LOOKING FORWARD TO 2026

On this Episode of The Gray Report, Spencer Gray and New Co-Host Griffin Haddad Break Down the Most Important Trends Shaping Multifamily Real Estate Heading Into 2026.

They dive into:
• Why the Midwest leads the nation in sustained rent growth
• 2026 rent growth, supply shifts, and NOI expectations
• Distress, loan maturities, and where deal flow may open up
• Key insights from PwC and Yardi’s latest research
• How affordability, migration, and job growth are reshaping U.S. markets
• Major takeaways from the brand-new 2026 Midwest Multifamily Forecast

1. Multifamily Market Reports and Fundamentals

a. Gray Capital 2026 Midwest Multifamily Forecast
5 Key Take Aways
Promo Webinar

b. Yardi National Multifamily Report Oct 2025
Multifamily rents continued to drop in October in the face of weakening demand amid economic uncertainty and deteriorating consumer health. The average U.S. advertised rent fell $4 to $1,743 during the month, while year-over-year growth was unchanged at 0.5%.
Although too soon for alarm, apartment demand is showing cracks. Absorption rates dropped sharply in recent months in Midwest metros such as Detroit, the Twin Cities and Indianapolis, and Sun Belt markets including Orlando, Nashville, Miami, Southwest Florida and Dallas.
Single-family build-to-rent advertised rates fell for the third straight month, losing gains made since the beginning of the year. The average BTR advertised rent dropped by $6 in October to $2,195, while the year-over-year growth rate remained at 0.0%.

c. PWC Outlook
Multifamily
Deliveries are waning alongside sharply decelerating starts, while demand moderates amid slower job growth and reduced immigration.
The growing affordability gap is driving migration to smaller cities and prompting policymakers at all levels to devise strategies to deliver more housing.
Multifamily remains a favored asset class for investors, but deal flow is limited by questions about whether its perceived stability justifies current low acquisition yields.


Download the 2026 Midwest Multifamily Forecast Report:
https://www.graycapitalllc.com/2026-m...
Register for the Webinar (Dec 16 @ 2 PM ET): Featuring Gray Capital data scientist John Chapman
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