The Rent Roll with Jay Parsons EP#56 Sue Ansel | Budgeting Season: Tips For 2026
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Oct 23, 2025 Sue Ansel, CEO of Gables Residential and past chair of the National Multifamily Housing Council, shares her insights on budgeting for 2026. She discusses the cooling of operating expenses and the impact of insurance and tax changes. Sue offers strategies for managing retention and renewal tactics amid declining supply and potential rent recovery. She also highlights the importance of macroeconomic factors like job growth and advocates for careful pricing strategies to handle concession burn-off effectively.
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OPEX Inflation Is Cooling
- OPEX inflation has cooled sharply and sits near year-ago levels as of Q3 2025.
- Property taxes and insurance drove much of prior inflation but are now easing, reducing overall expense pressure.
Insurance Costs Are Trending Down
- Insurance premiums spiked in 2021–23 but have recently reversed and were down year-over-year.
- Renewals locking in lower premiums should provide expense relief into 2026 for many markets.
Marketing Costs Lead Recent OPEX Growth
- Marketing spend led OPEX growth at about 7% year-over-year due to competitive leasing and new channels.
- Operators are shifting dollars into targeted organic and direct marketing and marketing concessions that hit the marketing line.