Rental housing economist Jay Parsons tackles today's biggest newsmaker: tariffs. What impact are tariffs having on apartment and BTR construction and operations? How much will new starts be impacted? What components are most impacted by tariffs? Jay cuts through the noise and hot air to share five observations and insights on the potential impacts of tariffs on multifamily and build-to-rent housing. Jay also breaks down recent headlines speculating about the impact on rents, and explains why the current narrative is likely wrong. Additionally, Jay welcomes in two executives — Scott Villani and Dan Hull -- from one of the nation's largest apartment builders, NRP Group. Scott and Dan open up NRP's playbook to share where they're seeing impacts from tariffs, and why the total impact on construction costs is likely less than many people think. Scott and Dan also share what they're seeing in the current lease-up environment, and what markets are showing signs of rebounding earliest and supporting the next wave of new construction starts.