The Rent Roll with Jay Parsons

Anne Olson, CEO of Centerspace, shares her journey from a farm upbringing to leading a public REIT in tertiary U.S. markets. She reveals why these smaller markets are outperforming larger ones, highlighting strong demand and low supply. Olson dives into the advantages and challenges of investing in these overlooked areas, addressing misconceptions that lead to undervaluation. She also discusses strategic expansions into growing locations like Salt Lake City and Denver, while maintaining a balanced portfolio. Insights on renter demographics and financial health round out the conversation.

Dave Feldman, CEO of Progress Residential and an expert in the single-family rental sector, joins to debunk myths surrounding SFRs. He discusses misconceptions about homebuyer displacement and highlights the benefits of supply and resident experience. Feldman also addresses the impact of policy narratives and emphasizes public-private partnerships in housing. Insights into the current SFR market reveal a selective approach to acquisitions and a focus on growth in high-opportunity areas, illuminating the strategic direction for Progress Residential.

Haendel St. Juste, a seasoned REIT analyst from Mizuho Americas, dives into the intricate dynamics of the apartment REIT market. He discusses the cautious rental landscape, highlighting a gap between renewal and new-lease rents. The conversation also covers the impact of supply trends on 2026 forecasts and the ongoing NAV discounts prompting REIT buybacks. St. Juste evaluates the likelihood of more firms going private amidst these valuation challenges, revealing both short-term hesitancy and long-term investment potentials in the evolving market.

Chris Finlay, Founder and CEO of Middleburg Communities, shares insights from his extensive experience as a developer and operator in the apartment sector. He discusses concerns about potential recession impacts on rental markets, while emphasizing Middleburg's focus on high-growth areas and development over acquisitions. Finlay also highlights his nonprofit, Entryway, which helps individuals experiencing homelessness secure job training and employment in the apartment industry, boasting impressive success rates. Their conversation unpacks industry dynamics and strategies for navigating the shifting landscape.

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.

Alyson Bode, the Senior VP for Research at Kettler, brings her multifamily market expertise to the conversation. She and Jay Parsons dissect the surprising demand resilience in 2025 and the significant rent declines in Q3. Alyson forecasts when current rental concessions might fade and highlights which high-supply markets, like Raleigh and Charlotte, are poised for rebound. They also explore macroeconomic risks that could affect recovery and discuss evolving development strategies amid challenging conditions. Insightful and forward-looking!

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!