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NMHC Las Vegas – Quick Take from the Field

By: Jonathan Kessler

Last week’s meetings of the National Multifamily Housing Council in Las Vegas was anything but typical.

Between a massive snowstorm sweeping much of the country and countless flight cancellations, many scheduled meetings never happened. Thankfully, we made it in and out without issue, although I heard plenty of airport horror stories from others trying to travel. Once again, Greenville-Spartanburg International Airport proved why Greenville remains such a smooth travel hub and a very desirable market overall.

Ironically, despite being in Vegas, I barely saw the outside world. The conference felt like speed dating on steroids. It was nonstop back-to-back meetings from morning to night.

The Crowd & the Shift

The attendee mix was the usual institutional players, lenders, and operators — but what stood out was the number of syndicators who have clearly weathered the storm by actually executing business plans. Less talk. More operators who survived by doing the work.

One surprising takeaway:

Not a single person brought up interest rates.
For the last two years, rates have dominated every conversation. This time? Crickets. That alone feels like a sentiment shift.

Where Capital Is Looking

A few consistent themes came up:

• Strong buyer interest in the Midwest
• Atlanta still seeing real lender pressure and emerging distress
• Equity is available — but still selective and disciplined

The “survive at all costs” mentality that dominated 2023–2024 seems to be fading. There’s more willingness to transact again, and cash-on-cash return requirements have clearly come down from peak expectations.

My junior associate Matthew Harper and capital markets broker JD Lehman conveniently disappeared while I was on an absolute heater at the craps table — a strong reminder that just like Fannie and Freddie, they show up when you’re losing and vanish when you’re winning.

Final Take

Momentum is quietly rebuilding.

Not euphoric.

Not reckless.

But materially healthier than the last two years.

Distress is real in certain markets, underwriting is still conservative, but capital is warming back up, and expectations are finally resetting to levels that allow deals to happen again.

We also spent time discussing both our current and upcoming listings, and picked up a handful of new deal opportunities while we were out there — a good reminder that activity is finding its way back to the market, even if it’s still selective.

If NMHC was any indicator, 2026 is shaping up to be far more active than most people expected. And if you’re looking to buy, now’s a good time to start the conversation. Please be sure to reach out.