So short-term pressure is a real problem right now.

I have to say we have a really strong market because we have job growth in our market.

And you're thinking when the market resets next year, you think you're going to go right back up to the $2,000 marks. Hello and welcome. My name is Gino Barbero, one of the co-founders of Jake In Geno. And in this

how-to video for this week, we're going to be talking about rents softening, the future of multifamily,

and is there oversupply? I know I've touched on this a few weeks ago, but we've got new data out.

And let me start up by saying, I don't want to sound like a conspiracy theorist, but all

of this data coming out, can we trust it? Or do you go with your gut in multifamily and in real

estate and as an investor? Unfortunately, if you go with your gut in multifamily and in real estate and as an investor?

Unfortunately, if you go with your gut, sometimes the gut misleads you or takes you down the

wrong path. You need to have some type of data. But what's interesting, if you are investing

in real estate and in multifamily and you are in the market, you're on the ground.

You're seeing what's going on right now.

I don't need a report to tell me that rents are softening.

I understand in my market of Knoxville, Tennessee, right now rents are softening.

Why?

Logically, we have an oversupply of even high-end units.

And it's not just a high-end units coming on.

It's the amount of high-end units coming on all at the same time because there was an

overabundance of building. COVID slowed things down. There was still cheap money throughout COVID.

Permits took a little bit longer. Labor was harder to get. But now all of a sudden,

over the less 18 months, in a lot of markets, they've had a lot of oversupply.

And I'm just frustrated with a lot of this data because as I've been saying to my business partner, Jake, and to anyone who wants to hear me, we, in my opinion, have been in a recession for the last 18 months.

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