Flat Rents, Credit Stress, and Gen Z Housing Trends

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 relatively flat over the last 18 months amid a historic supply wave, but the Midwest continues to show unique resilience and positive rent growth.Jargon Bin - Yield: What is the actual difference between a preferred return, cash-on-cash return, and a stabilized yield on cost? We break down how to read a pro forma and align your income goals with the right metrics.The Gen Z Migration: Driven by the pursuit of affordability, Gen Z homebuyers and renters are moving away from coastal cities and heading toward the Midwest and Sunbelt college towns.🔗 Stay Connected:Watch the full video episode on YouTube: www.youtube.com/@GrayCapitalGet the data first by subscribing to The Gray Report Newsletter: www.graycapitalllc.com/newsletter