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

UFC pioneer Mark “The Smashing Machine” Kerr shares his powerful story of redemption, resilience and self-discovery. Once known for his dominance in the ring, Mark opens up about the battles outside of it.

With the release of The Smashing Machine from A24, starring Dwayne “The Rock” Johnson, this conversation offers a rare look into the man behind the legend and what it truly means to find purpose beyond success.

Join us on location at The Statler in Surprise, Arizona, as John and Adam sit down with Michael Sansone, Managing Principal at Ridgehouse Companies, to dive into the winning strategies of building exceptional multifamily communities across the country.Tune in to learn what it really takes to succeed in multifamily development across regions.

Is Phoenix still worth the investment? We break down what’s driving the market and where the strongest opportunities exist.

Key topics:

• Why Phoenix remains a leader in multifamily and build-to-rent (BTR)

• Economic and demographic factors drawing investor attention

• Cap rates, rent growth, and occupancy trends to watch

• Development vs. acquisition: which strategy is gaining ground

• What makes a deal stand out in today’s landscape

• How to navigate risk and return through 2025 and into 2027

With stability on the horizon, now’s the time to reevaluate your strategy.

#MultifamilyForward #PhoenixRealEstate #BTR #MultifamilyInvesting #RealEstateStrategy

As we move through 2025, how are capital markets shifting—and what does it mean for investors eyeing the Phoenix multifamily sector?

In this episode, we're joined by Mark Mandala of Brixton Capital for a deep dive into the evolving investment landscape.

We explore:

• Institutional investor concerns in today’s market
• The current capital outlook from both acquisition and operational lenses
• What’s driving investor appetite for Phoenix compared to other metros
• Submarket standouts and asset class trends
• How developers and investors are weighing build vs. buy decisions
• Shifting return expectations and hold strategies

Subscribe for more perspectives on capital markets, development, and what’s next in real estate.

Bonus episode: Scott Hines, Director of Technology at Mark-Taylor, alongside Steve Boyack, Chief Operating Officer of VM Realty Corporation, explore leadership strategies, multifamily market dynamics, and the role of innovation in driving differentiation and success in a highly competitive industry.