The Walker Webcast Jay Parsons, Economist, Strategist, and Housing Industry Expert Part 2
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May 15, 2025 Jay Parsons, an economist and housing industry expert, provides a data-driven lens into the multifamily housing market amidst changing economic climates. He discusses the impact of international trade uncertainties on the housing sector and the Federal Reserve's strategies in response to inflation. The conversation dives into post-pandemic demand shifts for apartments versus office spaces, migration trends, and the role of tariffs in construction costs. Jay offers keen insights on investment opportunities and evolving rental dynamics across different regions.
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Apartment Demand vs Office Demand
- Apartment demand is not strongly correlated with office demand, especially post-pandemic.
- People often live in cities for lifestyle rather than daily office attendance, which supports multifamily resilience.
Northern Virginia Regulatory Advantage
- Northern Virginia is favored for multifamily due to less regulatory hurdles compared to D.C. and Maryland.
- Rent control and permit delays in Maryland and D.C. discourage some developers and investors.
Multifamily Construction Wave Fading
- Multifamily construction starts have dropped significantly after a 2022 wave.
- This sets up a likely undersupplied market soon, with timing varying by city.