Why 2026 may be the best multifamily entry point in a decade
Construction starts have collapsed. In-migration continues. Operators with dry powder face the thinnest competition in years.
Market Outlook
Notes from the field — what we are seeing in our markets, how we are underwriting, and what every passive multifamily investor should know.
Multifamily completions are about to fall off a cliff. Permits are at decade lows. The operators who deployed capital through the trough of 2024–2025 are positioned to compound through the next leg.
In this quarter's letter we walk through the supply data by submarket, share where we are seeing the most attractive entry points, and update LPs on portfolio-level KPIs.
Read the full letterConstruction starts have collapsed. In-migration continues. Operators with dry powder face the thinnest competition in years.
Rate cap costs, debt service coverage, exit cap assumptions — the metrics that separate disciplined operators from optimists.
A primer on the tax mechanics that make multifamily one of the most attractive after-tax investments available to accredited investors.
An honest walkthrough of the scope, cost, and timeline of a typical Aether interior renovation, with budget and rent-bump assumptions.
Trade-offs between fixed-rate agency debt, floating-rate bridge, and bank loans — with a worked example on a 200-unit value-add deal.
What to look for on your Schedule K-1, the questions to ask your CPA, and how Aether structures partnership returns to maximize after-tax outcomes.
One email per quarter — market commentary, deal-flow updates, and investor education. No noise.