Interest rate pressures have settled the multifamily market considerably since the beginning of 2022, but the size and persistence of the housing shortage and unaffordability crisis all but ensures that home values will remain elevated in the future. While near-term economic uncertainty continues, the fundamentals of the multifamily market remain strong.

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As investors slow down activity amid an uncertain economy and a multifamily market that continues to moderate, real opportunities for investment remain in a number of specific markets throughout the country. The rent growth story of 2022 has diverged significantly from 2021, and many of the markets with incredible growth last year have slowed down significantly in 2022, especially in the past few months. Increasingly, however, the markets that saw elevated—but not extreme—growth in 2021 are rising to the top this year, with Midwestern markets like Louisville, KY; Indianapolis, IN; Kansas City, MO, and Cincinnati, OH among the top markets for year-over-year rent growth.

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As the results of the midterm elections point to a likely-divided Congress at the federal level, local ballot measures across the country bring changes to a number of markets, with some cities enacting rent control measures, dedicating money to building additional housing, or discouraging homeowners from leaving a property vacant for extended periods. While these policy changes are limited to specific markets, at the national level, the apartment market should not expect dramatic changes in the wake of the elections, as investors, buyers, and sellers continue to navigate the elevated interest rate environment and the potential for continued inflation in the immediate future.

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DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. The opportunities referenced in this podcast do not represent an offer to invest.

The Federal Reserve has raised interest rates by another 75 basis points even as the economy and the housing market in particular have not fully absorbed the rate accumulating rate hikes from earlier this year in 2022. Reports published this week show lower sentiment in the multifamily market alongside slightly stronger seasonal rent trends, but other recent reports serve as a reminder of the resilience of the apartment market amidst an increasingly uncertain economy.

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DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. The opportunities referenced in this podcast do not represent an offer to invest.

Recent Case-Schiller figures show single family home prices continuing to slide downwards, and discussions of a deflating housing bubble have steadily increased. At the same time, multifamily fundamentals are still strong, and while rising mortgage rates are a major factor in declining single family home prices, apartment demand should remain high given that mortgage rates are not a factor in renters' decisions.

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DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes only. This video is not an offer to invest.

While the Consumer Price Index recorded a substantial .8% monthly increase in rent prices, these historically-lagging figures are at odds with apartment industry reports showing moderating rent growth over the past few months. Even so, the positive long-term prospects for multifamily are reinforced by new research suggesting that the 15-year trend of declining U.S. birth rates may be reversing for certain populations.

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DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. The opportunities referenced in this podcast do not represent an offer to invest.

Multifamily fundamentals remain strong amidst an uncertain economic environment, which is as true today as it is reflective of the historic performance of the apartment market. Even so, we have seen a slowdown in rent growth as we approach the end of the year, and while this pullback in rent growth is in line with typical seasonal trends, recent reports have found a number of steady-growth markets and sub-markets that have outperformed the rent growth leaders of 2021.

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DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. The opportunities referenced in this podcast do not represent an offer to invest.

Even as apartment demand continues to normalize and ever-increasing interest rates create more challenges for investors, reports published this week emphasize the performance and stability of private commercial real estate investments like multifamily apartments, which have historically been valued as less volatile and better-performing alternatives to the stock market during periods of economic uncertainty.

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DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. The opportunities referenced in this podcast do not represent an offer to invest.

Newly published reports and examinations of the housing environment and multifamily market underscore the impacts of the Fed's latest rate hike as we head into the final quarter of the year. Apartment rents are trending toward a seasonal slowdown in line with pre-pandemic trends, and while home values are falling, housing affordability remains a problem. Despite these headwinds, the multifamily market is on solid footing, supported by consistent high demand, and in the context of the volatility and uncertainty in the broader economy, the historic stability of apartment assets and the longer hold period for these investments continue to draw attention from investors looking for an attractive risk-return profile in the current economic environment.

For the latest multifamily news from across the internet, check out the Gray Report website: https://www.grayreport.com/

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DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. The opportunities referenced in this podcast do not represent an offer to invest.

The Federal Reserve's 0.75% increase in the federal funds rate places even more pressure on the economy, and as home prices show consistent signs of a cooldown, multifamily investors are watching the market closely. While single-family home prices are correlated with multifamily rents, apartment rent growth has not seen the same declines, partly because average monthly payments for single-family homes have been consistently above the price of rentals, providing some cushion against the interest-rate-related volatility we are currently facing.

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DISCLAIMER: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only; please consult a licensed financial advisor.