The Real Estate Coffee Break: January & February 2026

In 2020, I started “The Real Estate Coffee Break,” which we dubbed the mini podcast — 5 minutes of content to listen to while you were firing up the Keurig. After a five-year hiatus, the demand has just been too much. The countless emails, texts, and calls have finally gotten to me. We’re rebranding “The Real Estate Coffee Break” into a newsletter!

Although JT’s “Drink You Away” won’t be there as the intro music, I hope to share a couple of quick points about what’s happening in my world — Insurance and Multifamily Real Estate.

1/1 Reinsurance Renewals.

Reinsurance pricing for property catastrophe treaties declined by 14.7% at the 1/1/2026 renewal, signaling continued softening in the market. For multifamily owners and operators, one theme remains consistent: rates continue to compress, with meaningful decreases on the property side. This creates real opportunities to improve terms and pricing, but only if your program is strategically positioned.

NMHC in Las Vegas

Unfortunately, the biggest multifamily event of the year was hit by winter weather and kept some of our friends away from Vegas this year. However, it didn’t keep the Virti from making the rounds. We met with owners, operators, lenders, and investment sales teams from across the country. Here are our five main takeaways:

• Construction levels have slowed, easing the supply surge of recent years. In markets where supply has been absorbed, deals will start moving.
• Expectations are resetting between sellers and buyers, and both parties seem motivated to get deals across the finish line.
• The Midwest and Northeast are quietly outperforming on occupancy and rent growth.
• Operational execution is top of mind. The “survive to 2025” mindset has faded, reinforcing that 2026 will be a year of decision-making and strategic execution. Cough, cough: Insurance?
• Scale is advantageous — whether you’re talking to capital markets or insurance carriers. On the insurance front, our clients were rewarded for using their scale and consolidating their insurance programs. This trend is already paying dividends in 2026.

Best NMHC party? I have to go with CBRE’s party at Allegiant Stadium, where I proved you shouldn’t kick field goals in cowboy boots. But VRE VP Brendan Clark proved he has enough leg to be good from 30. Insert pic.

Best hidden gem in LV? I have to go with the golf at The Las Vegas Country Club. Remember the scene from Casinowhere the FBI crash-lands a plane? Well, it’s still there — or a replica of it is sitting in the pond at LVCC.

London, Baby!

In recent years, the London and broader European markets have played a significant role in the property programs we’ve built for our clients. London approaches business differently than the domestic market. London values long-term relationships and will deploy capacity for insureds who share that same philosophy. Generally, London aims to bring consistency to the market and smooth the ebbs and flows.

Underwriting in London is a more personal process than in the States. Yes, they want to see all the details of the account on paper, but they also want to meet, know, and understand who they’re working with.

Since 2023, we’ve built a strong partnership with McGill and Partners as our London broker. Like Virtus, their industry-specific dedication pays dividends to our clients when building their programs.

VRE’s first trip across the pond in 2026 was to introduce one of our multifamily clients to the London marketplace. While there, we met with 15 syndicates at Lloyd’s of London. Below are the biggest recurring themes and FAQs:

• Are you willing to put skin in the game? London wants to write accounts where the insured is participating (e.g., plus aggregate or similar structure) and not using insurance as a maintenance program.
• Valuation integrity is paramount. Underwriters want complete confidence in — and agreement on — the values used in your SOV.
• What are your proactive protocols? Why is this a good risk? What are you doing to prevent losses, particularly regarding the deep winter freezes that have hit the U.S.?
• How disciplined is your acquisition strategy? Underwriters understand value-add real estate but want to trust that a good deal isn’t going to cost them $1M in claims.
• How are you using technology to screen tenants?

On the Horizon

• February, like every month, is full of travel! We’d love to meet when we’re in your hometown.
• I’m excited to get down to see some friends in NW Arkansas, it’s crazy to see the growth of this MSA!
• We’ll be out in Los Angeles February 18-20, making the rounds. The visit will overlap with the Genesis Invitational at Riveria, and we’re it will be fun to host some VIPs there.
• Also looking forward to getting down to S. Florida the first week of March. What are everyone’s thoughts on TGL? Personally, I’m all in! Looking forward to swinging by the arena and checking out a match.