Fear & Greed Index

I remain concerned with how tariffs will impact new construction, and how current immigration policies will affect the labor force and occupancy in Class C properties.

Consumers will continue to be hammered by rising prices, job outlook concerns, health care costs, and other inflationary pressures.

Property insurance, inflation, crime, property taxes, and utilities are the top 5 issues today. Solve these—driving them flat or lower—and the market will take off with more investment.

It has been very difficult with all the changes due to new absorption, shifting tenant profiles, and newly implemented laws.

The 10-year Treasury needs to hit 3% to trigger an influx of capital across all sectors.

Short-term rate changes are not going to affect 10-year Treasury yields. Until the 10-year T-bill drops by 50 bps, conditions will remain the same for the balance of the year.

It is very difficult to raise equity with institutional partners. Once that changes, values should increase.

Interest rates will not be lowered soon enough to positively impact cap rates and property values.

This feels like a ‘wait and see’ moment for multifamily. Basis, current yield, and operations are critically important in 2025 and 2026. This cycle is still in its early innings compared to the GFC (Global Financial Crisis). 2021 loan maturities have not yet materialized in a meaningful way.

The market will remain uncertain until the policy backdrop becomes less volatile.

Multifamily in some areas (South/Midwest) is, in many cases, available at bargain pricing that will prove to be fruitful investments in the 2026–2027 time frame.

Q3 may prove to be the cyclical low point for operating results, but it also sets the stage for outsized performance ahead.