Is the Midwest Multifamily Thesis a Mirage? Trepp Says Yes, We Say No. Trepp just took direct aim at the Midwest multifamily safe-haven trade, and Spencer & Griffin aren’t having it. This week we break down the data point-by-point, dig into a surprisingly strong national rent growth report, and unpack a major policy shift that’s forcing institutional landlords to dump single-family rentals nationwide.

📊 What’s in this episode:

🔹 Trepp’s controversial call that the Midwest is a “relative pricing artifact” and the Sun Belt is the better bet
🔹 Why cumulative supply growth, cap rate stability, and Trepp’s own watch-list data actually favor the Midwest
🔹 Chandan Economics’ June 2026 rent growth report — national rents are positive again, but it’s a tale of two Americas
🔹 San Francisco’s remarkable rent recovery and what’s driving it
🔹 The Road to Housing Act’s new cap on institutional single-family rental ownership — and the unintended consequences already showing up
🔹 Realtor.com’s Q2 market clock: where buyers have leverage, where sellers still hold the cards
🔹 An inside look at The Century’s due diligence numbers and new features in the Gray Capital interactive deal room

💰 Interested in investing with Gray Capital? Explore active opportunities on our investor portal: https://www.graycapitalllc.com/
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