PODCAST · business
The Gray Report Podcast
by Spencer Gray
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.
Episodes
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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...
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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...
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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…
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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…
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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…
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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...
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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...
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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...
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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...
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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...
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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...
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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 —...
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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...
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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...
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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…
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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...
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2026 at the Halfway Point
Spencer and Griffin break down what the first half of 2026 is really telling us about multifamily real estate, the macro economy, and where the opportunities are hiding. Headline CPI came in at 4.2% — but is that the real story? The team makes the case that core inflation, lagging shelter data…
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AI, Energy, and Multifamily
The Gray Report is back with one of its widest ranging episodes yet. Spencer Gray and Griffin Haddad cut through the noise on everything from geopolitics to ground-level multifamily operations. This week: Bill Pulte just added Director of National Intelligence to his FHFA responsibilities — what...
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Is the "Extend and Pretend" Era Over?
The multifamily market is finally hitting its inflection point. Spencer Gray and Griffin Haddad break down the growing wave of high-profile distress hitting syndicators, and what it means for investors across the country. In this episode: • Why "extend and pretend" is ending for overextended...
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Investor Conversation: Mike Montana
What does it look like to build steadily in real estate for 25 years — starting with a duplex, doing the work yourself, and growing one deal at a time — before most people in the industry even know your name? In this episode of The Gray Report, Spencer Gray sits down with longtime friend and LP...
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Investor Conversation: Kevin Hejnas
What does building a fitness business from scratch have to do with multifamily investing? More than you'd think. In this episode of Gray Report Investor Conversations, Spencer Gray sits down with Kevin Hejnas — online fitness coach, entrepreneur, and Gray Capital investor — for a candid...
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Investor Conversation: Quitting Institutional Lending to Build C-PORT | Ryan Duff
What does it look like to spend 15 years placing nearly $5 billion in multifamily debt — and then bet on yourself to build something entirely different? In the debut episode of Gray Report Investor Conversations, Spencer Gray sits down with Ryan Duff of C-PORT Equity for a candid conversation…
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The Gray Report: Introducing the Gray Capital Deal Room
This week on The Gray Report, Spencer Gray and Griffin Haddad cover the latest CPI print that's coming in hotter than expected, what it means for interest rates as Kevin Warsh prepares to take Jerome Powell's seat, and why oil hovering above $100/barrel keeps inflation sticky across the entire...
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Preparing for a Deal
The Gray Report: Why Renters Are Driving 80% of U.S. Household Growth In this episode of The Gray Report, Spencer Gray and Griffin Haddad tackle the massive shift in the U.S. housing market: renters now represent 80% of all household growth. As single-family home affordability remains a…
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Are Housing Supply Challenges Here to Stay?
Are we facing a housing crisis or a housing "challenge"? In this episode, Spencer Gray and Griffin Haddad break down the complex reality of the U.S. housing market. While new apartment deliveries have hit multi-decade highs, a structural decline in supply is already on the horizon. The guys dive...
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A Matrix of Multifamily Matrices
In this episode of The Gray Report, Spencer Gray sits down with CIO Jay Reeder to break down what’s happening in the multifamily real estate market. They cover why Indianapolis is emerging as a top investment market, how current economic conditions are impacting deals, and key concepts like DSCR…
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Uncertain Times and Unintended Consequences
This week on The Gray Report, Spencer Gray and Griffin Haddad unpack the volatile macroeconomic landscape and what it means for multifamily investors. From oil prices surging past $110 a barrel to soaring construction costs, the hurdles for new development are getting higher. Key insights from…
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Economic Occupancy Explained
In this episode of the Gray Report, we sit down with Gray Capital’s newest Asset Manager, Matt Sulkowski, to break down one of the most overlooked metrics in multifamily investing: economic occupancy. We dive into: The difference between physical vs. economic occupancy Where “leakage” actually...
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MIDWEST MULTIFAMILT DEEP DIVE WITH CARL WHITAKER
This week on The Gray Report, Griffin Haddad and Spencer Gray (joining virtually!) welcome back friend of the pod, Carl Whitaker, Chief Economist at RealPage. We're diving deep into multifamily market fundamentals and taking a forward-looking approach to the rest of 2026. We discuss why the…
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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...
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War, Oil, and Multifamily
Is the multifamily market about to break… or boom? In this episode of The Gray Report, Spencer Gray sits down with Gray Capital senior analyst Addison Lubert to break down what’s really happening in multifamily right now. 📉 Flat rent growth 💰 Massive loan maturities coming due 🌍 War, oil…
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How Our Team Uses AI Tools To Increase Efficiency
What happens when AI meets real estate investing? In this episode we break down the multifamily market—and show the AI tools we’re building at Gray Capital to analyze deals, automate reporting, and gain an edge. #RealEstate #Multifamily #AI #ArtificialIntelligence #CommercialRealEstate...
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A Rent Growth Rebound To Start 2026?
The Midwest is quietly leading rent growth while the Sunbelt continues to cool but sellers haven’t gotten the memo. In this episode of The Gray Report, we break down what we’re actually seeing on the ground: Fort Wayne acquisition opportunities that don’t quite pencil, cap rates creeping into the...
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Inside the 2026 Multifamily Market Cycle
🎙️ The Gray Report | Cash-on-Cash Explained + 2026 Multifamily Outlook This 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…
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What Could a New Fed Chair Mean for Multifamily?
A new Fed Chair nominee. Elevated bond yields. Slowing rent growth. Negative absorption. What does it all mean for multifamily investors? Spencer Gray unpacks how Kevin Warsh’s potential leadership at the Federal Reserve could reshape interest rates, inflation expectations, and long-term asset...
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What Renters Want
🚨 Multifamily Investing 2026: LP vs GP Explained + Housing Market Trends | Gray Report Podcast How are top investors preparing for the next real estate cycle? This episode breaks down LP vs GP, emerging renter trends, and the macro shifts shaping multifamily investing in 2026. Inside this…
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Optimism For Multifamily In 2026?
Is there real optimism for multifamily in 2026 or are challenges still ahead? In this episode of The Gray Report Podcast, Spencer Gray examines what 2026 may hold for the multifamily real estate market. The discussion covers slowing new supply, the growing wave of 2026 loan maturities, rising...
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New Year, New Outlook For Multifamily ?
Is capital really coming back? Are rents finally bottoming? And why does the Midwest keep showing up at the top of every forecast? Spencer Gray is joined by Griffin Haddad to unpack CPI confusion, investor psychology, and what disciplined operators are actually underwriting heading into 2026.
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2026 Midwest Multifamily Forecast
2026 Midwest Multifamily Forecast What’s next for Midwest multifamily in 2026? Join Gray Report hosts Spencer Gray and Griffin Haddad, alongside John Chapman, Data Science Associate and co-author of the 2026 Midwest Multifamily Forecast, as they break down the key trends, risks, and opportunities...
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Live: Network With Investors
Join hosts Spencer Gray and Griffin Haddad for a special live episode of The Gray Report recorded right after returning from an institutional investor conference in Miami. In this behind-the-scenes breakdown, Spencer and Griffin share what really happens at these high-level networking events: the...
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Multifamily Market Trends In 2025
Multifamily Market Trends in 2025 In this episode of The Gray Report, Spencer Gray and Griffin Haddad break down what’s really happening in today’s multifamily market cutting through the noise, uncertainty, and constant narrative swings. From rent growth cooling to shifting cap rates, new...
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Looking Forward To 2026
Dive into this week’s episode of The Gray Report as Spencer Gray and new co-host Griffin Haddad break down the most important trends shaping multifamily real estate heading into 2026. From Midwest outperformance and slowing rent growth to supply waves, investor sentiment, distressed…
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Could 50-Year Mortgage Solve the Housing Crisis?
This week on The Gray Report, Spencer Gray and Senior Analyst Addison Luebert break down the biggest stories shaping U.S. housing and multifamily—from new rent-growth data to headline-grabbing policy proposals coming out of Washington. We cover: CoStar’s latest rent-growth data and why 2025–2026...
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Investment Discipline in Uncertain Times
Apartment prices have fallen for three straight months and national rent growth is officially negative. What does that mean for multifamily investors? In this episode, Spencer Gray and Jay Reeder, Chief Investment Officer at Gray Capital, break down the latest RealPage and Realtor.com data,...
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Gold, Fraud, and States in Recession
Spencer Gray and Griffin Haddad (Gray Capital Investor Relations) deliver an episode packed with fundamental investing concepts and actionable market analysis. This week's discussion covers the basics of multifamily real estate investing, making it the perfect listen for those new to the asset...
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Building, Adapting, and Leading in Property Management
The Gray Report Podcast: Adapting in Property Management with Gray Residential Leadership In this special episode of The Gray Report, host Griffin Haddad, Investor Relations professional at Gray Capital, is joined by Katrina Greene (Senior Vice President, Gray Residential), Joe Powell (Vice...
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Closing a Multifamily Deal
In this special episode of The Gray Report, Spencer Gray takes you behind the scenes of Gray Capital’s latest acquisition: The Flats at Stones Crossing, a 292-unit Class A multifamily community in Indianapolis. Recorded live on closing day with CIO Jay Reeder and SVP of Gray Residential Katrina...
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Rent Growth, Recession Risks & Griffin’s NFL-to-Real Estate Journey
In this episode of The Gray Report, Spencer Gray is joined by Gray Capital’s Griffin Haddad, Investor Relations, for a wide-ranging conversation on the state of the multifamily housing market, the broader economy, and the human side of investing. We cover: Why national rent growth is turning...
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The History of Gray Capital
On this episode of The Gray Report, Spencer Gray goes solo for an in-depth look at today’s multifamily market and the journey behind Gray Capital. He unpacks what the latest Fed rate cuts really mean, why CPI’s “shelter” component can be misleading, and how uncertainty in the labor market is...
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Macroeconomic Outlook and the Housing Market
Spencer and Co-Host Addison examine the latest market developments and the trends driving today’s economic landscape. Topics include the recent cooling in housing prices and the factors contributing to this shift, the Federal Reserve’s latest rate cut and whether it was warranted, and current...
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ABOUT THIS 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.
HOSTED BY
Spencer Gray
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Frequently Asked Questions
How many episodes does The Gray Report Podcast have?
The Gray Report Podcast currently has 255 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.
What is The Gray Report Podcast about?
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...
How often does The Gray Report Podcast release new episodes?
The Gray Report Podcast publishes regularly with 255 episodes available. Check the episode list for the typical release schedule.
Where can I listen to The Gray Report Podcast?
You can listen to The Gray Report Podcast on PodParley by clicking any episode. We provide an embedded audio player for direct listening, and you can also subscribe via your preferred podcast app using the RSS feed.
Who hosts The Gray Report Podcast?
The Gray Report Podcast is created and hosted by Spencer Gray.
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