The Rent Roll with Jay Parsons EP#54 JPI Executive Leadership Team | Is Now The Time To Build Again?
Oct 9, 2025
In a lively discussion, Payton Mayes, CEO of JPI, shares insights on the future of apartment construction and the strategy behind building over buying in current market conditions. Mollie Fadule, CFO/CIO, emphasizes the importance of data-driven market selection for expansions, while Kyley Harvey reveals how JPI is innovating construction with technology to enhance efficiency. They tackle challenges like tariffs and immigration effects, and highlight opportunities arising from shifting demands in various markets.
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Economic Feasibility Is The Key Bottleneck
- Developers cite economic infeasibility as the top cause of construction delays, not material shortages or tariffs.
- When rents don't rise but costs do, many projects fail to pencil out and are postponed.
Market Share Shift Toward Large Builders
- Small local developers historically account for most multifamily starts, but their activity has fallen sharply.
- Large developers' market share rose because many smaller players are sidelined, not because big builders pushed starts higher.
Supply Slowdown Lags Completions
- Starts have fallen from the 2022 peak and appear to have bottomed near 250k annualized units.
- Completions remain elevated through 2025, so supply pressure persists until 2026 and beyond.