Inside the 2026 Multifamily Market Cycle

🎙️ The Gray Report | Cash-on-Cash Explained + 2026 Multifamily OutlookThis 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 multipleHow financing structure impacts investor returnsOriginal vs current capital after a refinanceHow sponsors can “manipulate” cash-on-cashWhat a “good” cash-on-cash return looks like in today’s marketBut that’s not all.Spencer and Griffin also analyze Q4 updates from Newmark, Cushman & Wakefield, and AvalonBay, highlighting major 2026 themes:Is the supply wave finally behind us?Why Class A assets are outperformingWhy 2026 may be an “occupancy-first” cycleIs capital cautiously returning to multifamily?Where Midwest markets like Indianapolis, Columbus, and Chicago sit in the current cyclePlus, a deep dive into market cycle charts from Integra Realty Resources and what they signal for investors.If you’re an LP, GP, active investor, passive investor, or work in multifamily, this episode is packed with insight.Subscribe for weekly breakdowns of research, trends, and real-world multifamily investing strategies.📩 Get the Gray Capital newsletter: graycapitalllc.com/newsletter#MultifamilyInvesting #RealEstateInvesting #CashOnCash #ApartmentInvesting #MarketCycle #PassiveIncome #GrayCapital