The Gray Report Podcast

The 10-year Treasury just topped 5.25%, and Spencer Gray and Griffin Haddad dig into whether this is the long-awaited reset for multifamily or more pressure on deals already on the books. They talk return of capital vs. return on capital, why expense growth keeps eating into revenue gains, and a quick detour on AI spend and what it could mean for the broader economy. Then it's on to the Midwest's standout fundamentals, Indianapolis's surprising pull on new residents, a real supply-cliff story in the construction data, and why renting is looking more attractive than owning for a growing share of households. Plus: a milestone for The Gray Report newsletter, now in its 335th straight week.

New episodes of The Gray Report drop every week — subscribe wherever you listen, and sign up for the newsletter at graycapitalllc.com.

The 10-year Treasury just hit 5%. Spencer Gray and Griffin Haddad break down what that means for multifamily sellers, why the "extend and pretend" era may be ending, and why we see this as one of the better buying windows in years — plus a look at the $2 trillion apartment debt wall, institutional deal flow, and why secondary markets like West Lafayette are outperforming. Brought to you by DealSpoke.

Spencer Gray and Griffin Haddad tackle the question every multifamily investor is asking: can apartments recover without cheaper debt? They walk through August's apartment data — rent growth, occupancy, and regional concessions — the pullback in home buying, and what it means for cap rates and deal flow. Plus: modeling acquisitions in a "six-cap world," what to watch in this month's CPI and FOMC decision, and a listener question on industrial real estate near SpaceX's new Texas and Louisiana facilities.

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The Fed's next move is on everyone's mind heading into September, and Spencer and Griffin dig into what Kevin Warsh's Jackson Hole speech actually signaled — and what it means for multifamily deal flow. They also break down the expense side of the business: insurance costs up nearly 60% since 2021, property tax reassessments, and how Gray Capital is cutting costs elsewhere to offset it. Plus, an update on Fairmont in Columbus, Ohio, and SK Hynix's groundbreaking near The Century in West Lafayette.

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Is the Midwest still the smart play, or is the momentum starting to fade? Spencer Gray and Griffin Haddad kick off with an update on Fairmont, which closed at 99% occupancy, and Century at Purdue Research Park, where thousands of construction workers may be heading into West Lafayette to support SK-Hynix and other major projects nearby. They respond to Carl Whittaker's RealPage piece questioning whether the Midwest's low-volatility profile means it'll lag the Sunbelt's eventual recovery — and make the case that demand-side momentum is being overlooked.

From there, they dig into the widening gap between weak consumer sentiment and a still-strong economy, and break down Scott Bessent's plan to buy back long-dated Treasuries ahead of the September 9th auction — what it's meant to do, why the first attempt fizzled, and what it could mean for cap rates and deal pricing if round two goes differently.

Follow The Gray Report for weekly conversations on multifamily investing and the macro trends shaping it. Rate and review if you're enjoying the show, and sign up for our newsletter at graycapitalllc.com for more.

Inside a 100-year flood: Central Indiana just experienced historic flooding, and one of Gray Capital's communities was right in its path. Spencer Gray shares a first-hand account of the response at Solana at the Crossing as the White River crested to a 100-year high, then joins Griffin Haddad to share early performance data from Remi, their in-house AI leasing agent, before breaking down the Yardi Matrix Q3 2026 multifamily supply forecast and what it means for rents, cap rates, and acquisitions. Plus updates on the Fairmont closing and the ongoing Century fundraise. Follow for weekly insights on multifamily investing and market trends, and sign up for the newsletter at graycapitalllc.com/newsletter.

This week's Gray Report breaks down the July CPI print, the Yardi Matrix national multifamily report, and the official launch of DealSpoke. Spencer Gray and Griffin Haddad dig into why energy is still driving inflation higher, why shelter data in CPI lags real-time rent trends, and what it all means ahead of the Fed's September meeting. They also cover July's strongest rent growth since 2015, why Midwest markets like Indianapolis, Columbus, and Kansas City are leading the pack, and what a more stable rate environment could look like heading into 2027. Plus, Spencer and Griffin introduce DealSpoke, Gray Capital's new AI-powered deal room built to replace the static pitch deck. Follow the show for weekly insights on multifamily real estate, capital markets, and the economy, and subscribe to the newsletter for more.

Spencer Gray and Griffin Haddad return with a data-packed episode digging into whether multifamily is truly turning a corner. They break down UDR's decision to exit the preferred equity business, raise guidance, and buy back its own stock — a move they read as one of the clearest bullish signals from a public REIT in some time — while weighing it against transaction volume and pricing data that hasn't fully confirmed a recovery yet. The conversation covers regional rent growth trends (with the Midwest leading and San Francisco posting standout numbers), the ongoing affordability dynamics pulling renters toward homeownership in Indianapolis, and why garden-style apartment sales volume dropped 21% year over year. Spencer and Griffin also unpack Fed Chair Kevin Warsh's departure from traditional forward guidance, the yen carry trade unwind and its ripple effects on US Treasury yields, and close with an update on the Grant Cardone class action lawsuit and what it reveals about investor fit and fee structures in real estate syndications. Follow The Gray Report for weekly conversations on multifamily investing, macro trends, and the forces shaping commercial real estate.

An $875B maturity wall, a widening gap between Class A and workforce housing rents, and the Fed setup ahead of a decision its decision to hold rates — Spencer Gray and Griffin Haddad cover it all this week, plus how Gray Capital drove 8% portfolio NOI growth by fixing occupancy first.

In this episode: why new Class A amenities (golf simulators, rentable cabanas) are pulling rents away from renovated B/C stock, whether supply/demand data signals 2027 as the real rent growth recovery, how preferred equity works as rescue capital for maturing loans, and their read on the Fed heading into Kevin Warsh's rate decision amid Iran conflict volatility. They close with a look at The Century, their West Lafayette acquisition sitting across from a $3.6B SK Hynix chip fab.

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Trepp just put out a report calling the Midwest multifamily thesis a "mirage" — Spencer and Griffin break down why they disagree, using Trepp's own data on supply growth, cap rates, and watch-list delinquencies. Then they dig into Chandan Economics' surprisingly positive June national rent growth report, a major policy shift forcing institutional landlords to sell off single-family rentals, and Realtor.com's Q2 read on which housing markets favor buyers vs. sellers. They close with an update on The Century's due diligence numbers and new features in the Gray Capital deal room.

Follow The Gray Report for weekly insight into multifamily investing and commercial real estate markets. Leave a rating and review if you enjoy the show — it helps others find us. Sign up for our newsletter at https://www.graycapitalllc.com/newsletter for market updates delivered straight to your inbox.