📍 The rental data that could shape 2026

🦃 Happy Thanksgiving, Best Ever readers! We hope you’re reading this while either preparing for or waking from a well-deserved, tryptophan-induced nap.

In today’s newsletter, Cincinnati wins, multifamily bids surge, lending caps rise, Thanksgiving gets expensive, and much more.

🎉 Right now, you're 48 hours away from paying up to $500 more for BEC X, the one event where serious operators go to build relationships, close deals, and form the partnerships that define their next year. Lock in your savings now!

📩 Also, join us alongside GSP REI on December 4 at 12 pm ET for Land Entitlement: The Little-Known Strategy Creating the Highest Returns in Development, where you’ll learn about the 2-3 year window in every development project where massive value gets created before a single shovel hits the ground. Save your seat today.

Let’s CRE!

🗞️ NO-FLUFF NEWS
CRE HEADLINES

🏢 RealPage Settles: RealPage settled the DOJ's rent-algorithm lawsuit without fines or admitting wrongdoing but must stop using competitors' nonpublic pricing data, submit to three-year monitoring, and cooperate in ongoing cases against property managers.

🏛️ DOGE Disbands: Trump's Department of Government Efficiency disbanded eight months early with most claimed cuts reversed. The initiative touted $214 billion in savings but delivered only $9 billion, far short of its $1 trillion target.

💰 FHFA Hikes: FHFA raised 2026 multifamily lending caps to $88 billion each for Fannie and Freddie, up 20% from 2025, positioning agencies to handle $90 billion in maturing debt amid stabilizing rates.

📊 Bid Activity: CRE bidding competition climbed in October, with multifamily leading as investors signal renewed confidence. Industrial rebounded from trade uncertainty while office improved from 2023 lows, strengthening expected capital flows into 2026.

🤢 Appetite Spoiler: A viral TikTok showing rats at Maryland's 891-unit Arrive Silver Spring prompted officials to condemn one unit, forcing FPA Multifamily to launch a task force after failing to address complaints.

🏆 TOP STORY
CINCINNATI EMERGES AS TOPS IN RENTER ENGAGEMENT

Cincinnati overtook Washington, D.C., as the most searched rental market in Q3, according to RentCafe's latest engagement data. The shift continues a broader trend of renters exploring beyond traditional coastal hotspots, with Midwest cities claiming 11 of the top 30 spots and four of the top 10.

The rankings track how actively renters engage with listings through pageviews, saved favorites, and personalized search alerts. Q3 saw major movement as apartment hunters increasingly prioritized affordability while saving more listings and setting search alerts during the peak moving season.

Here are the top 10 cities by renter engagement:

1. Cincinnati, OH: The Midwest hub claimed first place after climbing four spots, with pageviews up 34%, saved listings jumping 52%, and saved searches growing 56%.

2. Atlanta, GA: ATL moved up two positions with steady engagement despite renters taking a more selective approach, ranking first nationally for favorited listings.

3. Kansas City, MO: Interest in KC held strong as pageviews increased 50% while both favorited listings and saved searches more than doubled.

4. Washington, D.C.: The nation's capital fell from the top spot after nearly a year but still posted gains across all metrics as renters navigate challenging competition.

5. Las Vegas, NV: The fast-growing market climbed two spots into the top five, with saved searches jumping 157% as more renters see the city as a place to settle.

6. Minneapolis, MN: Mill City fell three spots but remains a Midwest leader with saved searches rising 44% as renters shift to more focused apartment hunting.

7. Philadelphia, PA: Philly held the seventh spot with pageviews up 41% and favorites climbing 51% amid limited Northeast apartment availability.

8. Cleveland, OH: Cleveland jumped three positions with renewed momentum as pageviews increased 34% and saved searches rose 41%.

9. Long Beach, CA: The LBC surged five places to break into the top 10 for the first time this year, with pageviews jumping 64% and saved searches nearly doubling.

10. St. Paul, MN: The other twin city market rounds out the top 10 with saved searches skyrocketing 191% — the largest increase among leading markets.

Eight new cities entered the top 30 in Q3, led by Queens, NY, jumping 16 spots, and Dallas, climbing 25 positions. The newcomers reflect renters searching near major job centers and increased engagement in emerging markets where more rental options are becoming available.

THE BOTTOM LINE

The Midwest's dominance signals that affordability and value are driving renter decisions more than ever. With 11 cities in the top 30, the region is no longer flying under the radar as apartment hunters increasingly bypass expensive coastal markets. Strong engagement metrics — particularly saved searches and favorites — indicate serious intent, not just casual browsing, making these markets worth watching for sustained demand into 2026.

💰 BEST EVER CONFERENCE
SAVE UP TO $500 THIS BLACK FRIDAY ON BEC X

⌛ The clock is ticking. You have just 48 hours to save up to $500 on your Best Ever Conference ticket.

All ticket prices increase on December 1st. That means if you register before Sunday at midnight, you'll lock in the lowest rates of the year.

Here's what you'll save by registering now:

• General Admission: Save $100

• Conference Plus: Save $300

• VIP Experience: Save $500

‼️ What's new? Our full program is live. Check out the complete speaker lineup, session topics, and event timing. You'll see why this is the event where relationships are built, deals are made, and companies are formed.

💰 YOU’RE INVITED
THE HIDDEN PROFIT STAGE MOST DEVELOPERS MISS

The real bottleneck contributing to the housing shortage crisis in many markets isn’t construction — it's entitled land ready for development. This 2-3 year process of navigating permits, zoning, and engineering is where experienced operators generate exceptional returns without construction risk, debt, or long-term ownership.

🗓️ Join us alongside Peter Neill of GSP REI on December 4 at 12 pm ET for Land Entitlement: The Little-Known Strategy Creating the Highest Returns in Development.

In this session, you’ll discover:

✅ Why land entitlement delivers some of the highest risk-adjusted returns in development

✅ How to create massive value before breaking ground

✅ Why national homebuilders pay a premium for entitled properties

✅ The complete roadmap from raw land to profitable exit

Expert Peter Neill from GSP REI will show you how to control and entitle residential land in high-demand markets — and sell to institutional buyers at a significant profit.

💰 CRE BY THE NUMBERS
THANKSGIVING INFLATION, JOB LOSSES, AND MORE

🦃 $55.18 

The average Thanksgiving dinner for 10 dropped 5% from last year to $55.18, driven by a 16% decline in turkey prices. However, egg prices remain 75% above 2020 levels despite the 2023 collapse, while processed items like cakes and gravy rose 29-31% from labor and packaging costs, keeping the meal 18% higher than pre-pandemic.

💵 85% 

Bank-issued CRE debt surged 85% YoY as regional banks reaccelerate lending after clearing underperforming loans. Competition has intensified for top-tier projects, with banks now accounting for 38% of all CRE financing alongside growing private debt funds.

📉 -13,500 Jobs

Private employers shed an average of 13,500 jobs per week in the four weeks ending November 8, according to ADP's weekly employment pulse. The decline marks a sharp acceleration from 2,500 weekly losses in the previous period as hiring momentum continues to slow.

🏗️ 21% 

Construction starts jumped 21% in October to a seasonally adjusted annual rate of $1.53 trillion as 10 megaprojects valued at $1 billion or more broke ground. Led by data centers and manufacturing facilities, the surge masks more moderate growth outside high-tech buildings.

🏘️ DEAL OF THE WEEK
183% ROI AND A 2.8X EQUITY MULTIPLE IN 6 YEARS

Pete Schnepp and the team at Asset Stream Properties are projecting a 183% ROI and 2.8X equity multiple on this 24-unit multifamily in Indiana.

Here's how they’re doing it 👇

🏢 Property details: The 24-unit multifamily property is located in Schererville, IN, and was purchased for $5.5 million.

💸 Finances: The team raised $1.1 million in capital and secured a $4.5 million interest-only loan via seller finance. Years one and two carry a 3.25% interest rate, years three and four increase to 3.75%, and years four and five rise to 4.5%. There is an option to extend for 12 months, and the note is assignable to a new buyer.

💼 Business plan: The team is planning on a 5-7 year hold. As units turn over, they are being renovated with new flooring, fixtures, painting, cabinets, countertops, and appliances. As leases expire, they will also increase rents to be more in line with market rates. The goal is to only have 2-4 units vacant at a time for renovations.

🍾 Results: The conservative projections for investors after a six-year exit are:

• 183% ROI

• 30.5% AAR

• 21.7% IRR

• 10.1% CoC

• 2.8X Equity Multiple

👉 If you have a deal you’d like to share with us, please email us here.