The Gray Report Podcast

Hosted by Spencer Gray

Business InvestingInterviews guests

Website RSS feed

Episodes

255

Latest episode

Oct 2026

Language

About the show

The Gray Report Podcast, hosted by Gray Capital President and CEO Spencer Gray, covers the latest news and research on multifamily apartments, the housing market, and the macro-economy. Along with analysis and commentary on the most important trends for multifamily investors, episodes include interviews with industry experts and in-depth explanations of the crucial concepts and evolving conversations in the apartment industry and the commercial real estate investment market.

Listen to episodes

60 recent

October 23, 20261 hr 19 min

Has Apartment Pricing Finally Reset?

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 and the AI trade. Subscribe to the Gray Capital YouTube channel for the full video version.

October 9, 20261 hr 21 min

How Do We Make Deals Work in this Environment?

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 workforce housing is about to get interesting again, and what institutional redemptions could mean for pricing. We finish with Midwest rent growth and why 2027 may be the year of concessions. Subscribe to the Gray Capital YouTube channel for the full video version.

October 2, 20261 hr 0 min

5% Treasuries and 7% Mortgages

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.

September 25, 202642 min

How 5% Rates Are Reshaping Multifamily

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.

September 11, 202646 min

Can Apartments Recover Without Cheaper Debt?

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.

September 4, 202642 min

Fed Rate Decisions, Insurance Costs, and What They Mean for Multifamily

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 what matters most to our listeners.

September 1, 202649 min

Is The Midwest Overrated?

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.

August 21, 202658 min

Inside a 100-Year Flood

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.

August 14, 202636 min

CPI, Rent Growth, and DealSpoke

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.

August 7, 20261 hr 18 min

Early Signs of a Multifamily Recovery

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.

Is this your show?

Claim this listing to keep it up to date, reach guests who want to pitch you, and manage bookings with Guestify.

Claim this listing

More Business podcasts

The Bottom Line

Alexander Spencer

BusinessInterviews guests