The Gray Report Podcast

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...

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 cha...

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 inve...

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...

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 Repo...

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....

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 alar...

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...

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 d...

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 growt...

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, th...

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 t...

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...

In this weeks episode Jay Reeder, our Chief Investment Officer, and Spencer dive deep into the multifamily real estate landscape for 2025. Learn about the latest acquisition strategies to identify and secure profitable deals, what a "good deal" truly looks like in today’s market, and the best financing options available for investors. We’ll also uncover the critical discrepancies between...

Spencer Gray sits down with Gray Residential's own SVP, Katrina Greene to unpack four timely topics shaping multifamily operations and investment today: the latest CBRE cap rate survey and what it implies for pricing and risk; key takeaways from Chair Powell’s Jackson Hole remarks; practical causes behind the current leasing slowdown—and how operators can respond; plus a grounded look at AI in the...

Apartment construction activity is shrinking, despite a recent housing report showing increased multifamily starts. After 2+ years of stagnant rent growth in the wake of a once-in-a-generation surge in apartment building, the multifamily market is on the edge of a shift towards a demand-driven market. Slower-moving investors are waiting for interest rate cuts to jump into the market, but in many m...

While near-term interest cuts will not be deep enough to rescue troubled or financially distressed multifamily borrowers, if the Fed signals a shift to a less restrictive/elevated interest rate regime, the growing amount of investors re-entering the multifamily market will very quickly accelerate. Link to sources discussed in this episode:Bureau of Labor Statistics: “July 2025 Consumer Price Index...

The multifamily market has seen lower rent growth and lower investment activity for more than two years, and there is little indication that interest rates will fall quickly enough or reach the levels they were in 2021 when the apartment investment market was at its hottest. There are still deals being done, however, and some are looking at the market and seeing significant potential for growth, a...

This week's episode highlights the work of Data Scientist John Chapman and his research aimed at accurately predicting future apartment supply, a topic that has become increasingly more relevant in the transition from the high levels of apartment building into a greater balance between supply and demand. Link to sources discussed in this episode:RealPage: “Multifamily Momentum Shifting in Top...

While some are warning of a persistent cooldown in the housing market, multifamily investors are getting (gradually) more optimistic about the apartment sector. Link to sources discussed in this episode:RealPage: “Concession Values are Up, but the Number of Units Offering Discounts Has Faded” - https://www.realpage.com/analytics/market-questions-recap-2q-2025/ Trepp: “Why CRE's Current Stabili...

The Consumer Price Index showed housing inflation higher than overall inflation, but the for-sale home market has been softening, leading some to question whether falling single family home prices will lead to broader economic disruption. Link to sources discussed in this episode:Bureau of Labor Statistics: “Consumer Price Index, June 2025” - https://www.bls.gov/news.release/cpi.nr0.htm Cotality:...

The recent passage of the Trump administration's "Big Beautiful Bill," which permanently restores major tax benefits like 100% bonus depreciation, among other tax breaks, has been very well received among real estate investors. On the other hand, multiple recent reports on the multifamily forcefully confront the possibility of a continued downturn in the apartment market, but the eno...

Learn more about Gray Capital's Midwest Multifamily Fund: https://www.graycapitalllc.com/midwest Download Gray Capital's latest report: ⁠https://www.graycapitalllc.com/future Sign up for our free multifamily newsletter here: ⁠https://www.graycapitalllc.com/newsletter⁠ DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes onl...

As multifamily investor sentiment continues the noncommittal "cautious optimism" that has prevailed these past few years, certain markets and asset classes have had much stronger and steadier performance than others. Sources discussed in this episode: John Burns Research and Consulting: “Commercial real estate capital still sidelined; foreign investors pulling back” - https://jbrec.com/w...

Venture capital fund Andreesen Horowitz pumps more money into WeWork founder’s apartment investment company, Flow. Is it worth the money, and what’s the real investment? We discuss the housing dynamics that are catching Flow investors' attention and the commercial real estate dynamics that are highlighting multifamily's solid performance amid a shaky CRE market. Sources discussed in this e...