Alexander Aginsky

#Multifamily advertised rents ended 2025 exactly where they started, as a late-year decline eroded all the gains made in the spring, per #YardiMatrix data. The last year with no advertised rent gains was 2020, the pandemic year. Before that, it was 2010 as the market was recovering from the financial crisis. I don’t believe either of those previous down years gives us much insight into the forecast for 2026. In 2010, the market was recovering from a major recession that reduced demand for a few years. The pandemic in 2020 obviously was a unique year and it was followed by a string of abnormal years for rents, unusually high in 2021-22 followed by unusually low the last couple of years. Post-pandemic demand was extremely strong and remained so even as rents cooled because of rapid supply growth in the Sunbelt and reversion to the mean following 2021-22. That’s what I mean when I say this cycle has no obvious parallel in the recent past. Our view is that rent growth will remain tepid in 2026. While large swaths of the country are undersupplied, deliveries are taking longer to come down in the high-growth markets that are temporarily oversupplied. And I think that multifamily in general (each market has its own nuance) is still reverting to the 2.5% to 3.0% long-term average asking rent growth. Even after three weak years of rent increases, the average asking rent is up 3.6% on a CAGR basis over the last six years, 24% cumulatively. The December report is here: https://lnkd.in/e-xFCTFg

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🏠 There’s broad agreement that housing supply is tight—but what’s actually driving it? While institutional ownership has drawn attention, data shows that institutions own only about 2.5% of single-family rental homes. The vast majority of properties are still held by smaller, independent “mom and pop” landlords. Understanding the numbers matters. Before policy shifts reshape the market, it’s important to separate headline narratives from actual ownership data. 🎧 Hear the full breakdown in TME Episode #232. #HousingMarket #RealEstateData #MarketInsights #PolicyDebate #TME232 

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Global real estate can serve as an inflation hedge through rent escalators and frequent lease resets, helping preserve income as property values rise with land, labor and material costs. We see early signs of recovery in core real estate after a multiyear slump. From 3Q22 to 3Q24, commercial real estate returns fell 18.5% despite 8% net operating income growth,75 highlighting a disconnect and potential opportunity. We’re focused on sectors with strong durable fundamentals – especially rentals and industrial – driven by the shift to renting (versus owning) and U.S. reindustrialization, respectively. We think these trends will reshape real estate for years to come.

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We are excited to partner with Lincoln Property Company to announce the launch of the Fall 2025 Investments, Development & Operations Bridge Program. Lincoln Property Company is a leading global real estate services firm with offices across the U.S., U.K., and Europe.    The Bridge Program will provide students with the opportunity to explore investments, acquisitions, development, construction management, asset management, leasing, and property operations with Lincoln Property Company professionals.   Through this live, multi-week program, students will attend interactive speaker sessions with firm leaders, join sector specific technical training, and an in-person visit, providing participants with exposure to early career opportunities at Lincoln Property Company.   Click here to apply: https://lnkd.in/gvs-ZJW5    Special thanks to Lincoln Property Company, Brandon Ernst, Matt Nicholson, Margee Parker and Nancy Hogin Smith, SPHR for their partnership in building this program.    #ProjectDestined #LincolnPropertyCompany #EarlyCareerOpportunities #FutureLeaders #CRE #PDCommunity

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