, operator, or simply trying to understand today’s multifamily landscape, this episode breaks down the data, the policy debate, and the market forces shaping 2026.

Download the 2026 Midwest Multifamily Forecast Report:

https://www.graycapitalllc.com/2026-multifamily-forecast/

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 today’s 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 investing amid uncertainty
• Dynamic pricing and lease management challenges
• Midwest stability vs. coastal volatility
• What it really means to find “value” in today’s market

Stay informed on multifamily trends, operations, and strategy every week on The Gray Report.

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 this trend relates to the enduring value of multifamily properties.
• Operational Risk: Insights on the major, underreported issue of rental application fraud and the systems operators need to have in place to protect asset performance.
• The Gray Capital Story: Spencer shares why he chose the resilient multifamily asset class for long-term wealth building, offering a unique look at the business philosophy behind Gray Capital.

Listen in for a candid discussion on market dynamics, the nuts and bolts of property operations, and long-term investment strategy.

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Subscribe to The Gray Report for weekly insights into the multifamily industry, commercial real estate, and the macro economy.

The Gray Report Podcast: Adapting in Property Management with Gray Residential Leadership

In 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 — 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 day-to-day operations of property management
• The role of technology, data, and communication in transforming teams and resident experiences
• How Gray Residential builds culture, motivation, and community across multiple states
• The ongoing transition at The Flats at Stones Crossing, lessons from recent acquisitions, and the future of community-focused design at properties like River Club in Evansville

This episode offers an unfiltered look into the people behind Gray Capital’s vertically integrated platform — discussing change, leadership, and the importance of human connection in a data-driven world.

🎧 Listen on Spotify or 📺 Watch on YouTube-youtube.com/@GrayCapital- to hear how the leaders of Gray Residential are redefining property management for a new era.

👉 Subscribe for more insights from The Gray Report, where Gray Capital’s team shares perspectives on multifamily investing, operations, and the ever-changing real estate landscape. graycapitalllc.com/newsletter

In this special episode of The Gray Report, Spencer Gray takes you behind the scenes of Gray Capital’s 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 trends—rent growth, supply, and Midwest resilience.

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👉 Sign up for the free newsletter: graycapitalllc.com/newsletter

In this episode of The Gray Report, Spencer Gray is joined by Gray Capital’s 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 — and how the Midwest is bucking the trend
• Vacancy, absorption, and the true drivers of NOI growth in today’s market
• How interest rates, the Fed, and the 10-year Treasury shape multifamily investing
• What investors should know about affordability, homeownership vs. renting, and value-add strategies
• The risks of institutional over-investment in markets like Denver
• Griffin’s remarkable career shift — from the NFL sidelines as an athletic trainer to guiding investors at Gray Capital

If you’re a multifamily investor (active or passive), or just want to understand the forces shaping real estate and the economy, you’re in the right place.

Subscribe for weekly insights, market data, and honest conversations about multifamily real estate and investing.
Sign up for our free weekly newsletter: graycapitalllc.com/newsletter