The recovery should be evaluated by each market’s opportunity set, not through a single national narrative — and when you do, the picture is compelling. Across the U.S., we see three distinct
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groups of markets: those already generating real operating tailwinds, markets approaching a near-term inflection point, and markets still working through elevated supply that will take longer to normalize. Critically, all three categories present actionable investment opportunities today. The U.S. has never been one market, and the current environment is creating exactly the kind of dislocation we look for — where pricing has not yet caught up with improving fundamentals, and where disciplined execution can convert early signals into outsized results. • Peak supply is behind us and record low supply is in front of us. As a result, the risk is not being early but instead, the risk is waiting. Supply cycles do not resolve quietly. Recoveries begin before consensus and can accelerate faster than expected once deliveries slow and demand remains durable. When supply normalizes, leasing momentum and rent growth can inflect quickly, particularly in markets where employment growth and in-migration never meaningfully declined. By the time the national trend turns decisively positive, basis resets have occurred, mispricings have narrowed, and the earliest NOI inflections are already behind you.
• A wave of debt maturities adds a layer of opportunity. Nearly $800 billion of multifamily assets were acquired between 2020 and 2022. A wave of debt maturities is upon us. Many of the buyers who drove peak pricing last cycle, including public and non-traded REITs, are forced net sellers today. That creates acquisition opportunity to underwrite volumes of deals and to select the very best. Greystar is built for exactly this moment.
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