The Minor Role of REITs in Apartment Construction

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."