Alternative Investing Report - February 23, 2026

*as of 2/22, Sources: S&P, BTC, FTSE, DJRE, GOLD

The U.S. has become a renter’s market in nearly every metro nationwide, according to a new report from Realtor.com. The median asking rent for two bedroom units nationwide fell 1.7% year-over-year and sits 5.7% lower than its July 2022 peak. Of the top 50 metro areas, only six are considered “landlord-friendly” with vacancy rates below 5% - Boston, Riverside, San Jose, Providence, Los Angeles, and New York City. On the flip side, the most “renter-friendly” metros with the highest vacancy rates are all in the Sun Belt, led by Birmingham, Austin, Houston, and Tampa. Zillow’s rental report shows slightly different numbers, with the average U.S. asking rent up 2% annually. However, that is the slowest annual rent growth since 2020, and rent affordability is at its best level since 2021.

➨ TAKEAWAY: Both reports indicate a slower-than-normal growth rate for rents, and an environment continuing to shift towards renters. Zillow forecasts rents to grow even slower in 2026, with single-family rents projected to rise 1.8% and multifamily rents projected to grow just 0.6%. Potential investors should research the vacancy and supply numbers in their local markets, as there is a significant and growing difference between the top rental markets and bottom ones.

🧑‍⚖️ Trump’s tariffs overturned: In a 6-3 ruling, the Supreme Court struck down President Trump’s Liberation Day global tariffs, but Trump responded by instituting a new 10% global tariff under a different law. That is sure to also be challenged, as will the $175 billion worth of tariff refunds the U.S. may now owe. Markets reacted positively, but there is still a significant amount of uncertainty going forward.

📊 PCE inflation report: The latest Personal Consumption Expenditures (PCE) inflation index showed a 0.4% monthly increase in December along with a 2.9% annual increase, above expectations. The core PCE report that excludes food and energy costs also came in above expectations at 0.4% monthly and 3.0% annually. As the PCE is the Fed’s preferred measure of inflation, these results have caused the odds of a rate cut before June to decrease dramatically.

💵 Blue Owl halts redemptions: The alternative asset manager permanently restricted withdrawals from a retail-focused private credit fund, as concerns about the asset class continue to grow.

🏡 New home sales fell in 2025: While December saw a monthly increase in new home sales, the overall numbers in 2025 declined 1.1%. The median sale price of a new home also fell 2% last year.

🏢 BlackRock launches industrial REIT: The world’s largest asset manager is expecting the HPS Net Lease Income REIT to become publicly available sometime in the first half of this year, and it will be investing primarily in industrial net lease properties.

⚾ T206 Wagner sale: A 1909 T206 Honus Wagner graded PSA 1 sold for $5.12 million at Goldin auctions, shattering the 2022 record of $3.1 million for an identically graded card. Considered the holy grail of baseball cards, this T206 Wagner had been in the same family since it was originally pulled from a pack over a century ago.

Tuesday: S&P Case-Shiller home price index and FHFA house price index released; Consumer confidence index released; President Trump will give the first State of the Union address of his second term.

Wednesday: Sotheby’s Contemporary Curated auction, featuring a number of seven-figure artworks, Goldin’s Winter Pop Culture Elite auction.

Thursday: Christie’s Post War to Present auction, with a Jeff Koons sculpture set estimated at $5 million.

Friday: Producer Price Index (PPI) and core PPI inflation reports.

Saturday: Heritage’s Winter Platinum Night Sports Catalog Auction, featuring five items with seven-figure estimates, including another 1909 T206 Honus Wagner.