Calvera Insights

Everyone’s waiting on interest rates. If your pro forma can’t survive a 25–50 bps hike, the problem isn’t rates—it’s the deal. A contrarian case for buying now.

2026 may look like a great buying year, but only for the most disciplined investors. With rent growth still muted, easy deals have largely disappeared. The winners will be those who resist optimistic underwriting and focus only on assets with a compelling value-creation story until market fundamentals genuinely support a broader recovery.

The easy-money era in multifamily is over. Firms built on yesterday’s investment playbook are pivoting or disappearing. In today’s market, success belongs to operators with deep expertise, disciplined execution, and a highly targeted strategy.

The World Cup has gone from skepticism to sold-out excitement almost overnight. Multifamily, by contrast, is still waiting for its tournament to begin. While capital sits on the sidelines and investors debate which markets will emerge as winners, the real kickoff won’t come until supply eases and rent growth returns.

With cap rates and interest rates at a standoff, the best multifamily strategy might be patience. How we’re using the slow market to become better buyers.

Bay Area apartments face fewer operational challenges than similar vintage properties elsewhere. Lower turnover, onsite managers, and simpler building systems reduce day-to-day risk. The result: less operational volatility and greater long-term predictability. Sometimes the smartest investment isn’t what you buy, it’s where.

What a Berkeley professor’s “AI fog” thesis means for real estate: shorter holds, looser leverage, and a case for optionality.

Multifamily borrowers aren’t just failing to refinance anymore. They’re running out of cash. Why term defaults are the most worrying signal of 2026.

Smaller firms are bringing property management in-house and at least one large firm is offloading its property management to a third party. There continues to be a growing divergence between small and large real estate firms. This isn’t an insignificant decision. There are huge costs involved. Aside from staffing a property management arm, the biggest cost is time. 

Iran has injected new uncertainty into a real estate market that was just finding its footing. A look at the inflation and interest rate risks investors need to watch.