The Rent Roll with Jay Parsons

It's all about SFR and BTR in this episode, where rental housing economist Jay Parsons shares his Top 5 takeaways from the single-family REITs' recent earnings calls AND talks build-to-rent opportunities with the one of the nation's most prominent BTR players. Jay shares how the SFR market is seeing some overlapping themes with the apartment sector — including solid performances in Q1, low resident turnover and healthy rental financials. Jay also highlights the SFR REITs' continued pivot away from acquiring individual homes off the MLS and into new construction of rental homes. And in the interview portion of the podcast, Jay welcomes in Branden Lombardi, president of BB Living. Jay and Branden discuss the evolving landscape for BTR development opportunities, including a shift from the exurbs into more suburban infill opportunities. Additionally, Jay brings back recurring features like "In the News" and "Rental Housing Trivia."

Alfonso Costa Jr., COO at Falcone Group and former HUD official, shares insights on the evolving apartment market. He emphasizes the importance of collaboration between public and private sectors to address housing challenges. The conversation dives into effective strategies for new development amid high interest rates and ongoing economic uncertainties. Alfonso also discusses Florida's 'Live Local' initiative and its impacts on workforce housing, along with insights on navigating current construction costs and evolving market dynamics.

Jesse Stein, Global Head of Real Estate at Airbnb, dives into the complex role of short-term rentals in the housing market. He discusses how Airbnb collaborates with apartment owners, enabling residents to offer their units for short stays. Jesse touches on the misconceptions surrounding short-term rentals and their potential positive impact on housing supply. The conversation also highlights Gen Z’s preference for amenity-rich rentals and addresses the pressing need for innovative housing solutions amidst rising rents.

Mike Kingsella, CEO of Up for Growth, champions YIMBY (Yes In My Backyard) initiatives aimed at increasing housing supply. He discusses the slowing multifamily housing construction and the need for a bipartisan approach to tackle rent control and affordability issues. Kingsella emphasizes the importance of collaboration among diverse leaders to unite behind building more homes. The conversation also explores the implications of current housing policies, landlord-tenant dynamics, and the pressing need for community engagement in solving housing challenges.

Scott Villani, Chief Strategy Officer at NRP Group, and Dan Hull, President of NRP's Construction Business, delve into the significant impacts of tariffs on apartment development. They discuss how tariffs affect construction costs and supply chains, while revealing that the total impact might be less severe than anticipated. The duo shares insights about the current lease-up environment and highlights which markets are rebounding fastest. They also reflect on the resilience of the apartment sector amidst economic fluctuations and evolving demand.

Lee Everett, EVP and Head of Research for Cortland, joins to discuss the current U.S. apartment market dynamics. He highlights rising demand alongside declining supply, offering insights on rent growth for 2025 and 2026. The conversation touches on the resilience of the Sunbelt region compared to traditional markets, as well as demographic shifts influencing housing demand. Lee reflects on his career journey from college football to real estate, providing a unique perspective on market analysis and strategies for navigating upcoming economic uncertainties.

Rental Housing Economist Jay Parsons breaks down 25 years of the NMHC Top 50 apartment owners lists to reveal some surprising facts and history. For example: Did you know the NMHC Top 50 own only 11% of U.S. apartments? Or that the top owners of the late 1990s and 2000s were much bigger — in terms of unit counts — than today's largest owners? Or that the floor for the Top 25 Developers is lower than at any point in 10+ years — another sign that developers are starting fewer apartments. Jay also breaks down the brief histories of the 14 different NMHC #1 owners since 1990, and reveals where each one is today. Later in this week's episode, Jay welcomes in Antonio Marquez, the founder of Comunidad Partners (a leading provider of workforce housing) who holds leadership roles with the National Multifamily Housing Council and the Multifamily Impact Council. Antonio shares his story growing up as a first-generation Mexican-American, and how his upbringing inspired his mission to build a sustainable workforce housing model delivering positive impacts for renters and investors alike. Additionally, Jay brings back recurring segments of the podcast, including "In the News" and "Rental Housing Trivia."

James Kane, Southeast Partner at Madera Residential and former Managing Director at Starwood Capital, shares his extensive experience managing multifamily units in the thriving Southeast market. He discusses the region's promising growth potential, particularly for young renters, despite recent supply challenges. The conversation highlights attractive markets like Charleston and Greenville, innovative construction methods, and the impact of government policies on housing. Kane also reflects on how shifts in migration patterns post-COVID reshape the real estate landscape.

Dom Beveridge, founder of 20 for 20 and a leading voice in proptech, joins the discussion on why renter turnover remains surprisingly low. He dives into rental market trends post-COVID, revealing that retention rates are now at 56.3%. The conversation also explores how technology is redefining resident satisfaction and operational efficiency, plus the buzz surrounding advancements like AI. Beveridge shares insights from his annual report, shedding light on impactful trends shaping the multifamily industry.

Barrett Linburg, a Dallas-based apartment developer at Savoy Equity Partners, specializes in Opportunity Zone investments and discusses their transformative impact on housing. He and Jay Parsons explore the win/win situation for both investors and renters, addressing the effectiveness of Opportunity Zones in generating housing since 2018. They also predict potential improvements with OZ 2.0 legislation as Congress moves forward. Additionally, the conversation touches on trends in rental housing, migration patterns, and the challenges posed by new rent control proposals.