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Rental housing economist Jay Parsons talks about the shifting institutional appetite for apartments and build-to-rent SFR with ACRE co-founder Michael Van Der Poel. Jay shares the latest data on capital flows-- which have increasingly shifted away from higher regulated markets on the coasts toward growth markets in the Sun Belt and Mountains, as well as the Midwest. Jay highlights the unique challenges in Los Angeles in particular, and why its attracting a far smaller share of apartment investment and development dollars today compared to past cycles. Additionally, Jay highlights the specific markets that have gobbled up a larger share of investment dollars in recent years, including big markets like Dallas/Fort Worth and also smaller markets like Charleston. Jay and Michael also discuss equity and debt strategies for institutions, market preferences, BTR, and whether now is the time to invest in new development again. Additionally, Jay brings back recurring features like "Rental Housing Trivia" and "In the News."
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Rental housing economist Jay Parsons breaks down the five key takeaways from the single-family rental housing REITs' recent earnings calls. The big one: Why did SFR revenue growth slow down given few home sales plus a large discount to rent versus buy? Punchline: The mainstream narrative has been wrong — and always was wrong. Jay breaks down why that's happening. Jay also shares the latest on how and why the SFR REITs continue to recycle capital — selling older, scattered-site homes and investing in new home construction. Jay also brings back recurring segments like "In the News" and "Rental Housing Trivia." Later in the program, Jay talks shop with one of the nation's top SFR brokers, JLL's Matthew Putterman. Jay and Matthew talk about the current SFR buy box, why institutions aren't buying houses off the MLS anymore, and how regulatory risk is impacting investment strategies.
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Rental housing economist Jay Parsons makes the case for tertiary markets — smaller metro areas outside the top 50 in size. Jay shares data on how (and why) smaller markets have outperformed on rent growth in recent years, and reveals which tertiary markets might continue to see strong demand for apartments and single-family rentals into the next cycle. Jay also shows data highlighting how investors have increasingly shown interest in smaller markets, which now comprise around 20% of all U.S. apartment sales — up substantially over the last 15 years. Later in the program, Jay brings into the discussion Jasin Alfaro, CEO of Metonic, to dive deeper into tertiary market strategies. Metonic is the Omaha-based owner of 10,000+ apartment units across the Midwest, Texas and California. Jasin reveals why Metonic believes in tertiary markets, what he looks for when selecting a smaller market, and how to sell investors on markets they may not know well. Additionally, Jay brings back recurring segments like "In the News," "New Digs" and "Rental Housing Trivia."
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Rental housing economist Jay Parsons dives into the growing trend of institutions expanding or creating debt funds targeting multifamily. Jay is joined for the discussion by Dan Walsh, the founder and CEO of Citymark Capital, which sold most of its apartment equity investments around the market's peak, and has since shifted to buying loans from banks and debt funds. Dan shares what led him to make that shift when he did, and why he's favoring debt over equity right now. Additionally, Jay breaks down a busy week of headlines on apartments and single-family rentals — including KKR's new $850 million debt fund, JPMorgan's big bet on build-to-rent homes, a Boston mayoral candidate's novel rent control proposal and a questionable headline from The New York Times. Jay also shares more highlights from REIT earnings calls, plus a REIT-themed edition of "Rental Housing Trivia."
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Rental housing economist Jay Parsons breaks down highlights and key themes from the big six apartment REITs' recent earnings call. Jay shares the REITs' case for ramping up apartment construction at a time when most builders are unable to start projects, and why Sun Belt REITs believe the "tide is starting to turn" on the supply/demand balance, among other takeaways. Jay later welcomes in the co-founder and CEO of one of the big apartment REITs, Ric Campo of Camden Property Trust. Jay and Ric discuss the impact of high supply in the Sun Belt, the timing of the recovery, and the case for a more bullish stance on new development and acquisitions in 2025. Ric also shares the colorful story behind Camden's theme songs in each quarterly earnings call -- and all the thought that goes into selecting each one. Additionally, Jay touches on recent headlines during the "In the News" segment, highlights the largest-to-date office-to-apartment conversion project, and tees up a special round of Rental Housing Trivia.
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Rental housing economist Jay Parsons recaps highlights from the multifamily investment community's biggest event, the NMHC Annual Meeting, and then dives into the case for the Midwest. Why are institutional and other large multifamily/SFR investors showing an interest in the Midwest after basically ignoring the region for many years? Jay breaks down what's driving renewed interest in the Midwest, and which markets are standing out. Later on, Jay brings Ivan Barratt into the conversation. Barratt is the founder and CEO of BAM Companies, one of America's fastest-growing private companies and also one of the Midwest's fastest-growing apartment owners. Jay and Barratt talk about the unique challenges (and opportunities!) of raising and deploying capital into Midwest markets, and how new entrants into these markets are changing the game there. Additionally, Jay brings back recurring segments like "Rental Housing Trivia" and "In the News," while also introducing a new segment called "Off Topic." Jay briefly detours from rental housing real estate to bemoan the Dallas Mavericks' trade of generational star Luka Doncic, and offers up a parallel from 65 years ago that just might serve as a cautionary tale for what's ahead for Mavs fans.
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Rental housing economist Jay Parsons talks all things rental housing demographics with the man who literally wrote the book on housing demographics, Chris Porter of John Burns Research & Consulting. Jay and Chris share the latest data on household formation, population by age, migration, incomes, renter preferences — and then tie back how these data points impact the trajectory of the apartment and single-family rental markets. Chris also looks back at the book he co-authored nearly a decade ago, Big Shifts Ahead, and shared what he got right (the boom of the suburbs) and what he got wrong (homeownership went up, not down) — and why. They also talk about demographics differ between apartments, SFR and BTR. Additionally, Jay breaks down the latest headlines impacting rental housing, including a new FTC inquiry into single-family rentals.
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Rental housing economist Jay Parsons breaks down the latest data and trends on the build-to-rent sector -- the emerging hybrid of multifamily and SFR. Jay then welcomes in the first person to scale to BTR model in the U.S., Steve Kimmelman of Redwood Living, who today owns more than 3x more BTR units than the next largest player. Jay asks Steve what he saw before everyone else, and why he embraces the term "apartment neighborhoods" for his BTR communities. Additionally, Jay reviews that latest headlines on apartments and SFR, and offers up another edition of Rental Housing Trivia.
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Rental housing economist Jay Parsons breaks down the case for re-rise of Sun Belt multifamily, sharing the latest charts and data. Today's Sun Belt market is unquestionable feeling the pain of a 50-year high in new apartment supply. Vacancy is elevated and rents are slightly negative in most Sun Belt markets. But it's not a demand issue, with absorption numbers coming in at some of the highest levels in recent history. And now new construction starts are plunging, so what happens if demand remains strong as supply drops off? Jay breaks down those numbers to share why many investors remain bullish on Sun Belt apartments long term. Later in the program, Jay welcomes in Knightvest Capital founder and CEO David Moore, one of the Sun Belt's most active apartment buyers in recent years with more 60,000 units acquired. Jay and David talk about today's operating environment in the Sun Belt, the outlook, and which markets might rebound faster than others. Additionally, as usual, Jay breaks down recent headlines impacting rental housing, fields viewer questions, and tees up another round of Rental Housing Trivia.
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Rental housing economist Jay Parsons shares the latest on U.S. apartment market conditions — including a surprisingly massive volume of demand hitting the market in 2024. How did demand match up to the 50-year high in apartment supply delivered in 2024? Jay also unveils which markets saw the biggest gaps — positive and negative — for demand relative to supply, as well as the latest data on occupancy, rents, apartment sales and more. Jay also brings in his old boss, IPA's Director of Research Greg Willett, for a conversation on the state of the U.S. apartment market and outlook for 2025. What markets are outperforming expectations and well positioned going forward? When will apartment sales finally pick back up? And what impact does the stalled-out homebuyer market have on apartments? Additionally, Jay brings back recurring segments of the podcast, including "Rental Housing Trivia" and "In the News."
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Rental housing economist Jay Parsons brings out the (fuzzy) crystal ball to lay out predictions for the multifamily and single-family rental markets in 2025. What will become of that wall of maturities? When will the massive wave of apartment supply lease up and trigger a rent rebound? How will the sluggish for-sale housing market impact single-family rentals? After opining on the key trends, Jay then welcomes in Justin Wheeler, the CEO of Berkadia -- one of the biggest players in U.S. multifamily capital markets. Justin shares his predictions on deal flow, cap rates, distress, debt and fundamentals from his front-row seat in the market. And as always, Jay offers up his take on recent headlines related to apartments and SFR, as well as Rental Housing Trivia.
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It's end-of-year report card time! Rental housing economist Jay Parsons looks back at predictions he made a year ago on how the apartment and SFR markets would unfold in 2024. What did he get right and wrong? Jay explains two big misses — and what happened that disrupted those predictions. And Jay pats himself on the back for nailing a handful of other predictions — including demand-side expectations and moderating SFR rent growth. Additionally, Jay reviews headlines of the week on rental housing, including controversial headlines around the growing build-to-rent industry and some early news of HUD Secretary nominee Scott Turner's potential priorities. Jay also addresses an audience question around how to talk with family and friends about how rent control exacerbates affordability challenges and why new housing construction (even "luxury"!) help improve affordability at the lower ends of the market.
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Rental housing economist Jay Parsons dives into the emerging synergies between multifamily and single-family rentals — two sectors that have historically operated quite separately. The two worlds are gradually merging into one, starting with the hybrid build-to-rent market but now starting to extend into broader operational management practices, as well. One leader in this early movement in Fred Tuomi, Jay's guest in this episode. With uniquely deep experiences in both multifamily (with Equity Residential) and single-family rentals (Invitation Homes, among others), Fred played key roles in the maturation of both sectors into institutional asset classes over the last few decades. He's taken a new challenge with Pretium, an owner of both SFR and apartments, as vice chairman of real estate. Fred shares stories of how apartments and SFR matured into institutional asset classes despite headwinds along the way, and how the merging of multifamily and SFR is the next chapter in the rental housing story. Fred also shares some of his favorite memories working under the late, great Sam Zell at EQR. Additionally, as usual, Jay breaks down some of the latest headlines on rental housing (including news on more mall conversions to include apartments), offers up charts to bust common SFR myths and tees up another round of Rental Housing Trivia.
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Would you rather bet on rental housing in Texas or in Southern California? Rental housing economist Jay Parsons breaks down the differences — and similarities — and shares why haters of both regions are mostly wrong. He then brings in "Dr. Doom," aka Waterford co-founder John Drachman, who shares his experiences building out a multifamily platform split between SoCal and Texas ... and why both markets can work well, albeit for different reasons. Jay and John also trade notes on their experiences growing their social media presence, and how LinkedIn in particular has opened up new doors and relationships. Additionally, Jay brings back recurring segments like "Rental Housing Trivia" and "Good Question." And during the "In the News" segment, Jay shares his experiences working with HUD Secretary nominee Scott Turner, and why he's a great fit for the role.
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0:00 - Intro 1:20 - Market data 12:05 - Rental housing trivia 12:40 - In the news 18:17 - Good question 21:00 - John Drachman intro 26:25 - Multifamily 29:50 - Texas or SoCal? 39:15 - Operational challenges 20:20 - Workforce opportunities 46:10 - Social media 51:56 - Outro -
Rental housing economist Jay Parsons walks through today's institutional buy box for affordable and workforce housing with FCP's head of impact investing, Alecia Hill. Jay also shares data on the supply shortages impacting all types of rental housing, but especially at the more affordable price points. Jay also breaks down the looming challenges tied to expiring affordable housing tax credits plus aging naturally affordable housing -- and why the solutions aren't as simple as headlines suggest.
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0:00 - Intro 0:42 - Market Data 4:53 - Rental housing trivia 5:22 - In the news 9:26 - Good question 12:09 - Rental housing trivia 14:12 - Alecia Hill intro 15:20 - Journey into real estate 19:44 - Current market 25:05 - Profits vs supply 30:23 - Preserving affordability 37:53 - Housing policy suggestions 41:43 - Biggest misconception 47:05 - Outro -
Rental housing economist Jay Parsons caps off earnings call season by sharing five big takeaways on the apartment REITs' Q3 2024 earnings calls, and then welcoming in the former CEO of Centerspace REIT, Mark Decker, for a conversation on multifamily REITs and the industry at large. Additionally, Jay brings back recurring segments like "In the News" (reviewing headlines of the new impacting rental housing), "Good Question" (responding to questions on the rental housing market), "New Digs" (highlighting a recent build-to-rent project in this week's episode) and teeing up "Rental Housing Trivia." Mark Decker joins for the second half of the episode, where Jay and Mark talk about the joys and tribulations of being public versus private, address common myths and hurdles around apartment REITs and tackle questions around apartment valuations and opportunities.
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0:00 - Intro 1:15 - Market data 10:52 - Rental housing trivia 11:25 - In the news 17:29 - New digs 18:20 - Good question 18:59 - Rental housing trivia answer 19:32 - Mark Decker intro 20:12 - Real estate journey 25:12- Apartment REITs stock prices 28:21 - Common misunderstandings 36:24 - Different regions of REIT markets 38:35 - Transition to Proterra 42:27 - Market outlook 45:41 - Public vs. private 49:08 - Outro -
Rental housing economist Jay Parsons breaks down the five key takeaways from the single-family rental REITs' third quarter earnings calls, and then welcomes in Invitation Homes CEO Dallas Tanner for a conversation on the evolution of SFR. Jay talks about what impact recent hurricanes had on the SFR companies, and how they're continuing to pivot away from buying individual homes and toward building new build-for-rent homes. He'll also talk about how new supply competition isn't just a multifamily phenomenon. Jay reviews recent headlines on rental housing -- including more on the potential impact of reduced apartment starts. Jay also brings back recurring segments like "Complaints Department" — dealing with a common myth around homeownership — and "Rental Housing Trivia." Later in the program, Jay asks Dallas about what he saw that others did not in the early days of SFR. Jay and Dallas talk about the evolution of institutional SFR, with public perception of the business shifting from rescuers to boogeymen. And Jay asks Dallas about the future of institutional SFR, and whether this shift toward build-to-rent is a point-in-time strategy or a permanent shift.
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0:00 - Intro 1:26 - Market data 10:10 - Rental housing trivia 10:46 - In the news 19:36 - New digs 20:54 - Good question 23:17 - Complaints department 24:58 - Rental housing trivia answer 25:27 - Dallas Tanner intro 26:35 - What did Dallas see in SFR? 29:45 - Scaling 31:26 - Regulation and finding solutions 36:51 - Who are SRF renters? 40:00 - Customer trends and strategy 44:32 - Home ownership 53:40 - Outro -
Election results are in, and rental housing economist Jay Parsons talks about how President Trump's win could impact rental housing — as well as reviewing California voters' decisive takedown of a ballot measure that would have expanded rent control across the state. Additionally, Jay provides five key indicators showing why new apartment supply will remain constrained for the foreseeable future — and what that could mean for the market. Later in the program, Jay continues the supply conversation with Paul Thrift, CEO of Thompson Thrift, the nation's 13th-largest apartment developer. Paul shares how Thompson Thrift is navigating the challenging headwinds to continue an aggressive push to start new apartment projects across the country.
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0:00 - Intro 0:59 - Market data 9:06 - Rental housing trivia 9:40 - In the news 16:14 - Good question 20:20 - Complaints department 22:22 - Rental housing trivia answer 23:36 - Paul Thrift intro 25:22 - Origin Thompson Thrift 28:12 - Current market conditions 31:40 - Construction costs 35:20 - Regulations 38:50 - Zoning 42:22 - Thompson Thrift markets 45:02 - Buyer interest 49:45 - Mission to serve 53:26 - Outro -
Rental housing economist Jay Parsons provides an Election Day look at the rental housing platforms of Vice President Kamala Harris and former President Donald Trump, commentating on the potential impacts for rental housing investors and renters should either be elected. Later in the program, former Freddie Mac CEO David Brickman joins the show to preview his upcoming paper on the success story of multifamily — and looking at what other countries could learn from the U.S. model that has resulted in more housing availability for renters. David and Jay also talk about upcoming challenges facing the U.S. rental market, including the aging stock of tax credit and naturally occurring affordable housing, and what solutions might address that issue. David also opines on whether Fannie Mae and Freddie Mac should be allowed to provide construction financing to further spur new supply. Additionally, Jay breaks down headlines on California's Prop 33 and the potential impact of SROs (so-called "adult dorms.") And Jay also tees up a special Election Day edition of Rental Housing Trivia.
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0:00 - Introduction 1:47 - Presidential candidates on housing 11:31 - Rental housing trivia 12:25 - In the news 19:49 - Good question 21:06 - Companies department 23:59 - Rental housing trivia 25:05 - David Brickman intro 25:47 - Paper on the success story of multifamily 31:08 - Historical analysis 34:10 - Construction financing 37:50 - Fannie Mae and Freddie Mac 41:35 - Rental market concerns 46:07 - Solutions 50:45 - Outro -
Rental housing economist Jay Parsons welcomes in the former CEO of both Fannie Mae and Berkadia, Hugh Frater, to talk about the politicalization of rental housing. Hugh provides a history lesson on how key policy decisions of the past contributed to the housing affordability challenges of today. Jay and Hugh also talk about why supply is the only lasting solution. Additionally, Jay addresses a common misconception about the impact of new supply in the "Complaints Department" segment, while offering up another edition of Rental Housing Trivia.
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0:00 - Introduction 0:41 - Market data 3:51 - Rental housing trivia 4:35 - In the news 10:16 - Good question 12:08 - Complaints department 14:57 - Rental housing trivia answer 16:37 - Hugh Frater introduction 17:34 - Housing policy 26:00 - Advice to presidential candidates 34:10 - Role of Fannie and Freddie 37:40 - Vessel technologies 42:25 - Outro - Visa fler
