The Rent Roll with Jay Parsons

Steve Kimmelman, founder of Redwood Living, dives into the booming Build-to-Rent (BTR) sector, claiming a leading position with over three times the units of the next largest competitor. He shares insights on branding BTR as 'apartment neighborhoods' to enhance community appeal. Discover the staggering 94.4% national occupancy rate and the predicted rent growth. Kimmelman discusses the shift of institutional investors toward BTR, the obstacles of rising costs, and the evolving housing market dynamics shaping the future of rental communities.

In this engaging discussion, David Moore, Founder and CEO of Knightvest Capital, shares insights from his extensive experience acquiring over 60,000 apartment units in the Sun Belt. He explores the current rental landscape, addressing the paradox of high demand amidst elevated vacancy rates. They dive into the significant drop in new construction and its implications for future supply. David highlights hot markets poised for recovery, while Jay Parsons adds depth with economic data and trends, making a compelling case for optimism in the Sun Belt multifamily sector.

Greg Willett, First Vice President and National Director of Research at IPA, shares his multifamily real estate expertise. He discusses the surprising demand hitting the U.S. apartment market in 2024, addressing occupancy trends and rent growth peaking at an 18-month high. Key markets in Texas show resilience despite new supply, while the stalled homebuyer market influences rental dynamics. Willett also highlights promising forecasts for Florida's apartment markets and the contrasting performance of different property classes. Get ready for valuable insights into the future of rental housing!

Justin Wheeler, CEO of Berkadia and a key player in U.S. multifamily capital markets, joins the conversation on rental housing trends. He shares insights on the evolving multifamily and single-family rental markets, including predictions on deal flow and cap rates. They discuss the challenges of rising costs, the impact of a sluggish for-sale market, and the importance of increased housing supply. Wheeler emphasizes the need for balance in addressing affordability and stability, all while navigating upcoming regulatory changes for 2025.

Jay Parsons reflects on his 2024 predictions for the rental housing market, revealing what he got right and wrong. Surprising trends in renter retention rates defy expectations, while the build-to-rent market's role is clarified against misconceptions. The discussion touches on the importance of new housing construction to enhance affordability. Jay also tackles how to communicate the complexities of rent control's impact on affordability challenges, emphasizing that diverse rental options can benefit neighborhoods.

Fred Tuomi, Vice Chairman of Real Estate at Pretium, shares his extensive experience bridging multifamily and single-family rentals. He discusses the trends driving the merging of these sectors, spotlighting the hybrid build-to-rent market. Fred debunks myths about single-family rentals and reveals how developers are repurposing malls into housing. He reflects on lessons learned under the late Sam Zell and emphasizes the importance of innovation in property management as the industry evolves.

Would you rather bet on rental housing in Texas or in Southern California? Rental housing economist Jay Parsons breaks down the differences — and similarities — and shares why haters of both regions are mostly wrong. He then brings in "Dr. Doom," aka Waterford co-founder John Drachman, who shares his experiences building out a multifamily platform split between SoCal and Texas ... and why both markets can work well, albeit for different reasons. Jay and John also trade notes on their experiences growing their social media presence, and how LinkedIn in particular has opened up new doors and relationships. Additionally, Jay brings back recurring segments like "Rental Housing Trivia" and "Good Question." And during the "In the News" segment, Jay shares his experiences working with HUD Secretary nominee Scott Turner, and why he's a great fit for the role.=========================0:00 - Intro1:20 - Market data12:05 - Rental housing trivia12:40 - In the news18:17 - Good question21:00 - John Drachman intro26:25 - Multifamily 29:50 - Texas or SoCal?39:15 - Operational challenges 20:20 - Workforce opportunities 46:10 - Social media51:56 - Outro

Alecia Hill, Vice President for Impact Investing at FCP, specializes in affordable housing investment strategies. In this discussion, she delves into the declining availability of low-rent units amid new upscale developments. Hill shares her journey from performing arts to real estate and underscores the need for innovative public-private partnerships. The conversation also tackles the challenges tied to expiring affordable housing tax credits and highlights the complex landscape of housing policy reforms necessary for tackling today's affordability crisis.

Rental housing economist Jay Parsons caps off earnings call season by sharing five big takeaways on the apartment REITs' Q3 2024 earnings calls, and then welcoming in the former CEO of Centerspace REIT, Mark Decker, for a conversation on multifamily REITs and the industry at large. Additionally, Jay brings back recurring segments like "In the News" (reviewing headlines of the new impacting rental housing), "Good Question" (responding to questions on the rental housing market), "New Digs" (highlighting a recent build-to-rent project in this week's episode) and teeing up "Rental Housing Trivia." Mark Decker joins for the second half of the episode, where Jay and Mark talk about the joys and tribulations of being public versus private, address common myths and hurdles around apartment REITs and tackle questions around apartment valuations and opportunities.========================0:00 - Intro1:15 - Market data10:52 - Rental housing trivia11:25 - In the news17:29 - New digs18:20 - Good question18:59 - Rental housing trivia answer19:32 - Mark Decker intro20:12 - Real estate journey 25:12- Apartment REITs stock prices 28:21 - Common misunderstandings36:24 - Different regions of REIT markets38:35 - Transition to Proterra42:27 - Market outlook45:41 - Public vs. private 49:08 - Outro

Rental housing economist Jay Parsons breaks down the five key takeaways from the single-family rental REITs' third quarter earnings calls, and then welcomes in Invitation Homes CEO Dallas Tanner for a conversation on the evolution of SFR. Jay talks about what impact recent hurricanes had on the SFR companies, and how they're continuing to pivot away from buying individual homes and toward building new build-for-rent homes. He'll also talk about how new supply competition isn't just a multifamily phenomenon. Jay reviews recent headlines on rental housing -- including more on the potential impact of reduced apartment starts. Jay also brings back recurring segments like "Complaints Department" — dealing with a common myth around homeownership — and "Rental Housing Trivia." Later in the program, Jay asks Dallas about what he saw that others did not in the early days of SFR. Jay and Dallas talk about the evolution of institutional SFR, with public perception of the business shifting from rescuers to boogeymen. And Jay asks Dallas about the future of institutional SFR, and whether this shift toward build-to-rent is a point-in-time strategy or a permanent shift.======================0:00 - Intro1:26 - Market data10:10 - Rental housing trivia 10:46 - In the news19:36 - New digs20:54 - Good question23:17 - Complaints department24:58 - Rental housing trivia answer 25:27 - Dallas Tanner intro26:35 - What did Dallas see in SFR?29:45 - Scaling 31:26 - Regulation and finding solutions36:51 - Who are SRF renters? 40:00 - Customer trends and strategy 44:32 - Home ownership53:40 - Outro