Dear Investor,
Rent growth looks flat right now, but that doesn’t mean real estate performance is flat too. DLP Capital explains that a lot of the softness is coming from new supply hitting the market, while demand for more affordable housing is still holding steady. They explain that at this point, returns depend less on market trends and more on how well deals are structured, managed, and matched to what renters actually need.
By way of disclosure, we have an advertising relationship with DLP Capital, meaning we get paid for making this introduction and sharing this content. As always with these types of deals, consider this an introduction and not a recommendation. Every deal is unique and the responsibility to vet any and every deal you invest in still lies with you. This opportunity is for accredited investors only.
Yardi Matrix’s March 2026 Multifamily National Report just came out—and at first glance, it could raise some questions.
Rent growth is flat, particular markets are negative, and lease-ups seem to be taking longer.
If you stop there, on the surface, it looks like demand is weakening. But when you start to break it down, the data is more nuanced.
According to the report, national rent growth is just 0.1% year-over-year,the weakest March on record. Occupancy has also declined, and performance is diverging across markets.
What’s driving that softness?
New deliveries—particularly across high-growth markets—are creating short-term pressure. At the same time, renter-by-necessity housing is still seeing steady month-to-month rent growth in most markets, reinforcing that demand for attainable housing solutions hasn’t gone anywhere.
Driving Performance in Today’s Market
In this phase of the cycle, outcomes are driven less by market appreciation and more by:
- How deals are structured
- Who is executing them
- How well the asset aligns with renter demand
- How much protection is built in from the start
In oversupplied markets, newer properties that lease and stabilize efficiently typically align with how renters are actually living through pricing, product, and the ability to create a true sense of community.
As explored in a recent DLP Capital article, the properties that stand out in oversupplied markets are the ones that successfully meet the evolving needs of renters through pricing, product, and the ability to create a true sense of community.
This is exactly where differences in strategy begin to show up across real estate investment options.
For investors, that makes it increasingly important to understand not just what you’re investing in—but how those investments are structured, managed, and positioned to perform.
[EXPLORE DLP CAPITAL’S PRIVATE SPONSORED REAL ESTATE FUNDS]
WCICON 2026 RECAP
It’s not often that we get to spend the day with like-minded people who are aiming for the moon; people who are looking to build a legacy outside of the exam room and want to design a roadmap of success.
If you weren’t able to join us for the Beyond the White Coat Mastermind that we hosted in conjunction with Halftime Institute founding partner Lloyd Reeb, we’d like to provide you with the tools to build your own roadmap. Lloyd and Don broke down the Get Clear, Get Free, and Get Going pillars of living a focused life.
Access the resources from the mastermind below.
Roadmap Template,
Time/Action Calculator
Continue the Conversation
Head over to The Twenty for a deeper look at how these dynamics show up in real-time. In DLP’s recent webinar, Smart by Design: How DLP Capital Mitigates Risk, DLP leadership outlined four principles that guide how investments are evaluated—from underwriting and capital structure to sponsor alignment and execution discipline.
[WATCH THE REPLAY]
April 30th: An Inside Look Into the DLP Lending Fund & DLP Preferred Credit Fund
Join DLP Capital’s lending team for a closer look at how its sponsored private credit funds are structured, how deals are evaluated, and how risk is managed across the investment lifecycle—providing insight into underwriting, sponsor selection, and capital preservation.
[Register]
May 12-15th: Northeast Florida Investor Tour Experience
After DLP’s most recent investor tour, one message came through loud and clear:
"If we had experienced this sooner, we would have invested sooner."
We understand that there’s only so much you can understand from a deck, a call, or even a strong track record. At some point, confidence comes from seeing it for yourself. Come walk the properties with us, get to know the team, and experience firsthand how DLP actually operates—across development, lending, and asset management—to build Thriving Communities.
Complimentary lodging at Island Oaks Resort included.
[Register]
July 29th-August 1st: Extraordinary Impact Family Event
From the moment you register, this year’s Extraordinary Impact Family Event is designed to bring your family closer.
For the first time, we’ll have exclusive access to HeartSong Lodge at Dollywood’s HeartSong Lodge & Resort—creating space for powerful speakers, intentional moments, and meaningful conversations with families who share the same values.
And this year, your impact starts before you even arrive.
Instead of a traditional ticket price, a minimum $500+ per family (up to 6 people) is collected by DLP Capital and donated in full to the DLP Positive Returns Foundation (PRF).
During the event, your family will learn about each partner and choose how your donation is directed among PRF-supported organizations, including Hope International, the Tim Tebow Foundation, and others.*
Because impact means more when it’s something you choose as a family.
Register below using the code PRFDONATE to unlock the donation package.
[Register]
DLP Capital is a private real estate investment firm with over $5.5 billion in assets under management (AUM).1 The firm’s core focus is investing in, developing, and financing safe and attainable multifamily and single-family rental communities for America’s working families. DLP Capital operates a series of evergreen private real estate investment funds for accredited investors, leveraging proprietary platforms and frameworks—including its Elite Execution System—to help clients grow while supporting the firm’s mission of building Thriving Communities. Founded in 2006 by Don Wenner in Pennsylvania’s Lehigh Valley, DLP Capital is a 13-time Inc. 5000 honoree, most recently in 2025. For more information, visit DLPCapital.com.
Learn more about DLP Capital today
Thank you for your time, and as always, your feedback is welcome and appreciated.
Jim and Brett
James M. Dahle, MD, FACEP
Founder, The White Coat Investor
Brett Stevens, MBA
COO, The White Coat Investor
*DLP Positive Returns Foundation is a separate entity from DLP Capital.
1As of December 31, 2025. AUM is the value of the assets DLP Capital manages, which includes real estate and real-estate-backed loans.
THIS DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS IN ANY DLP CAPITAL-SPONSORED FUND. ANY OFFERING OF SECURITIES OR SOLICITATION IN CONNECTION WITH THE SALE OF SECURITIES WILL BE MADE PURSUANT TO OFFERING DOCUMENTS. INVESTING IN PRIVATE REAL ESTATE FUNDS AND NOTES SECURED BY REAL ESTATE HAS CERTAIN INHERENT RISKS, WHICH COULD RESULT IN THE LOSS OF SOME OR ALL OF YOUR PRINCIPAL INVESTMENT. PAST PERFORMANCE STATED HEREIN IS NOT AN INDICATOR OF FUTURE RESULTS AND DLP CAPITAL CAN IN NO WAY GUARANTEE OR WARRANT YOUR SUCCESS. CONSULT YOUR TAX ADVISOR OR FINANCIAL ADVISOR BEFORE INVESTING. PLEASE SEE EACH FUND’S OFFERING DOCUMENTS FOR FULL DETAILS AND DISCLOSURES.
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