Alternative Investing Report - October 9, 2025

*as of 10/8; Sources: S&P, BTC, FTSE, DJRE, CL50

U.S. apartment rents are falling, with RealPage pegging the drop at 0.3% in Q3 and Yardi Matrix showing a 0.3% decline in September alone. According to RealPage, year-over-year rents have now declined by 0.1%, with the Midwest and Northeast showing positive rent growth and the South and West showing negative. Both reports list Denver, Austin and Phoenix has having the biggest annual rent declines, with RealPage showing San Francisco, Chicago and New York posting the biggest increases and Yardi Matrix listing New York, Chicago, and the Twin Cities.

➨ TAKEAWAY: Rents are generally driven by the classic supply/demand paradigm and these numbers reflect both an influx of supply as well as slowing demand. The national occupancy rate fell 30 basis points in Q3, and absorption rates fell for the first time in more than two years. Cities in the Sun Belt that have seen strong inventory growth in the past few years are unsurprisingly the ones with the biggest rent decreases. More rent reports will be released by the likes of Zillow and Redfin in the coming weeks and should give a clearer picture of the current market.

Vincent CEO Eric Cantor, ARK Invest's Cathie Wood, EquityZen's Atish Davda, and Sacra's Jan-Erik Asplund explore the evolving landscape of private markets and venture capital, focusing on how individual investors can navigate these opportunities. The panel discusses emerging pre-IPO companies, innovations in fintech, national security, and the future of space exploration, as well as the potential of quantum computing. Insights are shared on investment strategies, product risks, and the importance of understanding market dynamics.

🚀 Legal tech funding record: Startups in the legal tech sector have raised $2.5 billion so far in 2025, already setting a new high, with the latest big raise coming from EvenUp, which raised $150 million and doubled its valuation to $2 billion.

🏡 Best cities for Gen Z: Based on affordability, job availability, youth population, and other factors, Minneapolis ranks as the #1 city for Gen Z, followed by Atlanta and Boston.

🤖 Nvidia investing in xAI: In yet another example of chipmakers cutting deals with AI companies, Nvidia is reportedly investing $2 billion in Elon Musk’s xAI startup as part of a $20 billion fundraise, with the proceeds mostly going toward purchasing Nvidia chips.

🎰 Polymarket deal: Polymarket sold a $2 billion stake to Intercontinental Exchange, the parent company of the New York Stock exchange, that values the prediction market startup at $8 billion, and cements it in the mainstream.

🏡 Home purchase sentiment: Fannie Mae’s Home Purchase Sentiment Index stayed flat in September, as lower mortgage rates were offset by persistently high home prices and reduced buying power.

🎨 Bob Ross auctions: Paintings by the legendary public television host are coming up for auction to benefit public television after federal funding cuts. One of Ross’ paintings just sold for an all-time high for the artist, and 30 more will be on the auction block in the next few months.

🪙 North Korean hackers: More than $2 billion worth of crypto have been stolen so far this year by North Korean hackers — accounting for 13% of that country’s GDP — a warning to high net worth crypto holders who are now being targeted.

💵 Emerging markets: Private credit firms are increasingly turning to opportunities in emerging global markets that can offer more attractive returns than Western markets that are becoming somewhat saturated.

Of the many concerns about the rise of AI, a recurring one is how it can affect education and how teens are using AI for homework and schoolwork, which can hinder learning. The private Alpha School, with 16 campuses nationwide, is pushing back on that narrative and embracing AI wholeheartedly. Students use personalized, AI-driven software to learn subjects such as science, math, and reading, with the help of “guides,” not teachers. The cost of this kind of progress? $40,000 per year in tuition.