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.

—

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.

👉 Subscribe to The Gray Report on YouTube
👉 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

On this episode of The Gray Report, Spencer Gray goes solo for an in-depth look at today’s multifamily market and the journey behind Gray Capital. He unpacks what the latest Fed rate cuts really mean, why CPI’s “shelter” 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 Capital—from early ventures in hops farming to building a private equity firm focused on stabilized, cash-flowing multifamily assets in the Midwest. He reflects on the first capital raises, lessons learned from syndication, the launch of Gray Residential to bring management in-house, and why a Midwest strategy continues to offer compelling opportunities.

Whether you’re an investor, operator, lender, or just someone who follows the multifamily market closely, this episode offers a candid mix of market insights and entrepreneurial perspective.

Subscribe to The Gray Report for more weekly analysis, research, and original commentary on multifamily real estate and the economy.

Spencer and Co-Host Addison examine the latest market developments and the trends driving today’s economic landscape. Topics include the recent cooling in housing prices and the factors contributing to this shift, the Federal Reserve’s latest rate cut and whether it was warranted, and current consumer sentiment toward the economy. Join the discussion for a clear, data-driven perspective on where the market stands and what these changes may signal for the months ahead.

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 2025
• How multifamily investors can position themselves for success
• Key lessons and pitfalls from real-world capital raises

Gain insights designed for investors navigating today’s market.

Subscribe to The Gray Report for weekly perspectives on multifamily investing, capital markets, and building long-term wealth.