Episódios
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Rental housing economist Jay Parsons walks through today's institutional buy box for affordable and workforce housing with FCP's head of impact investing, Alecia Hill. Jay also shares data on the supply shortages impacting all types of rental housing, but especially at the more affordable price points. Jay also breaks down the looming challenges tied to expiring affordable housing tax credits plus aging naturally affordable housing -- and why the solutions aren't as simple as headlines suggest.
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0:00 - Intro 0:42 - Market Data 4:53 - Rental housing trivia 5:22 - In the news 9:26 - Good question 12:09 - Rental housing trivia 14:12 - Alecia Hill intro 15:20 - Journey into real estate 19:44 - Current market 25:05 - Profits vs supply 30:23 - Preserving affordability 37:53 - Housing policy suggestions 41:43 - Biggest misconception 47:05 - Outro -
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.
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0:00 - Intro 1:15 - Market data 10:52 - Rental housing trivia 11:25 - In the news 17:29 - New digs 18:20 - Good question 18:59 - Rental housing trivia answer 19:32 - Mark Decker intro 20:12 - Real estate journey 25:12- Apartment REITs stock prices 28:21 - Common misunderstandings 36:24 - Different regions of REIT markets 38:35 - Transition to Proterra 42:27 - Market outlook 45:41 - Public vs. private 49:08 - Outro -
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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.
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0:00 - Intro 1:26 - Market data 10:10 - Rental housing trivia 10:46 - In the news 19:36 - New digs 20:54 - Good question 23:17 - Complaints department 24:58 - Rental housing trivia answer 25:27 - Dallas Tanner intro 26:35 - What did Dallas see in SFR? 29:45 - Scaling 31:26 - Regulation and finding solutions 36:51 - Who are SRF renters? 40:00 - Customer trends and strategy 44:32 - Home ownership 53:40 - Outro -
Election results are in, and rental housing economist Jay Parsons talks about how President Trump's win could impact rental housing — as well as reviewing California voters' decisive takedown of a ballot measure that would have expanded rent control across the state. Additionally, Jay provides five key indicators showing why new apartment supply will remain constrained for the foreseeable future — and what that could mean for the market. Later in the program, Jay continues the supply conversation with Paul Thrift, CEO of Thompson Thrift, the nation's 13th-largest apartment developer. Paul shares how Thompson Thrift is navigating the challenging headwinds to continue an aggressive push to start new apartment projects across the country.
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0:00 - Intro 0:59 - Market data 9:06 - Rental housing trivia 9:40 - In the news 16:14 - Good question 20:20 - Complaints department 22:22 - Rental housing trivia answer 23:36 - Paul Thrift intro 25:22 - Origin Thompson Thrift 28:12 - Current market conditions 31:40 - Construction costs 35:20 - Regulations 38:50 - Zoning 42:22 - Thompson Thrift markets 45:02 - Buyer interest 49:45 - Mission to serve 53:26 - Outro -
Rental housing economist Jay Parsons provides an Election Day look at the rental housing platforms of Vice President Kamala Harris and former President Donald Trump, commentating on the potential impacts for rental housing investors and renters should either be elected. Later in the program, former Freddie Mac CEO David Brickman joins the show to preview his upcoming paper on the success story of multifamily — and looking at what other countries could learn from the U.S. model that has resulted in more housing availability for renters. David and Jay also talk about upcoming challenges facing the U.S. rental market, including the aging stock of tax credit and naturally occurring affordable housing, and what solutions might address that issue. David also opines on whether Fannie Mae and Freddie Mac should be allowed to provide construction financing to further spur new supply. Additionally, Jay breaks down headlines on California's Prop 33 and the potential impact of SROs (so-called "adult dorms.") And Jay also tees up a special Election Day edition of Rental Housing Trivia.
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0:00 - Introduction 1:47 - Presidential candidates on housing 11:31 - Rental housing trivia 12:25 - In the news 19:49 - Good question 21:06 - Companies department 23:59 - Rental housing trivia 25:05 - David Brickman intro 25:47 - Paper on the success story of multifamily 31:08 - Historical analysis 34:10 - Construction financing 37:50 - Fannie Mae and Freddie Mac 41:35 - Rental market concerns 46:07 - Solutions 50:45 - Outro -
Rental housing economist Jay Parsons welcomes in the former CEO of both Fannie Mae and Berkadia, Hugh Frater, to talk about the politicalization of rental housing. Hugh provides a history lesson on how key policy decisions of the past contributed to the housing affordability challenges of today. Jay and Hugh also talk about why supply is the only lasting solution. Additionally, Jay addresses a common misconception about the impact of new supply in the "Complaints Department" segment, while offering up another edition of Rental Housing Trivia.
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0:00 - Introduction 0:41 - Market data 3:51 - Rental housing trivia 4:35 - In the news 10:16 - Good question 12:08 - Complaints department 14:57 - Rental housing trivia answer 16:37 - Hugh Frater introduction 17:34 - Housing policy 26:00 - Advice to presidential candidates 34:10 - Role of Fannie and Freddie 37:40 - Vessel technologies 42:25 - Outro -
Rental housing economist Jay Parsons dives into the data to talk about what cities can do to facilitate more new housing supply -- and what barriers get in the way -- while also addressing Q&A and offering up a special LIHTC Birthday Edition of Rental Housing Trivia. He's joined later by Mayor of Bellevue, Dr. Lynne Robinson, to discuss Bellevue's successful partnerships with Amazon and Microsoft to build workforce housing, and also what the federal government can do to help cities build more housing.
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0:00 - Intro 0:00 - Market data 6:13 - Rental housing trivia 6:58 - In the news 13:52 - New digs 15:13 - Good question 17:30 - Complaints department 19:14 - Rental housing trivia answer 20:32 - Dr. Lynee Robinson intro 21:30 - Secret of Bellevue success 25:34 - Partnership with Amazon & Microsoft 29:33 - Developers working with the cities 31:59 - Improving housing policy 37:25 - Advice to developers 40:38 - Outro -
Rental housing economist Jay Parsons shares newly released data on Q3 2024 apartment market performance across the U.S. (Hint: Big supply AND big demand!), and offers up rental housing trivia and Q&A. He's joined later by REIT research analyst David Auerbach of Hoya Capital to preview REITs’ earnings season for both SFR and multifamily, and banter on Sun Belt versus Coasts.
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0:00 - Intro 0:38 - Multifamily research 4:33 - Rental housing trivia 5:11 - In the news 11:31 - New digs 12:34 - Good question 14:07 - Complaints department 15:27 - Rental housing trivia answer 16:21 - David Auerbach introduction 17:06 - Tracking REITs 17:57 - REITs earning preview 21:51 - Construction landscape 25:02 - Apartments & rent growth 27:38 - Sunbelt vs Coastal market 35:39 - Private vs public NAVs 40:01 - REITs investment landscape 41:01 - Midwest market 45:15 - Outro -
Rental housing economist Jay Parsons shares on the roller-coaster path multifamily supply, covers recent headlines on apartments and single-family rentals, and offers up rental housing trivia and Q&A. He's joined later by Payton Mayes, CEO at apartment developer JPI, to dive into the headwinds facing developers today, how JPI is working around those headwinds, and what policymakers can do to boost housing supply.
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0:00 - Intro 0:54 - Research around supply 4:59 - Rental housing trivia 5:39 - In the news 11:35 - New digs 12:39 - Complaints department 14:40 - Rental housing trivia answer 15:18 - Payton Mayes introduction 16:05- JPI staying active in this environment 22:08 - Portfolio in Texas and California 24:21 - Project structure 26:45 - Texas real estate market 29:17 - Real estate political landscape 33:55 - Vision for JPI 36:00 - Outro -
Rental housing economist Jay Parsons discusses myth-busting research around rental affordability, covers recent headlines on apartments and single-family rentals, and offers up rental housing trivia and Q&A. He's joined later by Dan Oberste, CEO at BSR REIT, to dive discuss myths versus realities of being public traded, operating in the Sun Belt, serving market-rate renters and forecasting the multifamily outlook.
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0:00 - Intro 1:17 - Research around affordability 3:53 - Rental housing trivia 4:31 - In the news 7:27 - Good question 8:52 - Complaints department 10:16 - Rental housing trivia answer 11:28 - Dan Oberste introduction 12:10 - Good/bad of publicly traded REITs 14:56 - Myths around valuations 24:45 - Myths around renters 36:04 - Myths around the Sun Belt 40:50 - Supply/demand: when will rents rebound? 46:58 - Outro -
Rental housing economist Jay Parsons discusses the case for middle-income housing investments, covers recent headlines on apartments and single-family rentals, and offers up rental housing trivia and Q&A. He's joined later by Bob Simpson, head of the Multifamily Impact Council, to dive into the investment and policy case for affordable and attainable housing ... as well as a creative potential solution to boost construction.
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0:00 - Introduction 2:12 - Can investors afford to ignore affordability? 7:44 - TX Missing middle 10:29 - Rental housing trivia 11:03 - In the news 20:00 - Good question 21:28 - Complaints department 24:50 - Rental housing trivia 25:39 - Bob Simpson introduction 26:05 - The passion for “impact” in multifamily housing 27:57 - Defining affordability 20:38 - Solution to affordability 36:50 - Missing middle solution 39:08 - Impact on investors 42:50 - Construction lending 49:45 - Bob’s closing statements 51:56 - Outro
