The Gray Report Podcast

Has apartment pricing finally reset? Spencer Gray and Addison Lubert, Acquisition Specialist at Gray Capital, work through what they’re seeing in the market. Value indexes show apartments roughly 17.8% to 22% below the 2022 peak, brokers are encouraging offers well off guidance, and most deals they know of have been renegotiated since the 10-year crossed 5%. They also cover the supply cliff, with completions down about 52% from the 2024 peak while starts hold near 350K. Then they cover the rent-pricing software cases, with more than $360M in settlements from 41 landlords, and the debate over where antitrust begins. They close with data centers, neoclouds an...

With the 10-year Treasury at 5.28%, apartment values down roughly 20–25% from the peak, and an energy shock feeding inflation, how do you still get deals done?

Addison Luber, Gray Capital’s acquisitions specialist, joins the show to break down what he’s hearing from brokers and lenders. We cover why underwriting the downside beats chasing a home-run IRR, and why lowball offers deserve a second look. We also look at how the Iran war and energy prices are reshaping inflation and the Fed’s options.

From there we get into the loan maturity wall, whether older workforc...

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...

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.

Learn more about Gray Capital's current opportunities at graycapitalllc.com.

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.

Got a topic you want covered on a future episode? Send us a message — we're always looking for...

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 an...

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...

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...

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...

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 he...

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.

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A 40-year real estate veteran breaks down why capital keeps flooding into "comfortable" markets — and where the smart money is looking instead.

George Maloomian, founder of Cambridge Properties, joins Spencer Gray to share hard-won lessons from four decades of commercial real estate cycles — including surviving the late-80s overbuilding collapse, building a retail development track record with names like Publix, Costco, and Topgolf, and why he chose to diversify into Indianapolis multifamily. They dig into today's oversupply dynamics, rising construction costs, Cambridge's first build-to-rent project, and George's "people first, project second" investing philosophy.

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2026 at the Halfway Point: Q2 Apartment Data, Concessions Breakdown & Gray Capital's Back-Half Strategy

We're officially into Q3 2026 — time for a gut check on the multifamily market using the freshest Q2 data. Have we finally passed the supply peak?

Spencer and Griffin break down:

📊 Q2 2026 RealPage data — occupancy, rent growth, and where supply vs. demand stands
💰 The concessions deep dive — why not all concessions are created equal, and how lenders are catching operators who hide them in marketing budgets
🗺️ Regional divergence — Midwest and Northeast strength vs. continued Sun Belt softness
📈 When will we see positive n...

Multifamily investors are hurting — foreclosures, capital calls, and wiped-out equity are dominating the headlines and social media feeds. So is the investment thesis actually dead? Spencer Gray and Griffin Haddad tackle the question head-on this week, plus break down Gray Capital's newest offering: Century Apartments in West Lafayette, Indiana.In this episode:• Introducing Century — a new multifamily investment opportunity located inside the Purdue Research Park in West Lafayette, IN, directly adjacent to SK hynix's $3.8B semiconductor facility• A look inside Gray Capital's AI-powered deal room — including a multi-agent simulation that stress-tests every assumption in the business plan• Breaking down a viral Link...

Operations are the hidden variable behind every multifamily return — and most investors never ask about them. This week, Senior Vice President of Gray Residential Katrina Greene joins Griffin and Blake to pull back the curtain on what actually happens between acquisition and exit.

• What LPs should be asking about property management — but usually don't

• How operational decisions protect or erode investor capital during the hold

• Expense management strategies in a persistently inflationary environment

• The maintenance blind spot costing multifamily owners more than they realize

• How sticky residents are...

In this special edition of The Gray Report, Griffin Haddad sits down with Blake Pieroni, Senior Manager of Capital Markets at Gray Capital, for a conversation about life behind the scenes of raising capital for multifamily real estate.Blake recently helped close a $22 million equity raise in just 11 days — the fastest in Gray Capital's history — all while adjusting to life with a newborn at home and chasing a sub-6-minute mile.In this episode, Griffin and Blake dig into:💰 What it actually takes to raise capital — and why Gray Capital's approach is intentionally LP-first🏦 How conversations differ with retail investors vs...

Spencer and Griffin break down what the first half of 2026 is really telling us about multifamily real estate, the macro economy, and where the opportunities are hiding. Headline CPI came in at 4.2% — but is that the real story? The team makes the case that core inflation, lagging shelter data, and oil-driven volatility are distorting the headline number, and that the underlying picture may be closer to 3% than 4%.With Kevin Warsh at the helm of the Fed, the rate cut narrative is essentially dead. Markets are now pricing a rate hike as more likely than a cut by year-end — and that...

The Gray Report is back with one of its widest ranging episodes yet. Spencer Gray and Griffin Haddad cut through the noise on everything from geopolitics to ground-level multifamily operations.

This week: Bill Pulte just added Director of National Intelligence to his FHFA responsibilities — what does that mean for the long-anticipated Fannie & Freddie IPO? Oil prices are back down despite the Strait of Hormuz remaining closed, markets are pricing in a ceasefire, and rate cut hopes have nearly evaporated — where does that leave multifamily deals trying to refinance in 2026?

Spencer makes the case for data cent...

The multifamily market is finally hitting its inflection point. Spencer Gray and Griffin Haddad break down the growing wave of high-profile distress hitting syndicators, and what it means for investors across the country.

In this episode:

• Why "extend and pretend" is ending for overextended multifamily assets• The $15M equity wipeout at Open Door Capital and other notable distress stories• How the war in Iran, rising oil prices, and higher interest rates are reshaping the market• What makes Gray Capital's portfolio different from deals currently in trouble• Deep dive into Newmark's...

What does it look like to build steadily in real estate for 25 years — starting with a duplex, doing the work yourself, and growing one deal at a time — before most people in the industry even know your name? In this episode of The Gray Report, Spencer Gray sits down with longtime friend and LP Mike Montana of Kipper Construction for a candid conversation about an unconventional path from aspiring preacher to pharmaceutical sales rep to full-time real estate investor and builder.Mike's approach has always been straightforward: buy things that cashflow, do right by your partners, and keep showing up...

What does building a fitness business from scratch have to do with multifamily investing? More than you'd think. In this episode of Gray Report Investor Conversations, Spencer Gray sits down with Kevin Hejnas — online fitness coach, entrepreneur, and Gray Capital investor — for a candid conversation about the mindset, discipline, and compounding habits that drive success in both worlds. Kevin went from overweight kid to pharmacy school to building a 1,200-client coaching business with hundreds of thousands of followers and features in Men's Health. He also happens to trust Gray Capital with his money and tells his friends to do the...

What does it look like to spend 15 years placing nearly $5 billion in multifamily debt — and then bet on yourself to build something entirely different? In the debut episode of Gray Report Investor Conversations, Spencer Gray sits down with Ryan Duff of C-PORT Equity for a candid conversation about Ryan's journey from analyst to originator to fund manager, and the unique microfund strategy he's built to give investors diversified, curated access to multifamily real estate.Ryan breaks down why he walked away from institutional lending, what it really takes to raise capital when you're starting from scratch, and how C PO...

This week on The Gray Report, Spencer Gray and Griffin Haddad cover the latest CPI print that's coming in hotter than expected, what it means for interest rates as Kevin Warsh prepares to take Jerome Powell's seat, and why oil hovering above $100/barrel keeps inflation sticky across the entire economy.Then, the guys dig into a Multifamily Dive piece on Camden Property Trust's outlook for the back half of 2026 — are they seeing real light at the end of the supply tunnel, or are they just talking their book ahead of earnings?Plus, an extended look at Gray Capital's brand-new AI...

The Gray Report: Why Renters Are Driving 80% of U.S. Household Growth

In this episode of The Gray Report, Spencer Gray and Griffin Haddad tackle the massive shift in the U.S. housing market: renters now represent 80% of all household growth. As single-family home affordability remains a challenge, the demand for high-quality rental housing is reaching new heights, especially in the "Midwestern Renaissance" markets.

The guys also dive into the shifting guard at the Federal Reserve, discussing Kevin Warsh’s potential impact as the new Fed Chairman and what his stance on mo...

Are we facing a housing crisis or a housing "challenge"? In this episode, Spencer Gray and Griffin Haddad break down the complex reality of the U.S. housing market. While new apartment deliveries have hit multi-decade highs, a structural decline in supply is already on the horizon.

The guys dive into fresh data from the St. Louis Fed and Cushman & Wakefield, exploring how everything from interest rate spikes to international tariffs is reshaping the future of commercial real estate. Plus, stay tuned for a new Jargon Bin segment where we demystify "Lease-Ups" and what they mean for...

In this episode of The Gray Report, Spencer Gray sits down with CIO Jay Reeder to break down what’s happening in the multifamily real estate market. They cover why Indianapolis is emerging as a top investment market, how current economic conditions are impacting deals, and key concepts like DSCR in a simple, practical way.

Blending market insights with real-world experience, the conversation gives investors a clear look at how deals are evaluated, managed, and executed in today’s environment.

This week on The Gray Report, Spencer Gray and Griffin Haddad unpack the volatile macroeconomic landscape and what it means for multifamily investors. From oil prices surging past $110 a barrel to soaring construction costs, the hurdles for new development are getting higher.

Key insights from this episode:

The 21st Century Road to Housing Act: A breakdown of the Senate bill targeting institutional owners of single-family homes and why its 7-year forced-sale provision will heavily restrict the build-to-rent (BTR) housing supply.

Operations vs. Acquisitions: Why...

In this episode of the Gray Report, we sit down with Gray Capital’s newest Asset Manager, Matt Sulkowski, to break down one of the most overlooked metrics in multifamily investing: economic occupancy.

We dive into:

The difference between physical vs. economic occupancy

Where “leakage” actually happens in a propertyHow small operational changes can unlock millions in value

Why Midwest markets—especially Indianapolis—are seeing strong migration trends

Plus, Matt shares his unique journey from Big Four accounting to private equity to building and exiting a cannabis b...

This week on The Gray Report, Griffin Haddad and Spencer Gray (joining virtually!) welcome back friend of the pod, Carl Whitaker, Chief Economist at RealPage. We're diving deep into multifamily market fundamentals and taking a forward-looking approach to the rest of 2026.

We discuss why the Midwest is seeing a massive resurgence in interest from operators across the country, driven by affordability, flexible work arrangements, and even the potential long-term impacts of climate change on demographic shifts.

What We Cover In This Episode:

A deep dive into 2026 Market Fundamentals & our macroeconomic outlook.

...

This week on The Gray Report, we're unpacking the recent surge in multifamily distress and what 18 months of flat national rent growth means for operators and investors. Plus, a deep dive into the true meaning of "yield" and a look at the surprisingly affordable markets Gen Z is flocking to.

Key insights from this episode:

The Distress Wall is Here: Multifamily special servicing rates have hit 11.1%, the second-highest level since the Great Financial Crisis. We discuss how preferred equity is impacting common equity in these distressed deals.

Supply & Flat Rents: Rents have remained...

Is the multifamily market about to break… or boom?

In this episode of The Gray Report, Spencer Gray sits down with Gray Capital senior analyst Addison Lubert to break down what’s really happening in multifamily right now.

📉 Flat rent growth
💰 Massive loan maturities coming due
🌍 War, oil shocks, and recession risk

Despite all the uncertainty, investors are still aggressively bidding on deals.

So what’s actually happening behind the scenes?

We dive into:
• Why deals are still getting bids even in a slow market
•...

What happens when AI meets real estate investing?
In this episode we break down the multifamily market—and show the AI tools we’re building at Gray Capital to analyze deals, automate reporting, and gain an edge.

#RealEstate #Multifamily #AI #ArtificialIntelligence #CommercialRealEstate #RealEstateInvesting #PropTech #RealEstateTechnology #CRE #GrayCapital

The Midwest is quietly leading rent growth while the Sunbelt continues to cool but sellers haven’t gotten the memo.

In this episode of The Gray Report, we break down what we’re actually seeing on the ground: Fort Wayne acquisition opportunities that don’t quite pencil, cap rates creeping into the mid-5s and 6s, and why discipline matters more than ever in a slow-growth environment.

We also unpack preferred returns (what they are — and what they definitely are not), challenge the accuracy of CPI’s shelter inflation data, and discuss whether the Fed may be mak...

🎙️ The Gray Report | Cash-on-Cash Explained + 2026 Multifamily Outlook

This week on The Gray Report, Spencer Gray and Griffin Haddad break down one of the most misunderstood return metrics in real estate: cash-on-cash return.

What is it?
How is it calculated?
How can leverage, interest-only debt, and refinances dramatically change it?
And why can it sometimes be misleading?

They go three layers deep into:

Cash-on-cash vs IRR vs equity multiple

How financing structure impacts investor returns

Original vs current capital after a refinance

How spons...

A new Fed Chair nominee. Elevated bond yields. Slowing rent growth. Negative absorption.

What does it all mean for multifamily investors?

Spencer Gray unpacks how Kevin Warsh’s potential leadership at the Federal Reserve could reshape interest rates, inflation expectations, and long-term asset pricing — including apartments.

This episode also dives into:
• Why IRR can be misleading
• The difference between speed of return vs. total return
• Updated 2026 supply forecasts
• Oversupplied Sunbelt markets vs. Midwest resilience
• Why operational excellence matters more than ever

In times of uncertainty, understanding first principl...

🚨 Multifamily Investing 2026: LP vs GP Explained + Housing Market Trends | Gray Report Podcast

How are top investors preparing for the next real estate cycle? This episode breaks down LP vs GP, emerging renter trends, and the macro shifts shaping multifamily investing in 2026. 

Inside this episode:
• LP vs GP (Limited Partner vs General Partner) made simple
• Multifamily syndication strategies investors are using now
• 2026 housing & renter demand trends
• NMHC insights + real-time market sentiment
• Where smart money is looking next

#MultifamilyInvesting #RealEstateInvesting #PassiveIncome #Syndication #HousingMarket

Is there real optimism for multifamily in 2026 or are challenges still ahead?

In this episode of The Gray Report Podcast, Spencer Gray examines what 2026 may hold for the multifamily real estate market. The discussion covers slowing new supply, the growing wave of 2026 loan maturities, rising operating expenses, and whether meaningful price discovery is finally approaching.

The episode also explores capital returning to commercial real estate, risks in overbuilt markets, and why disciplined strategy, capital structure, and risk management will define successful multifamily investing in the next cycle. This is a clear, data-driven conversation for investors...

Is capital really coming back? Are rents finally bottoming? And why does the Midwest keep showing up at the top of every forecast? Spencer Gray is joined by Griffin Haddad to unpack CPI confusion, investor psychology, and what disciplined operators are actually underwriting heading into 2026.

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/