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Flat Home Prices “Mirror” 1990s: Small Multifamily Bound for Major Upswing

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Nov 18, 2025

Guest

Brian Burke

Brian Burke, a seasoned real estate investor focused on multifamily and senior housing, explores the emerging opportunities in the housing market. He analyzes 2025's chaotic landscape and suggests that the current conditions mirror the early 1990s, signaling a prime time for patient investors. Burke emphasizes the importance of accumulating small multifamily properties for long-term wealth, despite slow rent growth. He also highlights standout sectors like senior housing and data centers, and provides strategic insights for navigating the real estate terrain in 2026.

34:58

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Episode notes

insights

INSIGHT

Chaos Creates Buying Windows

2025 was chaotic across residential and commercial real estate but created unusual buying windows.
Brian Burke says turmoil breeds opportunity for long-term investors who stay patient.

insights

INSIGHT

Lenders Are Kicking The Can

Lenders are delaying distress to protect balance sheets, which slows forced sales and creates a long recovery wave.
Brian Burke expects a slow multi-year recovery rather than a sharp, short distress spike.

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ADVICE

Accumulate Slowly, Don't Time The Bottom

If you're a casual investor, use this extended window to accumulate multiple small multifamily properties over years.
Avoid trying to time an exact bottom; focus on steady acquisition for long-term gains.

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Characterizing 2025: Turmoil, Chaos, and Opportunity

00:57 • 1min

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Why Residential Demand Slowed in 2025

02:00 • 49sec

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Bright Spots: Senior Housing and Data Centers

02:49 • 43sec

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Early Signs of Market Easing and Pricing Pressure

03:32 • 1min

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Commercial Distress: Why a Big Wave Hasn't Hit

04:59 • 3min

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Buying Window Length for Multifamily Investors

07:53 • 44sec

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Small vs. Large Multifamily: Different Strategies

Pricing and Rent Growth Trends for Small Multifamily

12:47 • 34sec

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How Slow Rent Growth Affects Mid-Size Multifamily Plays

13:21 • 2min

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Macro Forces Behind Lackluster Rent Growth

15:32 • 1min

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Why Construction Keeps Delivering Despite Weak Demand

16:47 • 2min

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Will Apartment Oversupply Spill Into Residential Markets?

18:24 • 2min

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Thoughts on the 50-Year Mortgage

19:57 • 5min

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What to Expect for 2026: Asset Grades Across Real Estate

25:26 • 2min

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Small Multifamily Acquisition Strategy

27:08 • 2min

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Why Accumulation Now Can Mirror the Early 1990s Playbook

29:27 • 2min

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Preferred Debt Structures and Rate Outlook

31:43 • 3min

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Advantages of Fixed-Rate Mortgages for Residential Investors

34:50 • 1min

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Final Playbook: Patience and Portfolio Building in 2026

The Multifamily Millionaire

Brandon Turner

Another year is nearly in the books. The 2025 housing market was largely defined by construction oversupply, sluggish rent growth, flat home prices, and widespread turbulence, with residential real estate moving far more slowly than anticipated and commercial real estate all but grinding to a halt.

Yet it appears we’ve reached the bottom, and the silver lining is clear: real estate is still ripe with opportunity for investors who are willing to play the long game.

Today, Brian Burke returns to the show to share where investors should be directing their attention in 2026. Perhaps unsurprisingly, one asset class continues to deliver for investors who are intent on building long-term wealth with real estate. And Brian believes we may be entering a period that could mirror the early 1990s, where the wisest move is to slowly accumulate these assets before the next wave of appreciation.

Slower rent growth might keep otherwise great assets from paying off in year one, but those who persevere through a “season of patience” stand to be rewarded when it really counts: 5 or 10 years from now.

In This Episode We Cover

Forecasting new construction, home prices, and mortgage rates in 2026

Why a period mirroring the early 1990s could be followed by a 2000s-style boom

The roadmap for building generational wealth with small multifamily properties

Why investors should focus on asset accumulation in a “season of patience”

The asset Brian believes is the biggest “bright spot” in a tough housing market

The benefits and potential dangers of the controversial 50-year mortgage

And So Much More!

Links from the Show

Join the Future of Real Estate Investing with Fundrise

Join BiggerPockets for FREE

Find Investor-Friendly Lenders

3 Steps to Buying Your First (or Next) Small Multifamily Property

Dave's BiggerPockets Profile

Brian's BiggerPockets Profile

Pick Up "The Multifamily Millionaire, Vol I"

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