The Rent Roll with Jay Parsons

Terry Considine has nothing to prove. He has launched multiple REITs, including one (Aimco) that was at one point the nation's largest apartment owner. He sold a spin-off REIT (AIR Communities) to Blackstone. But even after that exit and 4+ decades in the apartment business, Terry Considine isn't done — now steering his latest apartment venture, Big 4 Properties. In this episode with host and rental housing economist Jay Parsons, Terry strolls down memory lane to his early years in the apartment business to the time when his portfolio topped 200,000 units to the wind-down of Aimco. Terry also shares why he's starting all over again, and what he's targeting at Big 4. Additionally in this episode, Jay shares his thoughts on the newly released 2026 NMHC Top Owners, Managers and Developers list — and in particular, why multifamily remains one of the nation's most fragmented major industries. 

Did the U.S. apartment sector see a March bounce for the start to leasing season? Rental housing economist Jay Parsons breaks down newly released data on apartment supply, demand and rents — and paints a picture of a market that is recovering, but at a plodding pace. For apartment investors and operators, the good news is that the chief headwind (supply) is largely in the rearview mirror. But the payoff has been anything but quick. There's still a supply overhang from 2023-25 to work through. Jay also shares the latest data on demand, and explores whether AI and soft job growth has impacted apartment absorption. Additionally, Jay welcomes in Cushman & Wakefield's multifamily research head, Sam Tenenbaum, for an extended conversation on the state of multifamily fundamentals and capital markets. Sam shares his take on the state of the apartment market across the U.S. Also, Jay shares his take on the latest headlines impacting apartments and single-family rentals — including another big platform sale plus the passing of one of multifamily's biggest names.

Rental housing economist Jay Parsons dives into the bizarrely regressive legislation that would effectively block most build-to-rent single-family home construction. In fact, as Jay shares, the legislation is already having a devastating impact on the BTR pipeline, even prior to the legislation's passage, due to sudden uncertainty around the sector's regulatory viability. Already, investors and lending are pausing new BTR projects. And that pause may last a while due to uncertainty around the bill's future, as well as hastily written language that leaves critical rules open interpretation by regulators after passage. One of the nation's largest BTR developers, Quinn Residences, is seeing that immediate impact firsthand. Quinn CEO Richard Ross joins the podcast to share real-time intel on the legislation's impact to BTR, and why the bill's proponents misunderstand key details about the sector. Richard directly addresses the popular myth that BTR developers would be building for-sale homes if they weren't building rentals, and shares why that is wrong. Additionally, pro-housing advocate Mike Kingsella — one of the leading voices on housing policy in D.C. through his organization Up For Growth — joins the podcast to share the latest intel on the bill's outlook on Capitol Hill, and also shares advice on what strategies and messages are best resonating with legislators. Furthermore, Jay shares the latest news on how the regulatory spotlight is already expanding from BTR to apartments and manufactured housing, as well, via threatening letters sent to the leading rental housing owners.

Rental housing economist Jay Parsons covers a busy week of headlines related to apartments and single-family rentals — including another major apartment portfolio trade plus the latest on the proposed ban on institutional SFR investors. But the focus of this week's podcast is the sub-institutional multifamily. Small multifamily rarely gets the attention given to institutional multifamily, yet comprises a huge chunk of the nation's apartment market. Jay reviews the latest trends on sub-institutional multifamily fundamentals and capital markets, teeing up a conversation with Adaptive Realty's Moses Kagan and ReSeed Partners' Rhett Bennett. Jay, Moses and Rhett talk about opportunities within the sub-institutional market, and what the pair are looking for in their fund investing in sub-institutional operators across the country.

There are no shortages of false narratives about affordable housing. From the buildings to the renters who live in them, they rarely match the public narratives about them. And also: Just because a developer can get tax credits to build affordable housing doesn't make it easier, either — especially in higher-supplied markets where affordable rents are colliding with market-rate rents due to rent declines associated with the highest supply wave since the 1970s. So how do LIHTC affordable housing still make deals work today, even in markets where affordable housings' actual rents are well below allowable rents (set based on incomes)? Rental housing economist Jay Parsons welcomes in Nick Andersen of Dominium, one of the nation's biggest builders of affordable housing to talk myths versus realities — and share tips of the trade on how affordable housing development can still work today. Additionally, on the topic of affordability and mythbusting, Jay shares his two favorite charts from the just-released State of the Nation's Rental Housing report from Harvard's Joint Center for Housing Studies. And for the "In the News" segment in this episode, Jay breaks down the latest on the federal government's attempt to ban large investors from buying or building single-family rental homes.

Rental housing economist Jay Parsons dives into the remarkable story of Equity Residential, starting with two fraternity brothers at the University of Michigan in the 1960s through its IPO in the 1990s, its scaling to 225,000 units in 2001 (which included investments in 36 states, in affordable housing and in ranch-style apartments) to its shift to focus entirely in coastal urban markets to its latest chapter retuning to select Sun Belt markets. Jay in joined in the program by EQR's CEO, Mark Parrell, who worked under the late great Sam Zell beginning in the late 1990s. Mark takes us inside EQR and shares the factors that drove the latest pivot, and why Equity Residential is now building attainable housing on the outskirts of Atlanta — a big shift from high-rises in major coastal cities. Additionally, in this week's "In the News" segment, Jay breaks down the latest headlines and happenings related to the proposed ban on institutional investors in single-family rental homes — and how the latest legislation could effectively crush most build-to-rent construction as well. What could the implications be, and why are housing analysts opposing a bill that was initially intended to boost housing supply?

Rental housing economist Jay Parsons dives into the multifamily industry's biggest family business, Morgan Properties. Started in the mid-1980s when Mitchell Morgan acquired three apartment communities in suburban Philadelphia with a dollar down, Morgan's portfolio has since grown to 110,000+ units — making Morgan the No. 2 largest apartment owner in the country. Mitchell recently promoted his two sons, Jonathan and Jason Morgan, to co-CEOs to lead the company in its next chapter. Jason Morgan joins The Rent Roll to share his family story, talk about the company's buy box and its focus of late on the Midwest, and to discuss how the company could evolve under a new generation of leadership. Additionally, Jay shares the latest data on apartment sales — including new data showing the return of capital in certain types of submarkets, while capital remains sparse for other types. Jay breaks down those two competing realities in an era where neighborhood — not just MSA — matter more than ever.

After avoiding public comment for weeks after the White House announced it proposed ban on institutional investors buying homes, the single-family rental REITs now enter the spotlight for earnings call season. How are they responding? Rental housing economist Jay Parsons shares the answer as part of his seven takeaways from the SFR REITs' recent earnings calls. One key: Increased emphasis on the pre-existing strategy of selling older homes and recycling capital into new build-to-rent construction. Additionally, Jay shares color from the REITs on slowed leasing and softening rents for the SFR sector broadly, and what that could mean for the 2026 outlook. Additionally, Jay discusses headlines from a busy news week for rental housing — including another multifamily REIT taken private, a potential apartment rent rebound in Austin, and more evidence of the positive impact of new "luxury" supply on rent affordability. Later in the program, Jay welcomes in Principal Asset Management's Rich Hill, senior managing director and global head of real estate research and strategy. Rich and Jay discuss public versus private valuations, where the industry is headed, and where investment opportunities could exist for rental housing over the next cycle. Rich shares his take on single-family rentals, apartments and student housing.

As New York City's new mayor pushes a rent freeze on the city's beleaguered rent stabilized apartments, a new voice is emerging from the landlord side — and it happens to be the guy who sat next to Zohran Mamdani in the New York state legislature. Meet Kenny Burgos, a former state legislator who is now the CEO of the New York Apartment Association. Kenny has taken a fresh, pragmatic approach to the rent control debate — highlighting data, logic and real-life examples over short-form videos on social media in a way that could be a template for others across the country trying to respond to disproven policy ideas. In addition to the conversation with Kenny, Jay Parsons also shares a brief version of New York's 100+ years of rent control, and how continued tightening has only exacerbated challenges for renters. Also in this episode, Jay shares the latest headlines impacting single-family rentals and introduces a new segment to the podcast called "Good News."

The big six apartment REITs just wrapped up their Q4 2025 earnings calls. Rental housing economist Jay Parsons shares the seven key themes and takeaways from those calls — and what these trends might mean for the broader multifamily market. Those themes include improvement in multifamily fundamentals headed into the spring leasing season (including some initial reduction in concessions) and yet still muted expectations for rent growth in 2026, the continued strength of New York and San Francisco coupled with lingering challenges in other coastal markets (and related news of Camden exiting California), signs of momentum in the supply-drenched Sun Belt, plus more stock buybacks as REITs continue to trade at big discounts to net asset value. Later in the program, Jay welcomes in REIT analyst Jana Galan from Bank of America Securities. Jana gives her take on the effectiveness of buybacks and how Wall Street investors see apartments today compared to other asset classes, as well as her thoughts on the eventual recovery. Additionally, Jay reviews headlines of the week impacting rental housing, and gives his take on a recent congressional hearing on housing affordability and a potential ban on large investors buying single-family homes.

What was the sentiment at the apartment industry's biggest annual get-together, the National Multifamily Housing Council's Annual Meeting? Rental housing economist shares his take on the pulse of the market as part of hig Top 5 takeaways from the event in Las Vegas. In particular, Jay shares color and insights on the wide availability of debt capital, and what implications that's having downstream for would-be sellers and would-be buyers. Jay then welcomes in Jeff Weidell, the CEO of Northmarq, one of the biggest names in multifamily capital markets. Jeff shares his thoughts on how the apartment sector could unfold in 2026, and what could result from the disconnect between buyers chasing distress and actual distress at lower quality that what most buyers want. Jeff also talks about the policy environment for multifamily finance, and how that's changing, as well as his thoughts on the potential privatization of Fannie Mae and Freddie Mac. And as always, Jay brings back recurring features like "Rental Housing Trivia" and "In the News" — including another myth-buster news article on the role of institutional investors in the single-family housing market.

We've been hearing about the so-called wall of maturities and looming distress in multifamily for a couple years now. So, where is it? When will it show it up? What could it look like, and what implications could it have (or not have) on the broader multifamily market? Rental housing economist Jay Parsons shares the latest on apartment distress, and how we could be seeing a mismatch between capital chasing distressed deals versus actual distressed opportunities in the market. Jay then welcomes in the head of a major apartment lender, Michael Comparato of Benefit Street Partners, to dive deeper into emerging distress. Mike shares his thoughts on how much longer lenders can stay patient, what could push more distressed deals into the market, how the emergence of debt funds have changed the game, and how distressed deals could impact the broader sector. Additionally, Jay brings back recurring segments like "In the News" — highlighting new articles on the proposed ban on institutional SFR investors as well as the increased opportunities for BTR development.

What's the latest on the U.S. apartment market? Rental housing economist Jay Parsons shares fresh data and commentary on multifamily fundamentals across the country — and notes it's no longer as clean-cut as coastal versus Sun Belt. Jay breaks down the key performance indicators from supply and demand to occupancy and rent, hunting for green shoots and giving perspective on when we could see concessions burn off and rent growth rebound. RealPage Chief Economist Carl Whitaker joins the podcast to share his take on the 2026 outlook, particularly around demand drivers given increased uncertainty in the economy. Reduced supply is a given in 2026, but what about demand? And how long will it take to lease up the surge of supply that completed in 2024 and 2025? Additionally, Jay breaks down the latest headlines impacting apartments and single-family rentals, as well as teeing up another edition of "Rental Housing Trivia."

Institutional investors in single-family rentals are suddenly front-page news thanks to President Trump's proposed ban on institutions buying houses. But what does the data and academic research tell us about institutions' impact on home prices, home sales, homeownership, rents and on neighborhoods? And how do those impacts vary in the parts of the country with heavier concentrations of institutional investors? Rental housing economist Jay Parsons breaks down the 10 most common myths we're hearing about institutional investors in single-family housing, and responds to each one with data from academic papers, renter surveys and leading data sources. And to help further the conversation, Jay welcomes in an academic who just published an award-winning, peer-reviewed paper on the impact of institutional investors in housing — Dr. Joshua Coven, a professor at Baruch College in New York City. Professor Coven shares three major takeaways from his study published last year. Additionally, Jay shares his thoughts on the latest headlines touching on apartments and single-family rentals during the "In the News" segment, including high concessions for apartments in Phoenix and other Sun Belt cities.

What's the latest in the single-family rental and build-to-rent market? The sectors are drawing a lot of attention right now, driven by widening discount to rent versus buy. But that isn't translating into improved leasing velocity or rent growth for SFR operators. Why not? Rental housing economist Jay Parsons explains, and outlines what might play out this year. Additionally, Jay shares his take on President Trump's announcement that he will pursue a ban on institutional investors buying single-family homes. Later in the program, Jay welcomes in one of the nation's early pioneers in BTR development — Josh Hartmann, the CEO of NexMetro. Josh shares the great story of how Phoenix became the epicenter of the BTR boom, and gives his take on the sector's future direction. As always, Jay brings back recurring segments like "In the News" (where Jay breaks down a recent article on the sluggish condo market, among other headlines) and "Rental Housing Trivia."

It's predictions time! Rental housing economist Jay Parsons shares 15 predictions for apartments and single-family rentals in 2026 — including his take that apartment absorption could drop off even if job market rallies, and Jay explains why that's not necessarily a bad signal for the sector. Jay also shares his takes on the impact of immigration policy, the outlook for apartment and SFR rents, and what role distress might play in the capital markets. In addition, the main event of this episode is our guest, the one and only John Burns — the founder and CEO of John Burns Research & Consulting. John shares his take on the 2026 outlook for home sales and for rental housing, and why 2026 could be a "boring year" in his words. Additionally, Jay shares the latest headlines touching on rental housing, including a big article from Bloomberg on how "luxury" apartments and pushing down rents even for lower-income renters. 

Rental housing economist Jay Parsons rolls back the tape on his 10 predictions for the apartment and single-family rental market in 2025. What played out as expected, and where did he miss? It turns out there was a common theme among the two big "misses." In the second half of the program, Jay welcomes in Newmark's managing director and head of multifamily capital markets research, Mike Wolfson. Mike shares his own thoughts on how 2025 played out versus expectations, then Jay and Mike discuss the capital markets environment going into 2026. What's driving the return of debt capital back into apartments, and what impact has that had on transactions? Deal flow increased moderately in 2025, but what would it take to get further acceleration in 2026? And where's all that distress we've been hearing is constantly on the horizon? Also, as always, Jay brings back recurring segments like "Rental Housing Trivia" and "In the News," where he shares a surprisingly insightful story from The Wall Street Journal, as well as another headline about the winddown of an apartment REIT that once ranked as the nation's largest apartment owner. 

Are we seeing green shoots in the supply-drenched multifamily market? Rental housing economist Jay Parsons breaks down why the answer is "yes," while cautioning that a "green shoot" is just that — early signs of improved momentum, but not yet a rebound. He also notes that there's a long way to go, and the path to recovery could be choppy and uneven. Jay also reveals the one Sun Belt market seeing more green shoots than others right now, and what that could mean for other markets going forward. Later in the program, Jay welcomes in the CEO of CAPREIT, Andrew Kadish. Jay and Andrew discuss trends in affordable and market-rate housing across the East Coast, Mid-Atlantic and Midwest. Andrew also shares his take on how we can get more affordable housing available for those who need it. And Andrew also tells the story of how the company started by his father ended up with the same name as a Canadian REIT — setting up a lifetime of name confusion. And as always, Jay brings back recurring segments like "In the News" (where he talks about a big headline related to new fee transparency rules), "Rental Housing Trivia" and "New Digs."

Greystar's incoming head of U.S. property management, Toni Eubanks, joins The Rent Roll with Jay Parsons to share her journey from leasing units on site to leading the nation's largest apartment manager with nearly 1 million units. Toni shares her take on how the property management business has evolved over the last few decades, and where it's headed from here. Toni also reveals some of her priorities and goals at Greystar as she steps into the expanded role on January 1. Additionally, Jay shares his take on the latest headlines impacting rental housing — including a CNBC headline declaring that vacancy has reached a "record high." Is that true? Jay also provides a hot take on why we could see the death of market surveys, which have been pervasive across the industry dating back prior to the digital era.

How is AI impacting the rental housing business? Rental housing economist Jay Parsons cuts through the noise and the hype to look at the current state of AI in the multifamily and BTR industries, as well as the impact of AI on demand drivers like employment. Additionally, Jay welcomes Tyler Christiansen, the CEO of one of the nation's leading prop tech firms using AI, Funnel. Jay and Tyler discuss what's real and what's not, how to measure the impact of AI on NOI, and what the next advancements in AI could look like for property owners and managers. Additionally, in this week's "In the News" segment, Jay shares some big headlines impacting apartment and SFR operators — including an article challenging the perception of Gen Z'ers being more financially stretched compared to prior generations.