2025 was a year of global recalibration, and 2026 may test which assumptions truly hold.

In this episode of Multifamily Forward, we step back to examine how cooling labor data, late-year rate cuts and rising geopolitical risk reshaped market dynamics in 2025 and what those shifts signal for the year ahead.

We explore whether the Fed’s pivot points to a soft landing or emerging structural weakness, how energy volatility and supply-chain realignment are redirecting capital toward U.S. real assets, and which macro force, AI-driven industrialization, demographic aging or mounting fiscal pressure, will matter most for economic stability in 2026.

Turning to demand, we unpack why absorption has remained resilient despite slowing job growth in Phoenix, what changing renter behavior reveals about the post-pandemic demand equation, and how affordability constraints and delayed household formation are reshaping decision-making.

Finally, we assess the impact of peak supply, capital discipline and AI adoption, separating durable strategies from hype, and close with a contrarian question. What belief about the 2026 market are most investors and operators getting wrong?

What does the next chapter of housing look like? In this episode, we sit down with Chris Nebenzahl, Vice President of Rental Research at John Burns Research & Consulting, to break down the key trends shaping multifamily real estate and what operators, investors and market watchers should be paying attention to in 2026.We cover:

1. Macro Perspective & Market Dynamics: The defining characteristics of today’s cycle, misleading narratives about metro growth, and the long-term positioning of the Build-to-Rent sector.
2. Leading Indicators & Market Signals: Why occupancy remains the most telling predictor of rent trends, the post-pandemic decoupling of job growth and apartment demand, and early signals of a “soft landing.”
3. Demographics, Migration & Policy Impacts: How aging populations, migration patterns, and policy decisions are shaping markets and affordability across metros.
4. Investment Strategy & Recovery: How investors are recalibrating in a slower market, lessons from recent supply surges, and which markets may recover first as vacancies tighten.

If you’re an investor, operator or real estate professional, this episode gives actionable insights into housing market trends, renter behavior and early indicators to watch for 2026.

In this episode of Multifamily Forward, we’re joined by Mark Stapp, Executive Director of the Masters in Real Estate Development (MRED) and Director of the Experiential Learning Lab at Arizona State University. Mark brings decades of experience bridging academia and the real estate industry, shaping the next generation of leaders.We dive into:- The biggest shifts Mark has observed in the real estate market and what makes Phoenix unique.- How universities and the industry can better align to prepare students for real-world challenges.- How the next generation of real estate professionals is approaching development and investment differently.- Opportunities for collaboration between academia and industry to shape multifamily leadership.- Insights from Mark on motivation, legacy and staying engaged in a long career.Whether you’re a student, investor, or industry professional, this conversation provides actionable insights on education, career growth, and the evolving landscape of real estate development.🔗 Learn more about ASU’s MRED program: https://wpcarey.asu.edu/masters-programs/real-estate-development/experience 🔗 Learn more about ASU’s Experiential Learning Lab: https://real-estate.wpcarey.asu.edu/experiential-learning-lab