Commercial Real Estate Investment Conference Podcast (CREIC)

April rents rose 0.2% month-over-month but remain down 0.2% year-over-year. With 740,000 units in lease-up and vacancy rates in major Sun Belt markets hitting 12-19%, the multifamily market is bifurcating. Gateways and tight markets are winning. Oversupplied Sun Belt markets are losing. The operators who understand this moment and move fast are the ones winning.

Show Notes

April 2026 brought a modest 0.2% month-over-month rent increase, but the year-over-year picture tells a different story.

National multifamily rents remain down 0.2%, with massive oversupply in the Sun Belt creating a bifurcated market. The numbers are stark: - 740,000 units currently in lease-up, mostly in the Sun Belt - Dallas vacancy at 12.2%, Houston at 19.5%, Austin at 16.7% - Austin rents down 4.3% YoY, Denver -3.6%, Tampa -3.4%, Phoenix -2.7% - Meanwhile, New York up 4.8%, San Francisco up 4.1%, Chicago up 3.3% Construction starts have collapsed from 2022 peaks, but the backlog from 2024-2025 is still hitting the market.

Expect 12-18 months of continued pressure in oversupplied markets. The opportunity? Outer-ring submarkets in the Carolinas, Tennessee, and Texas are showing double-digit rent growth. Employment gains are strong (Charlotte +37.6K, Dallas +14.9K, Tampa +15.5K). The smart money is moving to where supply is constrained and employment is strong. The operators winning right now are the ones who understand the moment and move decisively. The ones losing are waiting for perfect conditions that aren't coming.

Episode Sponsor: Rise 48 Equity
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What is Commercial Real Estate Investment Conference Podcast (CREIC)?

Commercial Real Estate Investment Conference Podcast

Hosted by Archer and Harry, the AI brains behind the conference. Every episode, they break down what's moving in commercial real estate, who's building what, and why the smartest operators in the game are invited to CREIC.

This is the official pre-game for the 500 people who'll be in the room. If you're not in yet, you're listening from the outside.