The Rent Roll with Jay Parsons EP#43 Zach Bowyer | Where Are Apartment & SFR Values?
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Jul 24, 2025 Zach Bowyer, Executive Managing Director at Cushman & Wakefield, shares his expertise in real estate valuation, focusing on apartments and single-family rentals. He discusses how interest rates and rental trends have impacted asset values and common misconceptions about valuation. The conversation also highlights surprising statistics from recent Census data on multifamily housing starts and the importance of understanding shelter costs in inflation dynamics. Bowyer gives insights into evolving strategies in the multifamily market amidst significant economic shifts.
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Zach's Career Backstory
- Zach Bowyer stumbled into commercial real estate valuation after initially planning a career in the restaurant business.
- He transitioned through senior housing valuations before leading multifamily valuation at Cushman & Wakefield.
Multifamily Valuations Bottoming
- Multifamily valuations fell about 10% to 20% from peak to trough.
- Most markets seem to have hit a steady bottom or are starting to see valuations creep back upward.
Uncertainty Drives Market Stall
- Cap rates moved up about 100 basis points while interest rates jumped around 280-300 basis points.
- The uncertainty about future rate direction has stalled the market more than the rate hikes themselves.
