The Rent Roll with Jay Parsons

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Latest Episodes:

EP#14 Jay Parsons | What I Got Wrong (And Right!) In 2024 Dec 19, 2024

It's end-of-year report card time! Rental housing economist Jay Parsons looks back at predictions he made a year ago on how the apartment and SFR markets would unfold in 2024. What did he get right and wrong? Jay explains two big misses — and what happened that disrupted those predictions. And Jay pats himself on the back for nailing a handful of other predictions — including demand-side expectations and moderating SFR rent growth. Additionally, Jay reviews headlines of the week on rental housing, including controversial headlines around the growing build-to-rent industry and some early news of HUD Secretary nominee Scott Turner's potential priorities. Jay also addresses an audience question around how to talk with family and friends about how rent control exacerbates affordability challenges and why new housing construction (even "luxury"!) help improve affordability at the lower ends of the market.

EP#13 Fred Tuomi | The Merging Worlds of Multifamily & SFR Dec 12, 2024

Rental housing economist Jay Parsons dives into the emerging synergies between multifamily and single-family rentals — two sectors that have historically operated quite separately. The two worlds are gradually merging into one, starting with the hybrid build-to-rent market but now starting to extend into broader operational management practices, as well. One leader in this early movement in Fred Tuomi, Jay's guest in this episode. With uniquely deep experiences in both multifamily (with Equity Residential) and single-family rentals (Invitation Homes, among others), Fred played key roles in the maturation of both sectors into institutional asset classes over the last few decades. He's taken a new challenge with Pretium, an owner of both SFR and apartments, as vice chairman of real estate. Fred shares stories of how apartments and SFR matured into institutional asset classes despite headwinds along the way, and how the merging of multifamily and SFR is the next chapter in the rental housing story. Fred also shares some of his favorite memories working under the late, great Sam Zell at EQR. Additionally, as usual, Jay breaks down some of the latest headlines on rental housing (including news on more mall conversions to include apartments), offers up charts to bust common SFR myths and tees up another round of Rental Housing Trivia.

EP#12 John Drachman | Texas OR SoCal? "Dr. Doom" Says BOTH Dec 05, 2024

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.

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0:00 - Intro
1:20 - Market data
12:05 - Rental housing trivia
12:40 - In the news
18:17 - Good question
21:00 - John Drachman intro
26:25 - Multifamily
29:50 - Texas or SoCal?
39:15 - Operational challenges
20:20 - Workforce opportunities
46:10 - Social media
51:56 - Outro

EP#11 Alecia Hill | The Institutional Buy Box On Affordable Housing Nov 26, 2024

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

EP#10 Mark Decker | Apartment REITs' Q3 Earnings Call Recaps Nov 21, 2024

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

EP#9 Dallas Tanner | SFR REITs' Q3 Earnings Recaps & Outlooks Nov 14, 2024

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

EP#8 Paul Thrift | The Case For New Apartment Construction Nov 07, 2024

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

EP#7 David Brickman | Rental Housing 2024 Voters' Guides Oct 31, 2024

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

EP#6 Hugh Frater | The Politicalization of Rental Housing Oct 24, 2024

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

#EP5 Mayor Dr. Lynne Robinson | Win/Wins For Cities & Developers Oct 17, 2024

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

EP#4 David Auerbach | Fresh Data & REITs' Earnings Preview Oct 10, 2024

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

EP#3 Payton Mayes | The Hurdles For Apartment Builders Oct 03, 2024

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

EP#2 Dan Oberste | Debunking A Few Multifamily Myths Sep 25, 2024

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

EP#1 Bob Simpson | The Case For Middle-Income Housing Sep 19, 2024

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

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