Last summer, Marc and Joan Hendel were among the owners of 13 homes Massachusetts planned to seize by eminent domain to make way for the new Sagamore Bridge. Now, most of those homes belong to the state.

By April of this year, Massachusetts had taken 11 of the 13 properties, including the Hendels’ newly built Cape Cod home. Public records reviewed by the Boston Globe show that the state had paid at least $4.8 million for six of the homes—more than their combined $3.5 million assessed value. Records for the five others had not yet surfaced.

But for the Hendels, those dollar amounts obscure a yearslong ordeal. In late 2023, the couple decided it was time to move back home to New England after years in the Midwest.

They set their sights on Cape Cod, which is equidistant from Joan’s family in Boston and Marc’s family in Connecticut. It was also close to the ocean, which Marc describes as “our place.”

In the Round Hill neighborhood of Bourne, they found what seemed like a dream: a plot of land and a spec home they could shape into their retirement haven. 

But just a month after their March 2025 move-in date, that dream unraveled. A letter was hand-delivered from the state, informing them their brand-new home would be seized by eminent domain to clear space for a new bridge.

The Hendels’ fight exposes a painful reality: When eminent domain collides with a historic housing shortage, “fair compensation” can seem like an illusion—especially for homeowners who know there may be no true replacement for what they’ve lost.

‘We were lost for words’

In December 2023, Marc and Joan purchased a piece of land along with a contract for a spec house. As they were buyers from afar, they trusted their real estate agent to alert them to any red flags. None came.

It wasn’t until a few weeks after they had moved in—and after construction had ended, the boxes were mostly unpacked, and the routines of daily life had just begun—that the first letter arrived. The state was taking their property by eminent domain.

“We were lost for words,” says Joan. “We said nothing. We have an excellent marriage, we communicate well, but that day, not at all. We didn’t know what to do.”

Eminent domain grants governments the power to seize private land for public use in exchange for just or reasonable compensation. In practice, that usually means fair market value—the price a buyer would have paid on the open market the day the state made its claim—along with relocation assistance.

Longtime residents of Round Hill have known that their homes may be at risk of being taken by eminent domain. In 2020, the Army Corps of Engineers deemed the current bridges “functionally obsolete,” and the state began a series of public outreach events to “better understand and engage” affected communities, dating to at least June 2021. 

But the Hendels were still living out of state, and the outreach meetings were hardly national news. Now, the timeline cuts like a scar: a 2023  land purchase and signed contract, 2025 move-in, then almost immediately, a notice of taking.

As a further insult, the Hendels point to disclosure forms the seller had signed, explicitly denying any planned public use for the land. How could nobody have warned them?

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MassDOT’s case: ‘People absolutely rely on these bridges’

For state officials, the Hendels’ loss is part of a much larger and unavoidable undertaking. The Sagamore and Bourne bridges are each nearly 90 years old and together carry more than 38 million trips annually. They are the Cape’s only roadway connections to the mainland, serving not just residents and workers but also tourists, emergency vehicles, and hurricane evacuation routes.

“People absolutely rely on these bridges,” says Luisa Paiewonsky, executive director of MassDOT’s Mega Projects Delivery Office, highlighting their importance to the Massachusetts state economy. 

The residents of Cape Cod “really are relying on us to deliver replacement bridges, because with 90-year-old spans, [the bridges] are what we call functionally obsolete, meaning they’re not serving their intended purpose,” she adds.

Paiewonsky emphasizes that the project team studied multiple alignments and deliberately chose the one with “the fewest residential property impacts.” Still, she concedes that eminent domain comes with unavoidable pain.

“Even though we have very robust processes to make sure people are fully compensated—not only for acquisition of their homes but for all the relocation expenses, and we support helping them find a new home—we still recognize that it goes beyond a simple financial transaction,” she says. “To take someone’s home can be very disruptive and distressing for them. … We are really working hard to make sure we’re treating people with respect and professionalism, and compassion for the disruption that it can cause.”

The loss of a ‘forever home’

For the Hendels, that disruption may prove to be too large a sum to compensate.

They poured their life savings into the land and construction for their new home, and customized the house for their retirement. Joan had been planning on retiring in a year, maybe two. But now, she says, “that’s out of the picture. They’ve ruined our lives.”

Scholars have debated whether monetary compensation can ever truly balance the scales in the case of taking property by eminent domain.

“The courts have long recognized that property has unique value for its owners. Taking property for public purposes imposes costs on property owners such as emotional loss and move-related stress that cannot be quantified and recovered even through full monetary compensation,” as one paper from the free-market think tank Pioneer Institute puts it.

Massachusetts complicates things further by being a “quick take” state. That means the government can assume legal title to a home before final compensation is settled, leaving owners in limbo while they fight for what they believe to be fair.

As another passage in the Pioneer Institute paper argues, “The power of the government to condemn property reduces the holdout and monopoly power that property owners possess when a parcel is needed for a large project.” In other words, speed and certainty for the state come at the expense of homeowners who may never feel truly made whole.

Is just compensation even possible?

At the heart of the Hendels’ fight is a devastating reality: There may be no true equivalent home for the state to offer them.

Recent market data underscores the problem. In July, Barnstable County had just 1,402 active listings with a median price near $946,000, according to Realtor.com® data. Of those homes, only 6.1% were built in 2024 or later, which the Hendels insist is necessary for their replacement. 

And when new builds do appear, they command a steep premium: roughly $654 per square foot, compared with $530 for older homes.

“Cape Cod is still in seller’s market territory, with a constrained amount of inventory relative to the pace of home sales there,” explains Realtor.com senior economist Joel Berner. “Buyers do not have many options to choose from, and what is available is very expensive. Homebuying is difficult on Cape Cod, which makes new construction all the more appealing—and all the more disappointing when it does not work out.”

Even if the state could secure them a new build, Marc worries that the “replacement” would come with strings attached.

“What [the state doesn’t] understand,” he says, is “if they get us a house that’s bigger than this one now, for the rest of my life, I’m paying more property taxes than we had budgeted for. Who’s going to make that up?”

For retirees or those nearing retirement, like the Hendels, the hidden costs of homeownership loom large: higher utility bills, pricier landscaping, steeper maintenance. Each additional dollar erodes their already fragile retirement plan—and magnifies the sting of losing the home they’ve already poured their life savings into.

“Who’s going to pay for all these things that they’ve never thought of?” Marc asks.

In short: Even if the state offers fair market value, the odds of finding a comparable home—let alone one tailored to their needs—are vanishingly slim.

The broader human impact

The Hendels aren’t alone. In all, 13 homes and three commercial properties will be taken by eminent domain if the state is able to move forward with its plans. 

Other affected neighbors include elderly residents and veterans who may be forced to surrender the homes they’ve lived in for decades. Even those not directly displaced will face years of blasting, noise, and heavy machinery in what was once a quiet neighborhood.

The tale of the residents of Round Hill underscores a deeper flaw in eminent domain law: In an era of soaring housing costs, fair market value is often no substitute for a truly comparable home. The result is more than displacement, but delayed retirements and dreams deferred.

While some luxury markets such as Los Angeles are heating up, others are cooling down rapidly.

Listings at the luxury level—defined as the top 10% of the real estate market—have declined nationwide to $1,250,750 in July, down 2.7% year over year, the 28th straight month of annual decline, according to the latest Realtor.com® monthly luxury report.

But some metros are sinking much faster than that. Austin, TX, posted the biggest drop in the country, its luxe entry threshold down 9.6% year over year to $1,262,726, more than three times the national pace.

These are the top 10 metros seeing the steepest asking price declines at the luxury level:

The silver lining is that these discounts may mean properties are moving faster. Nationwide, high-end homes took longer to sell in July than in June across every luxury tier—from the top 10% to the top 1%—which is typical for the midsummer season. But all tiers are seeing quicker sales than a year ago.

Austin tops the luxe price cuts

The capital of the Lone Star State has seen the steepest luxe price declines. It was followed by uber-expensive cities San Francisco and Boston, with both entry points down 8.6% year over year—though those markets are moving downward for vastly different reasons.

Austin not only has the highest nationwide luxe price declines year over year at -9.6%, but its 1 million-plus listings have fallen by 17.8%, second only to San Francisco (-20.9%). The eclectic city’s high-end luxury (the top 5%) and ultraluxury (top 1%) tiers are down 9.6% and 5.4%, respectively.

Austin also tops the median days on the market, at 78 days, up 2 days from the same period last year.

It is worth remembering that Austin, like much of Texas, saw a steep run-up during the COVID-19 pandemic years, fueled by historically low interest rates as well as homebuyers’ desire to live with fewer restrictions. That run-up is now coming back down to earth.

On the ground in Austin

Austin-based Compass agent Michael Reisor tells Realtor.com that at the $2 million-plus price point, he is seeing sellers being more flexible, but everyone still leaving the table happy.

“The pricing was grounded in data, and [sellers] wanted to make a deal work,” he says.

At the $5 million-plus price point, he says, most Austin inventory trades off market, so those sales aren’t recorded on the multiple listing service, and therefore not being counted.

“The off-market component is massive,” he says.

But even at that level, “sellers are being reasonable and offering discounts and concessions,” he adds.

However, all bets can be off with particularly hot areas such as Tarrytown or Westlake, or with extremely desirable properties like the $14 million Lake Austin house he represents that just received a verbal offer.

“In the $5 million-plus range, we’re seeing a lot of buyers come out of the woodwork because of Space X,” he says, referring to Elon Musk‘s space technology firm. The firm’s Bastrop County facility is only 45 minutes from Austin.

“We’re seeing people say, ‘We already live in a $2.5 million house in Tarrytown, now let’s move to a $5 million house.'”

San Francisco: Emptying, not stalling

The original tech hub has seen a sharp luxe price decline similar to Austin’s, down 8.6% year over year, tying it with Boston. But the reasons for the drops are as different as could be. In short, San Francisco’s median luxury price point is falling because the most expensive homes are getting snapped up quickly.

On the list, San Francisco boasts the shortest median days on the market at 37. Homes in the Golden City are moving nearly twice as fast as the national level for million-dollar homes, which stands at 66 days on the market.

While the Silicon Valley city’s luxe entry point fell to $2,490,089, the metro’s high-end market is not deteriorating.

“A drop in home prices typically signals softening demand and an overdue recalibration, but homes in San Francisco are still routinely selling above asking price,” explains Realtor.com senior economist Anthony Smith.

In fact, the metro is currently classified as a seller’s market in the second quarter of 2026.

The price declines are more about a lack of inventory than a lack of desirability, says Smith. “The decline is coming from a pool that’s emptying, not one that’s stalling.”

The steep decline in the number of million-dollar-plus listings (-20.9%), combined with the short time on the market, can suggest that more homes are coming off the market as more buyers compete for them, concludes the report.

“Million-dollar properties here are selling faster than new ones are coming on the market,” adds Smith. The area’s AI boom and the wealth it has generated mean there are far more buyers competing at the very top segment of the market.

“What looks like a market marking itself down may be a market clearing itself out,” he says.

Following San Francisco, other Golden State metros in the list’s top seven include San Diego, San Jose, and Oxnard.

Jenna Hoyas of the The Yost Quesada Team at Douglas Elliman in San Diego says brokers are seeing a slowdown at the higher end, along with more seller willingness to negotiate.

“We recently had clients looking at properties above $10 million, and the increased flexibility has been noticeable,” she says.

Now is a prime opportunity for buyers to bag a discount on the luxe end, Hoyas adds.

Her colleague Kristina Quesada agrees, but notes that prices are very property-specific and much depends on seller motivation.

“Some sellers are willing to take a loss simply to eliminate holding costs, particularly those who own multiple assets,” she says.

Boston’s old-money market

In Boston, where the median days on the market is now 53, George Sarkis at Douglas Elliman says that he isn’t seeing a weakening at the top of the luxury market, much of it driven by “old money.”

Here, it’s not about IPO wealth but generational wealth.

He notes that in 2026 alone, his team closed on three $20 million-plus transactions. His team also set a record this year for number of $10 million-plus transactions.

“That doesn’t mean every luxury property is performing equally,” he tells Realtor.com. “There is a major difference between a truly special, turnkey property and a home that is dated, compromised, or simply overpriced.”

He cites Back Bay boutique condos and single-family brownstones along coveted streets like Marlborough Street, Commonwealth Avenue, and Beacon Street as being in hot demand. And homes that check all the boxes will always sell.

Earlier this year, he says the $11.5 million 1890 townhome at 362 Marlborough St. sparked an intense bidding war due to it being the only corner single-family home available at the time, with exposure on three sides, an elevator, and garage parking. 

“When something checks that many boxes and there is nothing comparable available, buyers understand they may not get another opportunity anytime soon,” he says.

And like Austin, Sarkis says, many of Boston’s high-end deals never make the MLS.

“It’s an incredibly private wealth market with a significant amount of old money, and some of the largest transactions simply never become visible to the general public,” he says.

“From what we’re experiencing firsthand, Boston’s high-end market isn’t slowing down. Quite the opposite.”

“It’s very apocalyptic up there. That’s the best way I can describe it,” Spokane, Washington, real estate agent Alyssa Curnutt said of the scene in her Five Mile neighborhood this week.

Curnutt told Inman Wednesday that she had recently returned to her neighborhood on foot, even as the area remained under a Level 3 evacuation order and vehicle access was still restricted. She said authorities were not formally allowing residents to return but were not stopping people who entered on foot.

Her home was still standing, but she said it had sustained extensive smoke damage. Just a few doors away, other homes were gone.

A series of fast-moving wildfires tore through northwest Spokane beginning Saturday, destroying hundreds of buildings and forcing tens of thousands of residents to evacuate. 

Curnutt was out of town for her birthday when she received a Level 3 evacuation notice. Within minutes, a fire that initially seemed too distant to threaten her home had climbed toward Five Mile, where she lives with her children.

Curnutt said she had called her mother after receiving the evacuation alert, and at first, neither believed the fire would reach her neighborhood. About 10 minutes later, her mother called back and said she was heading to Curnutt’s house to retrieve passports and other belongings, but authorities had already blocked access. Curnutt changed her flight and returned to Spokane early. 

“There’s a haze everywhere, and the homes are rubble, and cars melted to the driveway,” Curnutt said. “So I won’t be in for weeks. My friend, who I was with on my trip, she lost her home.”

The destruction Curnutt described is part of a much larger disaster unfolding around Spokane. The fires have destroyed more than 850 buildings, according to local officials cited by the Associated Press, while tens of thousands of residents were ordered to evacuate at the height of the emergency. Curnutt said the Old Trails Fire spread rapidly through northwest Spokane, jumped the Spokane River and tore into residential neighborhoods. The Autumn Fire was also among the major fires affecting the area.

For local housing professionals, the scale of the losses has quickly turned the fires from an emergency response into a housing problem. Unlike wildfires that largely consume remote forestland or scattered rural properties, Curnutt said much of the destruction she witnessed occurred in established suburban neighborhoods.

“It is not wooded or rural,” she said of the Five Mile area. “It’s very suburban.”

Some of the neighborhoods were also relatively new. Curnutt said much of her own development was built between 2020 and 2024.

But that vulnerability was not entirely unforeseen.

Spokane County’s 2026 hazard mitigation plan warned that growth in population and the number of structures had significantly increased the county’s vulnerability to natural hazards, particularly wildfires. The plan said wildfires had also increased significantly in occurrence and extent since the county’s previous update. 

Displacement tests Spokane’s housing supply

Before the fires, Spokane County’s housing market had been showing signs of tilting in buyers’ favor, Curnutt told Inman. She said homes around Spokane’s average price point could still move quickly when priced well, while other listings were taking two or three months to sell.

The median listing price stood at $499,900, down nearly 4 percent from a year earlier, according to Realtor.com. Homes spent a median 36 days on the market, up more than 19 percent year over year. Parcl Labs, meanwhile, counted 2,930 active listings in Spokane County as of Aug. 7. More than 41 percent had received a price cut, while prices measured on a per-square-foot basis remained 4.7 percent above year-ago levels but 16 percent below their June 2022 peak.

How much of that available inventory can absorb residents suddenly displaced by the fires is much harder to determine.

“I think we’re just now getting a full grasp on how we can help and kind of getting out of the shock of it,” Curnutt said. “There was so much confusion and people don’t know where to donate and what to do.”

Agents and residents have already begun cobbling together temporary housing.

Spokane agent Matt Brunner, founder of the brokerage Project Spokane, created an online fire-relief housing board that allows people displaced by the fires to connect directly with residents offering spare rooms, RV spaces and entire homes.

As of Friday morning, Brunner shared in an Instagram post that 114 people registered through the site were still looking for housing, compared with 98 available housing options. He said more than 2,500 people had visited the site in three days.

Brunner also posted a message from one housing provider asking to remove a property from the board after connecting with people who planned to stay there.

Brunner’s effort offers only a small window into the overall demand created by the fires. It remains unclear how many households will ultimately need temporary housing, how many will be displaced for months or years, or how many destroyed homes will eventually be rebuilt.

Insurance and rebuilding challenges emerge

The fires are also beginning to complicate transactions that were already underway.

Curnutt said one transaction she was involved in was nearly disrupted this week after the sellers, who were also buying another home contingent on the sale, were told that their insurance binder was being pulled. They were able to find another insurer before closing, she said.

Curnutt said she had also heard from lenders and other industry professionals that properties close to the fires were facing additional scrutiny, including new appraisal or inspection requirements intended to verify that homes had not suffered fire or smoke damage.

Those reports could not immediately be independently verified, but they highlight how the fallout from a wildfire can extend well beyond the homes that burn. Properties left standing can still face insurance problems, financing delays and costly smoke remediation.

“If the home is not in the same condition, the buyer has the right to not close,” Curnutt said.

The longer-term challenge will be rebuilding. Curnutt said Spokane was already struggling with a slow permitting process before the fires. Replacing hundreds of structures could put additional pressure on contractors, building materials, local permitting departments and insurers.

There are also questions about whether homeowners whose properties rapidly appreciated during the pandemic carry enough coverage to fully replace what they lost. Curnutt said prices in her newer neighborhood rose sharply after 2020.

“Did people adjust their insurance? I don’t know,” she said. “There are a lot of concerns if people are even insured enough.”

Those concerns echo the aftermath of major wildfires elsewhere in the country.

California communities including Altadena and Pacific Palisades have spent the past year confronting many of the same challenges after devastating fires destroyed thousands of homes around Los Angeles. Residents faced scarce temporary housing, insurance uncertainty, permitting hurdles, allegations of price gouging and the enormous cost and logistical challenge of rebuilding entire neighborhoods.

Similar questions followed the destruction of Lahaina in the 2023 Maui wildfires. The Spokane fires now place another housing market in that position.

For residents such as Curnutt, however, the longer-term questions about inventory, insurance and rebuilding remain secondary to the immediate reality of a neighborhood that changed almost overnight. For now, she said, residents are simply trying to find places to live.

“I think the rebuilding process, once the immediate fire danger goes away, is when the community is going to need help,” Curnutt said.

Email AJ LaTrace

If you’re looking to put your money into multi-family real estate, you’re smart to be thinking ahead to 2026. The clear winners for smart multi-family investments are often found in the Sun Belt and certain strong Midwestern markets, driven by a mix of population growth, solid returns, and manageable costs.

As someone who’s spent a good amount of time diving into real estate trends, I’ve seen firsthand how location can make or break an investment. It’s not just about picking a pretty city; it’s about understanding the economic engines, the people moving in, and the long-term potential. For 2026, I’m seeing a few cities really stand out, offering that sweet spot of opportunity and stability that every investor craves. Let’s break down where your money could work best.

Best Cities to Buy Multi-Family Homes for Investment in 2026

1. Washington, D.C.: The Steady Hand

My first pick for 2026 is Washington, D.C. This isn’t exactly a surprise, right? The nation’s capital is a powerhouse when it comes to stability. It consistently draws high-income earners and boasts a strong 7.04% cap rate.

What I really like about D.C. is its resilience. Even when the national economy might be a bit shaky, D.C. often holds its ground. The demand for housing is always there, thanks to government jobs, international organizations, and a thriving professional sector. Plus, the infrastructure and amenities are top-notch, making it an attractive place to live for a long time. While it might not have the flashiest growth numbers, its predictability and strong income potential make it a rock-solid choice, especially for those who value steady returns.

2. Las Vegas, Nevada: The Growth Engine

Talk about a comeback story! Las Vegas is no longer just about casinos and shows; it’s become a serious contender for real estate investors. I’m incredibly impressed by its 7.07% cap rate and the fact that it has one of the lowest property tax rates in the country at just 0.50%.

The big story here is population growth. Nevada, and Las Vegas specifically, has seen a significant surge in residents over the past five years. People are drawn to the job opportunities, the lower cost of living compared to California, and the generally good weather. For multi-family investors, this kind of population influx means constant demand for apartments and rental homes. When you combine that with favorable tax policies, Vegas looks really attractive for building wealth through rental income.

3. Denver, Colorado: The Tax-Savvy Choice

Denver has been on my radar for years, and it continues to impress. For investors who are mindful of their bottom line, Denver is a goldmine, offering the second-lowest property tax rate at a mere 0.44%.

It’s a vibrant city with a booming economy, attracting tech companies, outdoor enthusiasts, and a young, educated workforce. What sets Denver apart for multi-family is the high demand for what are called “Class A” units – the newer, nicer apartments that tenants want. While entry prices might be a bit higher, the tax efficiency and consistent demand can lead to excellent long-term returns. I see Denver as a city that balances growth with smart financial planning for investors.

4. Miami, Florida: The Rebounding Market

Miami is a city that always pulses with energy, and I’m optimistic about its multi-family prospects for 2026. While it’s faced some supply challenges, I believe that’s starting to ease up, which is good news for investors.

One of the most compelling points for Miami is the sheer volume of multi-family listings available relative to its population – the highest number of multi-family listings per 10,000 residents. This suggests a dynamic market with opportunities to find deals. Florida, in general, continues to attract people with its warm weather and no state income tax. As the supply catches up with demand, I expect Miami to regain its momentum and offer rewarding investment opportunities.

5. Richmond, Virginia: The Reliable Performer

Richmond, Virginia, often flies a bit under the radar, but I think that’s where some of the best opportunities lie. It offers a robust 7.25% cap rate, which is fantastic, and boasts impressively large average property sizes, exceeding 52,000 square feet.

What I appreciate about Richmond is its stability and steady growth. It has a diverse economy, with strengths in finance, healthcare, and government. The larger property sizes suggest potential for value-add renovations or finding properties that can accommodate more units, increasing your rental income. It’s a market that doesn’t necessarily have the explosive growth of some other cities, but it provides consistent, reliable returns that I find very appealing.

6. Tulsa, Oklahoma: The Income Specialist

For investors whose primary goal is maximizing income, Tulsa, Oklahoma, is an absolute must-consider for 2026. It’s a premier income-oriented market with an outstanding 8.22% cap rate.

Tulsa also stands out for having the highest average units per property, clocking in at 75 units. This means you’re likely looking at larger apartment complexes, which can offer economies of scale and more streamlined management. Oklahoma has a lower cost of living and doing business, which translates to more disposable income for renters and better cash flow for property owners. Tulsa is a smart play for consistent, high cash returns.

7. Detroit, Michigan: The Cash Flow King

When I look for pure cash flow, Detroit, Michigan, is impossible to ignore for 2026. It delivers the highest cap rate nationally at a staggering 11.42%. This is the kind of number that makes a serious investor’s ears perk up.

While Detroit has had its ups and downs historically, it’s undergoing a significant revitalization. There’s a renewed sense of optimism and investment in the city, leading to job growth and increasing demand for housing. For investors focused on maximizing their monthly rental income, Detroit offers an unparalleled opportunity. You’re getting incredible bang for your buck here in terms of what your investment can yield.

8. Baltimore, Maryland: The Affordable Gem

Baltimore, Maryland, presents a compelling case for multi-family investors looking for both yield and affordability. It combines a high yield with an impressive 8.77% cap rate and lands in the top tier for most affordable listing prices, ranking third.

What’s appealing about Baltimore is the lower barrier to entry compared to some of its East Coast neighbors. You can acquire properties at a more accessible price point and still benefit from strong rental demand and good returns. It’s a well-established city with a strong economic base in healthcare, education, and maritime industries, providing a stable renter base. For investors seeking a good balance of high return and lower acquisition costs, Baltimore is a smart bet.

9. Indianapolis, Indiana: The Industrial Hub

Indianapolis, Indiana, is consistently praised for its stability and affordability, and I see that continuing into 2026. It’s not the flashiest city, but that’s precisely why it’s so good for investors.

As a major regional employment hub, Indianapolis draws people for jobs across various sectors, including logistics, manufacturing, and healthcare. This consistent influx of workers fuels high rental demand. The city offers a solid, predictable market where you can invest with confidence, knowing there’s a steady stream of renters looking for quality housing. This is a place where you can build long-term wealth through rental income without the wild swings seen in more volatile markets.

10. Columbus, Ohio: The Rent Growth Star

Columbus, Ohio, is a city that’s just been on a tear, and I’m expecting that to continue. It’s been noted for its impressive rent growth of 8.8%, which is a significant indicator of a healthy and appreciating market.

What makes Columbus particularly attractive is its steady renter base. Unlike some cities that experience boom-and-bust cycles, Columbus has a diverse economy that provides stable employment, meaning renters are less likely to move out suddenly. This predictability is gold for multi-family investors. The combination of strong rent growth and a reliable renter pool makes Columbus a standout choice for generating consistent returns over time.

Beyond the Big Names: Emerging “Micro-Markets”

While the main hubs are fantastic, I also keep an eye on smaller, emerging markets. These “micro-markets” can offer high ROI because there’s less competition and often a specialized demand (like military bases or logistics centers).

• Allentown-Bethlehem, PA: This area is showing an impressive occupancy rate of 96.7%, which tells me demand is extremely high and supply is tight. That’s a fantastic recipe for investors.
• Huntsville, AL: With a huge workforce in the defense and space sectors, Huntsville has a very specific and strong economic driver that supports consistent rental demand.
• Boise, ID: While Boise might have higher entry prices, it’s a market with significant long-term appreciation potential. It’s a place where people want to live, and that desire drives future value.

When I’m researching, I’m always looking for that blend of strong demographics, economic diversity, and favorable cost-to-income ratios. These ten cities, plus a few of the emerging ones, truly hit the mark for a smart multi-family investment strategy in 2026.

Silverstein Properties announced that Dunn Isaacson Rhee LLP has signed a new lease for 11,167 square feet of office space on the 34th floor of 7 World Trade Center. The lease establishes a New York office for the firm, an elite litigation boutique.

“Dunn Isaacson Rhee represents the caliber of organization that continues to define 7 World Trade Center as one of Downtown Manhattan’s premier office destinations,” said Keith Cody, Head of Commercial Leasing at Silverstein Properties. “Today’s leading firms are seeking workplaces that reflect their brand, support their people, and provide an exceptional experience for their clients. Through thoughtful design, hospitality-driven amenities, and a commitment to excellence, 7 World Trade Center continues to deliver an environment that meets those expectations.”

Tenant representation was provided by Lisa Ann Pollakowski, Cory Gahr and Richard Plehn of Lee & Associates. Ownership was represented in-house by Cody, Gordon Hough, and Harlan Strader, with CBRE agency leasing support from MaryAnn Tighe and team.

Newmark arranged the sale of a note secured by Topaz Tower, a fully entitled adaptive reuse development project located at 222 W. 6th St. in San Pedro. The 12-story, 309,732-square-foot office tower is entitled for conversion to 246 market-rate multifamily units.

Executive managing director Ryan Plummer, co-head of U.S. Capital Markets Kevin Shannon, vice chairman Ken White, senior managing director Chris Benton and managing director Anthony Muhlstein represented the lender. The buyer was 222 PV Harbor View, LLC, a private Los Angeles-based residential developer.

“Topaz Tower represents an exceptionally rare opportunity to acquire a fully entitled coastal high-rise multifamily conversion with scale, ocean views and an immediate execution path in a rapidly evolving submarket,” said Plummer.

Topaz Tower Apartments will include a mix of studio, one-, two- and three-bedroom residences with an average unit size of 835 square feet. Planned amenities include a rooftop deck with a resort-style pool, ocean-view units, balconies and high ceilings.

Stay ahead of the multifamily market at Connect Apartments. Gain firsthand insights from industry leaders on capital markets, development, operations, financing, and investment trends while expanding your network with the people making deals happen. See you on September 22!

TV mogul Oprah Winfrey has gone back to where her media career started—returning to her former hometown of Chicago, where she enjoyed a sweet reunion with her former colleagues on “The Oprah Winfrey Show” weeks before the 40th anniversary of its premiere episode.

The 72-year-old media personality was joined for the emotional occasion by her longtime partner, Stedman Graham, marking the couple’s first public appearance in nearly seven years.

Images shared on LinkedIn by one of Winfrey’s former producers, Jill Van Lokeren, show the happy couple celebrating the milestone occasion with a large platter of fried chicken at the event, which was held at Chicago’s Navy Pier.

The couple also posed for a snap alongside chef Art Smith at the star-studded event.

“15 year reunion for ‘The Oprah Winfrey Show.’ The best segment 1 surprise guest showed up. A night of all love and pure joy. Forever grateful @oprah + @thechefartsmith hosting at his fabulous @reunionnavypier was an added treat,” Van Lokeren wrote.

While the event was held in honor of Winfrey’s former show, this year also marks a very significant milestone in her relationship with Stedman, whom she began dating in 1986, the same year that her show premiered.

Winfrey opted for a chic and casual look, sporting a matching cream pinstripe blazer and pants. Graham donned a black suit and white shirt.

“I cannot even believe that as of next month, Sept. 8, it will be 40 years since we first launched ‘The Oprah Winfrey Show.’ Thank you for being the greatest team ever,” Winfrey said in a speech, which was shared on Instagram.

The couple, who have been together for four decades, have chosen to keep their relationship out of the limelight. They were last seen in public together in 2019.

According to multiple reports, the duo met at a charity event and initially started out as friends, before their relationship blossomed into a romance. While they did get engaged in 1992, they called it off just one year later, with Winfrey later revealing that she had no interest in being married, despite remaining committed to her partner.

Today, the couple reside primarily in Winfrey’s extraordinary Montecito, CA, mansion, which is known as The Promised Land. However, the earliest years of their romance remain firmly planted in Chicago, where the TV legend launched her legendary career.

“The Oprah Winfrey Show” was filmed at a studio in Chicago from 1986 to 2011—and the city served as Winfrey’s home base for several years. Her property collection in the Illinois metropolis steadily evolved as her fame grew.

She is understood to have since offloaded most, if not all, of her Chicago holdings, earning a very pretty profit along the way.

In the 1990s, she bought four condos on the 56th and 57th floors of a luxury high-rise. She later sold the combined 9,600-square-foot property in 2015 for $4.6 million.

She also shed a three-bedroom apartment over the Four Seasons Hotel that she had bought in 1994 for $100,000. The unit was sold for $1,275,000 in 2015.

Winfrey went on to unload three units in a historic downtown building known as Acorn Lofts in 2013, selling one of the live-work spaces for $675,000, another for $507,000, and the third for $875,000.

She also sold a modest Colonial in Elmwood Park, IL, for $375,000 in 2018.

For many years, Winfrey’s main stateside residence has been in the coastal enclave of Montecito, where her neighbors have included Prince Harry and Meghan Markle, Gwyneth Paltrow, and Ellen DeGeneres and Portia de Rossi.

Winfrey first laid down roots in California in 2001, when she purchased an extraordinary megamansion for $50 million—marking the start of her Promised Land compound. She has since added several parcels to that property.

The enormous neo-Georgian mansion on 40 acres comprises six bedrooms and 14 bathrooms in 23,000 square feet of living space.

Offering mountain and ocean views, the gorgeous grounds include a pool, stables, landscaped gardens, vegetable gardens, and a pond.

That home was just the beginning of what has since become an incomparable compound with numerous structures, including a neighboring 23.26-acre equestrian estate that she purchased for $28.85 million in 2015.

She also snagged Jeff Bridges’ longtime retreat for $6.85 million in late 2019, bringing her total holdings in the area to nearly 70 acres.

However, in recent years, she appears to have begun downsizing her California portfolio.

In 2021, the savvy investor reportedly picked up a 2-acre estate for $10.8 million and split it in two. She turned around and sold the main farmhouse with mountain and ocean views on an acre to “Friends” star Jennifer Aniston in 2023 for $14.8 million.

Two smaller cottages were sold to her friend and personal trainer Bob Greene for $2.3 million.

Then, in 2025, she offloaded a chunk of the estate she purchased from Bridges to Maroon 5 frontman Adam Levine and his wife, supermodel Behati Prinsloo, for $17.27 million.

It’s understood that the couple planned to carry out some extensive renovations to the home, with their spokesperson previously revealing that they were viewing the dwelling as an “exciting opportunity.” They were going to spend around a year “developing” the estate.

While she has been downsizing in California, Winfrey appears intent on growing her extraordinary estate in Hawaii, where she now owns about 1,000 acres in Maui.

Her love of the Valley Isle started in 2003, when she purchased two properties in the Kula community, before adding 23 more acres and multiple buildings to the estate for $5.3 million. She’s been a part-time resident ever since.

Multiple reports suggest that her Hawaii property purchase also included a boutique bed-and-breakfast, which is thought to be used by the TV legend to house any guests who visit her while she’s staying there.

Over the decades, she has picked up even more properties in the area, reportedly spending over $40 million on 163 prime acres.

She didn’t stop there. In March 2023, local news outlet KITV reported that Winfrey had picked up 870 “agriculturally zoned” acres in Kula for about $6.6 million.

She’s said to have built a secret road to her property, making access to the more populated parts of Maui that much easier.

In addition to her Kula holdings, she purchased over 60 acres in the Hana area in 2005.

Additionally, the TV legend owns a stunning 66-acre estate in Colorado, which she purchased for $10.85 million in 2014.

It has been reported that she had plans to build a custom home on the property, which sits above the ski town of Telluride.

Clearly eager to ensure that she had somewhere to rest her head in the area, however, she chose to snap up a “temporary” home while work on her other resort property was completed, buying a high-tech Telluride mansion for $13.7 million in 2015.

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