The Rent Roll with Jay Parsons

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.

Bobby Fijan, founder of American Housing Corporation and a data-focused researcher, dives into the need for family-friendly Class A apartments. He reveals findings from a groundbreaking study on how these designs can boost family living and birth rates. Bobby discusses why most apartments today overlook families and opposes the trend towards smaller units. He also shares practical features that make apartments more kid-friendly, like playrooms and entry zones, advocating for policy changes to promote family-oriented designs.

Scott Eisen, CIO and EVP at Invitation Homes, shares his insights on the single-family rental (SFR) market, highlighting its resilience amidst a cooling homebuyer landscape. He and Jay Parsons dive into the myths surrounding SFR, emphasizing the importance of new construction over MLS purchases. Scott elaborates on capital recycling strategies, buying from builders, and how institutional investors can boost builder liquidity. They also discuss demographic trends that support SFR demand, making for an engaging and informative discussion on the future of rental housing.

Dennis Shea, Executive Director of the J. Ronald Terwilliger Center for Housing Policy, shares insights from his extensive experience in housing and trade. He discusses the potential impact of a declared 'national housing emergency' and the need for pro-housing policies. Shea emphasizes the importance of reforming the Low-Income Housing Tax Credit (LIHTC) to enhance efficiency. He also advocates for a new renter tax credit designed for essential workers and explores strategies to tackle the affordable housing crisis. Tune in for fresh perspectives on housing policy!

Jim Costello, the Chief Economist at MSCI Real Assets, joins to share his expertise on the multifamily capital markets. He discusses the potential distress in the apartment sector and the significant lack of development capital. The conversation touches on the current influx of debt funds and strategic insights into the buy box for institutional capital. Additionally, the growing momentum of apartment sales transaction activity is explored, alongside recent headlines about a rent control proposal in Massachusetts.

Matt Ferrari, Co-chief Investment Officer and Head of Acquisitions at TruAmerica, shares his thrilling journey to the summit of Mount Everest, revealing the intense preparation and near-miss experiences he faced. He contrasts this adventure with insights into the multifamily acquisitions market, discussing how TruAmerica navigates challenges and finds value in today's shifting landscape. With a focus on evolving real estate trends and the importance of adaptive strategies, Matt's dual narrative of conquering peaks and closing deals offers an inspiring perspective.

In this engaging conversation, Michael Novogradac, a leading voice on rental housing tax policy and a partner at Novogradac & Co., discusses the implications of the 'One Big Beautiful Bill' on affordable housing. He shares insights from his testimony to Congress and evaluates the bill's effectiveness in addressing housing issues. The talk also covers a groundbreaking study on how tenant protections can inadvertently drive up rents, emphasizing the need for data-driven policies. Prepare for fascinating insights and trivia questions that unpack the complexities of housing legislation!

Dan Meader, founder and managing partner at Trinity Investors, shares valuable insights on what Limited Partners (LPs) seek in today’s competitive rental housing market. The conversation dives into strategies General Partners (GPs) can use to engage LPs effectively. They also tackle the latest trends in multifamily housing starts, questioning the reliability of Census data and its impact on public policy. With a spotlight on the evolving dynamics of real estate investment, Meader emphasizes transparency and the critical characteristics of successful GPs.

Rich Hightower, Managing Director of U.S. REIT Equity Research at Barclays, shares insights from years of tracking apartment REITs. He reveals how Wall Street views these investments, noting discrepancies between public and private market valuations. Rich discusses successful REIT strategies in an era of high supply and rent challenges, including renovation and technology adoption. Additionally, they examine market movements, recent sales like Elme Communities’ portfolio, and the nuances of navigating rent control dynamics, emphasizing the evolving landscape of multifamily housing.

Sean Dobson, Chairman and CEO of Amherst, dives into the evolving landscape of the single-family rental market. He discusses the impact of declining first-time homebuyers and examines the current leasing environment. The conversation unveils how SFR REITs are navigating market challenges and the myths clouding institutional investing. Dobson also highlights the integral need for quality single-family rentals amidst a housing crisis and addresses misconceptions surrounding the industry's role in revitalizing neighborhoods.