The Midwest vs. The Sun Belt

Trepp just put out a report calling the Midwest multifamily thesis a "mirage" — Spencer and Griffin break down why they disagree, using Trepp's own data on supply growth, cap rates, and watch-list delinquencies. Then they dig into Chandan Economics' surprisingly positive June national rent growth report, a major policy shift forcing institutional landlords to sell off single-family rentals, and Realtor.com's Q2 read on which housing markets favor buyers vs. sellers. They close with an update on The Century's due diligence numbers and new features in the Gray Capital deal room.

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