The Gray Report: actionable market intelligence for multifamily investors and operators

What's in every issue

01

The take

Spencer's read on the week, anchored on one number.

02

Chart of the week

One chart we built from the source data, cited.

03

The reading list

About 15 reads across multifamily, housing, CRE and macro, with Midwest stories flagged.

04

Rates & markets

The 10-year, the curve, agency and HUD ranges, and the markets we watch.

05

The podcast

The newest episode of the Gray Report show on YouTube.

Charts we've built

We make the charts we wish someone else had.

Bar chart: upcoming apartment CMBS loan maturities by month, July 2023 to mid-2028, with October 2023 the peak at more than $4 billion. Source: CoStar estimates.

June 2023 · An early call

The multifamily maturity wall

We flagged more than $4B in apartment CMBS loans maturing in October 2023, months before the peak. Bisnow, The Real Deal and CRE Daily picked it up. Source: CoStar estimates.

Chart: units in buildings with 5+ units, August 2025 vs August 2026. Starts fell 15.5% from 407K to 344K; completions fell 35.7% from 470K to 302K. Source: U.S. Census Bureau. — No. 334 · Sept 24, 2026
Five-plus-unit completions fell 35.7% from a year earlier. Source: U.S. Census Bureau.

Multifamily CMBS delinquency now tops the average

Delinquency rate by property type, September 2026

Office12.16%

Multifamily8.04%

All CMBS8.02%

Retail6.58%

Lodging6.18%

Industrial1.14%

Source: TreppGRAY CAPITAL

No. 336 · Oct 8, 2026

Above the all-CMBS rate for the first time since Covid.

Our research

We publish our own research.

Since our first maturity-wall report in June 2023, we've put out a new report every few months, and the trade press keeps picking them up.

Nov 2025
2026 Midwest Multifamily Forecast
Chicago, Indianapolis, Columbus, Cincinnati, Louisville and Lansing, market by market.
Jul 2025
Predicting the Future of Multifamily
Which markets win and lose on rent growth in 2025 and 2026, built from job growth, vacancy and construction starts. Covered by REI INK.
Mar 2025
The Multifamily Window
Why 2025 could be the best buying opportunity in years: construction starts falling to their lowest since 2011, and absorption above 550,000 units. Covered by GlobeSt and MortgagePoint.
Dec 2024
2025 Multifamily Forecast
Our projections for multifamily, housing and the economy in 2025. Covered by REI INK and AZBEX.
Nov 2024
Extend-and-Pretend Maturity Report
Found the October 2025 maturity peak 25% larger than October 2023's. Covered by Bisnow, GlobeSt and Connect CRE.
Sep 2023
Loan maturity report update
Our follow-up on the Q4 2023 maturities and the price discovery they'd force. Covered by Connect CRE.
Jun 2023
Loan Maturities and Distress in the Multifamily Investment Market
Flagged more than $4B in multifamily CMBS loans maturing in October 2023. Covered by Bisnow, The Real Deal and CRE Daily.

The show

Go deeper, with weekly insights from our CEO.

What's happening in the multifamily market, and the macro forces behind the moves. Every week on YouTube, Spencer and the Gray Capital team talk through it.

16.2K YouTube subscribers · 1,100+ videos

Watch the latest episode Subscribe on YouTube

The Gray Report podcast: Has Apartment Pricing Finally Reset?

From the comments

What viewers say

@chazmiller1444

Good actionable information.. thanks guys 👍👍 you have earned a subscriber

On Did HUD Just Open the Floodgates for Loans?

@antoniostephano

Great conversation providing insight into some the realities of multifamily ownership and development that are rarely addressed in other podcasts. Thank you.

On Housing Affordability, Interest Rates, and the State of the Apartment Market

@bryanm8683

96 billion of Multi Family loans with 79% of them holding a DSCR of 1 or less is alarming. Great info - thanks for sharing

On Apartment Shortage in the Making?

Unedited comments on Gray Report episodes on YouTube.

Who writes it

Spencer Gray, CEO of Gray Capital

Gray Capital buys and manages Class A and B apartments across the Midwest, with its own property management team. The Gray Report is the research we use on our own deals.