Rental housing economist Jay Parsons breaks down the realities of today's multifamily market: Debt is readily available, but equity is not ... unless it's preferred equity. Jay shares the latest data, including the historic spike in apartment loan originations, and explains why that might trigger some institutions to shift back toward equity strategies. Later in the program, Jay is joined by one of the early believers in the preferred equity, Marble Capital's David Oelfke. David talks about his journey starting ARA, growing it (along with partners) into a major apartment brokerage shop, selling it to Newmark, and then starting a new venture focused on preferred equity. How does preferred equity work and what are the advantages over common equity? Additionally, Jay analyzes the latest headlines on rental housing, including another big platform acquisition.