The Rent Roll with Jay Parsons

In this conversation, Matt Vance, the Americas Head of Multifamily Research at CBRE, shares his expertise on the U.S. apartment market. He discusses the recent slowdown in rent growth despite strong demand and improved affordability trends. Vance highlights the performance of various metro areas, suggesting potential recovery spots in high-supply markets like the Sun Belt. They also tackle the impact of new capital in multifamily markets and the trends in the single-family rental landscape, offering keen insights into the evolving rental dynamics.

Zach Bowyer, Executive Managing Director at Cushman & Wakefield, shares his expertise in real estate valuation, focusing on apartments and single-family rentals. He discusses how interest rates and rental trends have impacted asset values and common misconceptions about valuation. The conversation also highlights surprising statistics from recent Census data on multifamily housing starts and the importance of understanding shelter costs in inflation dynamics. Bowyer gives insights into evolving strategies in the multifamily market amidst significant economic shifts.

Hiten Samtani, a commercial real estate journalist and founder of 1031 Media, dives into the intricacies of media coverage surrounding rental housing. He discusses the decline of beat reporting and its effect on public perception of the industry. Together with Jay Parsons, Hiten emphasizes the need for housing owners to address negative stereotypes and provides strategies to counter misleading headlines. Their conversation highlights the delicate relationship between media narratives and rental realities, urging for more accurate journalism that reflects the complexities of the housing market.

Bryan Smith, the new CEO of American Homes 4 Rent, reflects on the company's journey from its IPO to becoming a leader in the single-family rental market. He discusses the shift from buying individual homes to building new rental properties and emphasizes the importance of technology in tenant selection. The conversation also touches on California's housing laws and the demographic trends within the rental market, revealing that many renters are dual-income families choosing to rent. Expansion strategies focused on population growth in emerging markets are also highlighted.

David Schwartz, co-founder and CEO of Waterton, shares his insights from over 35 years in multifamily real estate. He discusses the evolution of apartment perceptions and how they transformed into attractive investments post-COVID. The conversation dives into contrarian investment strategies, the differences between coastal and Sun Belt markets, and the impact of housing legislation, particularly in New York City. Schwartz also highlights the importance of adapting to market changes and navigating regulatory risks in major urban centers.

David Todd, Managing Director at Brookfield Asset Management and CEO of Maymont Homes, shares insights on the rental market's current state. They discuss the puzzling moderation in rent growth despite steady occupancy and strong demand. Todd reveals Maymont's proprietary investment model and why single-family rental operators could gain from a stronger for-sale housing market. The conversation also covers the need for data-driven strategies and the importance of understanding regional dynamics in real estate investing.

James Ray, co-founder of CRE Analyst and managing director at MetLife, shares his insights on misconceptions surrounding cap rates and the complexities of the buy versus build debate. He draws from his personal journey from trailer parks to Wall Street, emphasizing the need for mentorship in the real estate industry. Ray discusses the latest trends in multifamily investments, renter demographics, and the gap in affordable housing construction costs. Meanwhile, Jay Parsons provides data on recent rent growth trends, making for a rich conversation full of valuable takeaways.

Joanna Zabriskie, CEO of BH Management with over 100,000 apartment units under her wing, discusses innovative all-in pricing strategies. She shares surprising results from rolling fees into base rents, impacting leasing traffic and occupancy. The conversation dives into the psychology of pricing, consumer transparency, and the effects of demographic shifts in the rental market post-pandemic. Insights on renter income ratios and evolving tenant profiles unveil intriguing trends, challenging common assumptions about affordability and market dynamics.

Alicia Miller, Head of U.S. Capital Markets for Black Salmon, shares her insights on the challenging landscape of real estate fundraising, particularly amidst macroeconomic uncertainty. She discusses the differing sentiments of domestic versus foreign investors and offers strategies to navigate these obstacles. The conversation highlights the resilience of the multifamily market, innovative housing incentives in Florida like the Live Local program, and the impact of tech sector shifts on Austin’s housing dynamics, making for a captivating dialogue on current market trends.

Branden Lombardi, President of BB Living and a key player in build-to-rent (BTR) strategies, discusses the latest trends in suburban infill development. He shares insights on the shift from exurban to suburban opportunities in the BTR market, alongside evolving construction strategies. Lombardi highlights the resilience of the single-family rental (SFR) market and the advantages of new constructions as an alternative to traditional home purchases. The conversation unveils the growing importance of marketing rental living as a practical option for many.