In this episode of Wealth Unfiltered, Jeff Adler, Vice President of Yardi Matrix, breaks down the real-time data shaping today's multifamily housing market—and what it signals for investors navigating the next phase of the cycle.

We explore the key forces driving performance across markets, including elevated new supply in Sun Belt and Mountain West regions, shifting migration patterns, demographic tailwinds, and the widening rent-versus-buy gap that continues to support long-term rental demand.

Jeff also unpacks why the market is becoming increasingly fragmented, with smaller Southern and Midwest metros outperforming while high-supply markets like Orlando, Phoenix, and Denver continue to face pressure. He explains how real-time data is essential for understanding absorption trends, underwriting accurately, and identifying where opportunity is emerging beneath the surface.

Looking ahead, we discuss why rent growth is expected to remain muted in the near term, with stabilization beginning around 2026 and broader recovery taking shape into 2027—as supply normalizes and demand fundamentals reassert themselves.

This episode delivers a clear, data-driven framework for understanding where we are in the multifamily cycle—and how investors should position for what comes next.

• Multifamily supply remains elevated, particularly in Sun Belt and Mountain West markets, continuing to pressure rents and increase concessions.
• Strong structural demand persists, driven by household formation, aging demographics, downsizing boomers, and millennials renting longer due to affordability constraints.
• Rent growth is expected to remain subdued short term, with stabilization beginning in 2026 and broader recovery likely by 2027.
• Market performance is increasingly fragmented—smaller Southern and Midwest metros are outperforming while high-supply markets like Orlando, Phoenix, and Denver face continued pressure.
• Real-time data is critical for navigating today's cycle, improving underwriting precision, and identifying mispriced or oversupplied opportunities.
• Investors who focus on fundamentals—renewal strength, realistic rent assumptions, and local market dynamics—are best positioned for the next phase of the cycle.

In this episode of Wealth Unfiltered, we're joined by John Chang, Chief Analytics and Intelligence Officer at Marcus & Millichap, to break down what's shaping the commercial real estate and multifamily investment landscape heading into 2026.

John explains why this cycle may be setting up for a unique window of opportunity, as investor caution, shifting capital flows, and improving fundamentals begin to realign. We discuss how today's environment is creating more selective buying conditions, and why those who understand where demand is heading may be best positioned to capitalize.

Key topics include capital markets trends, multifamily supply and demand dynamics, market selection, and the role of investor psychology in today's cycle.

If you're looking to understand where the next phase of opportunity may emerge in multifamily and commercial real estate, this is a conversation worth tuning into.

In this episode of Wealth Unfiltered, we sit down with Paul Fiorilla, Director of Research at Yardi Matrix, to break down the latest multifamily market trends, including supply, demand, rent growth, and investment outlook heading into 2026.

Paul shares a data-driven perspective on how the recent wave of new apartment supply is impacting market performance across regions and asset classes. As the multifamily sector works through elevated deliveries, investors must understand where opportunities are emerging—and where risks remain.

We also explore why market-level and submarket-level analysis is becoming increasingly important in today's environment. With shifting fundamentals, access to real-time multifamily data and research insights is critical for making informed investment decisions.

Topics covered include:

• Multifamily supply pipeline and absorption trends
• Rent growth outlook and regional performance
• Impact of new construction on vacancy rates
• Key investment considerations for 2026
• How data and research inform smarter real estate investing

If you're an investor, advisor, or operator looking to better understand the multifamily real estate market outlook, this episode provides actionable insights backed by industry-leading research.