Multifamily real estate has been through a brutal stretch from 2023 through 2025.

Rising interest rates. Exploding expenses. Insurance costs that quadrupled in some markets. Deals that looked fine on paper suddenly stopped working.

In this episode, we talk honestly about why multifamily struggled, what assumptions broke, and why so many investors found themselves squeezed by thin margins, debt resets, and optimism that never should have been there in the first place.

This is not a blanket statement that multifamily is bad or dead.

We break down why some properties are still working, why others never had a chance, and why buying on fundamentals matters more now than at any point in the last decade. We talk about value add fantasies, refinancing risk, expense growth, inflation shock, and how ignoring market cycles caused real damage.

We also compare multifamily to other asset classes like mobile home parks, explain where margin of safety matters most, and discuss why owning real estate long term can still make sense when it is done conservatively.

We also look ahead to 2026. Supply is falling. Vacancies are stabilizing. Demand for housing is not going away. The question is not whether multifamily survives, but what has to change for it to work again.

If you invest in real estate, are thinking about apartments, or want a realistic take on where multifamily stands today, this episode is worth your time.