The Gray Report Podcast

Hosted by Spencer Gray

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Episodes

249

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Aug 2026

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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.

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60 recent

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.

July 31, 20261 hr 11 min

Rates, The Recovery, and The Wall

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 heading into Kevin Warsh's rate decision amid Iran conflict volatility. They close with a look at The Century, their West Lafayette acquisition sitting across from a $3.6B SK Hynix chip fab. Follow the show for weekly multifamily and CRE market updates. Rate and review if you're finding this useful — and subscribe to the Gray Capital newsletter for research reports as they drop.

July 24, 20261 hr 24 min

The Midwest vs. The Sun Belt

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. Follow The Gray Report for weekly insight into multifamily investing and commercial real estate markets. Leave a rating and review if you enjoy the show — it helps others find us. Sign up for our newsletter at https://www.graycapitalllc.com/newsletter for market updates delivered straight to your inbox.

July 17, 202651 min

Investor Conversation: George Maloomian

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. Follow The Gray Report for weekly conversations on multifamily investing, commercial real estate, and the macro trends shaping the industry. 📩 Get more market insights — subscribe to our newsletter: https://www.graycapitalllc.com/newsletter/ ⭐ Enjoying the show? Leave us a rating and review — it really helps!

July 14, 20261 hr 29 min

2026 First Half Housing Data

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 national rent growth again? (2027? 2028?) 🏗️ Why development deals are struggling more than acquisitions right now 🤖 How AI has already cut $1M+ in annual expenses at Gray Capital 🎯 Gray Capital's back-half 2026 goals, including the new Century deal in West Lafayette, IN Whether you're an active LP, a prospective investor, or just tracking where multifamily fundamentals are headed, this episode gives you the real data behind the headlines. Follow the show for weekly market updates, and sign up for our newsletter at graycapitalllc.com.

July 3, 202657 min

Is Multifamily Dead?

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 LinkedIn post on real losses happening across the multifamily industry — and why context matters• Yardi Matrix's Summer 2026 Outlook: new supply is projected to drop nearly 40% by 2027–2028• RentCafe's $1,500 rent budget study — how far your money goes in 200+ US cities• Explore the Century investment opportunity and interactive deal room: https://GrayCapitalLLC.com📩 Subscribe to The Gray Report newsletter for weekly research, delivered every Thursday: https://GrayCapitalLLC.com/newsletter🔔 Subscribe to the channel so you never miss an episode

June 26, 20261 hr 6 min

Inside Multifamily Operations

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 built — and why retention is driving revenue growth right now • First look at Gray Capital's two new acquisitions: Fairmont in Columbus, OH and The Century in West Lafayette, IN Whether you're an LP evaluating sponsors, an industry professional, or a property management adjacent, this episode has something for you. 🔗 Interested in investing with Gray Capital? Log into our investor portal at graycapitalllc.com — active fundraise now open for The Century in West Lafayette, IN. 📩 Subscribe to The Gray Report newsletter for market updates, deal insights, and more at graycapitalllc.com/newsletter

June 19, 20261 hr 0 min

Raising Capital at Gray Capital

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. family offices and RIAs⚠️ A breakdown of Gray Capital's risk mitigation framework: debt structure, market fundamentals, hold duration, and underwriting assumptions📊 Why conservative rent growth and exit cap assumptions matter — and how aggressive underwriting hurt many Sunbelt sponsors🤖 How Gray Capital is using AI to cut costs, build in-house software, and reimagine investor reporting📈 Want access to Gray Capital's next investment opportunity? Visit graycapitalllc.com and sign up for the Investor Portal to get details on our upcoming deal before it goes live.📩 Subscribe to our newsletter and never miss an update on new deals, market insights, and investor education. graycapitalllc.com/newsletter🔔 Subscribe to The Gray Report for weekly breakdowns of multifamily investing, macroeconomic trends, and what's really happening in commercial real estate.#MultifamilyInvesting #CommercialRealEstate #RealEstateInvesting #CapitalMarkets #GrayCapital #PassiveIncome #RealEstateSyndication #TheGrayReport