Rental housing economist Jay Parsons shares the latest on U.S. apartment market conditions — including a surprisingly massive volume of demand hitting the market in 2024. How did demand match up to the 50-year high in apartment supply delivered in 2024? Jay also unveils which markets saw the biggest gaps — positive and negative — for demand relative to supply, as well as the latest data on occupancy, rents, apartment sales and more. Jay also brings in his old boss, IPA's Director of Research Greg Willett, for a conversation on the state of the U.S. apartment market and outlook for 2025. What markets are outperforming expectations and well positioned going forward? When will apartment sales finally pick back up? And what impact does the stalled-out homebuyer market have on apartments? Additionally, Jay brings back recurring segments of the podcast, including "Rental Housing Trivia" and "In the News."

Rental housing economist Jay Parsons brings out the (fuzzy) crystal ball to lay out predictions for the multifamily and single-family rental markets in 2025. What will become of that wall of maturities? When will the massive wave of apartment supply lease up and trigger a rent rebound? How will the sluggish for-sale housing market impact single-family rentals? After opining on the key trends, Jay then welcomes in Justin Wheeler, the CEO of Berkadia -- one of the biggest players in U.S. multifamily capital markets. Justin shares his predictions on deal flow, cap rates, distress, debt and fundamentals from his front-row seat in the market. And as always, Jay offers up his take on recent headlines related to apartments and SFR, as well as Rental Housing Trivia.

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.

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.

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

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

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