Lately, I keep hearing the same take everywhere: multifamily is dead. Rents aren't growing, deals aren't penciling, and capital feels frozen. I understand why people feel that way — but that conclusion misses what's really happening.

Multifamily isn't dead. We're in a market correction.

In this episode, I break down what has actually changed in today's market and why this cycle feels so uncomfortable, especially for owner-operators. We talk about flat and declining rents, higher expenses, cautious investor capital, and why money flowing into high-yield savings accounts and money market funds has raised the bar for real estate investing.

I also get honest about raising capital right now, why easy money disappearing exposed weak underwriting, and why this environment forces operators to actually operate. This is a market where discipline, conservative assumptions, strong reserves, and real systems matter more than ever.

This episode isn't about fear or hype. It's about understanding market cycles, adapting to today's math, and deciding whether you're built to operate in a tougher, less forgiving environment.

If multifamily feels harder than it used to — you're not wrong. But that doesn't mean it's broken. It just means the game has changed.