533: What’s Really Going On in Real Estate Right Now with Prof Norm Miller

When you invest in real estate, you’re not buying what it is today—you’re buying what it will become a few years from now. 

That’s especially true in multifamily, which, despite all the noise, remains one of the most compelling long-term plays out there. 

Unlike stocks, you don’t get a live ticker reminding you every five seconds what your property is “worth.” And that’s a good thing. Real estate moves slowly, and that patience rewards people who can see the story before it unfolds.

The national headlines are confusing right now—depending on who you read, the sky is either falling or it’s never been brighter. The truth, as usual, is somewhere in between. 

Mortgage rates are still above six percent, affordability is strained, and national price growth has flattened. But beneath the surface, there’s an entirely different story playing out—one that favors multifamily investors who understand that real estate is always, always, about location.

Some markets are clearly soft. A few urban centers built too much too fast, and it’s showing up in higher vacancy and flattened rents. But other regions—think the Carolinas, Texas, parts of Florida—continue to thrive because people are still moving there in droves.

Jobs, climate, taxes, and lifestyle continue to pull migration south and inland, and those people need somewhere to live. 

When you combine growing populations with a shrinking construction pipeline—new multifamily starts are down roughly 40% from their 2023 peak—you’re setting the stage for tightening supply and rent growth in the right markets over the next few years.

That’s the part that separates pros from spectators. Anyone can read a national report and call it a trend. But the investors who win are the ones who know their markets intimately—who’s building what, where the jobs are moving, and how local policies are shaping demand. In that sense, real estate offers the only kind of “insider trading” that’s perfectly legal. The better you know the ground, the better your odds.

For passive investors, that means something simple but crucial: partner with operators who live and breathe their markets. You want people who are plugged in at the street level, not just reading spreadsheets. Because in multifamily, the difference between a mediocre investment and a great one can be a single zip code.

Real estate, especially multifamily, rewards patience, perspective, and proximity. You can’t control interest rates or the national narrative, but you can choose where—and with whom—you invest. And if history is any guide, those who make smart, localized bets while everyone else is sitting on the sidelines tend to be the ones who look like geniuses a few years down the road.

This week on the Wealth Formula Podcast, I talk with a former professor and renowned real estate analyst who’s been studying these patterns for decades. We break down which markets are setting up for real opportunity, where caution is warranted, and what the next chapter of multifamily investing really looks like.