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Adam Kramer, vice president of equity research at Morgan Stanley, joined the REIT Report podcast to discuss developments in the multifamily REIT sector.

While factors such as geopolitical tensions, elevated interest rates, and policy uncertainty have contributed to caution in the market, Kramer emphasized that the real focus is on the apartment supply cycle and the pace of demand recovery.

“For us, it's much more about fundamentals, much more about rent growth, occupancy and how that looks in the recovery from supply,” Kramer said.

According to Kramer, the sector is now clearly nearing the end of its historic construction wave, with the national under-construction pipeline at its lowest level since 2013 and housing starts trending toward their weakest levels since 2012.

Chapters:

00:00 Recovery After Supply
00:23 Welcome to REIT Report
00:41 Macro Uncertainty Outlook
02:04 Supply Cycle Nearing End
04:33 Coastal vs Sun Belt
06:03 Submarket Divergence
07:36 NOI Growth Drivers
09:39 Balance Sheets and Rates
10:38 Management Priorities Ahead
11:41 Closing and Subscribe