2025 ended with zero rent growth, something the multifamily market hasn’t seen since the financial crisis. Is the industry nearing a turning point?

In this episode of The Gray Report, Spencer Gray and Griffin Haddad break down how housing policies from the Trump administration could impact real estate markets in 2026, including proposed limits on institutional buyers of single-family homes and the FHA’s plan to purchase $200B in mortgage-backed securities. The conversation examines whether these moves by President Trump will actually improve housing affordability or instead benefit multifamily rentals, while also analyzing Yardi Matrix data showing why 2025 ended with zero national rent growth. The episode covers cap rates, vacancy trends, concessions, and where investors may find opportunity as the multifamily market moves through the next phase of the cycle.

Listen to the latest episode of The Gray Report Podcast and stay up to date on the most important news and research in the multifamily industry, commercial real estate, and the economy.

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