The Rent Roll with Jay Parsons

Jay Parsons
  • 4.8 (52)
  • Investing
  • Updated Weekly

All things rental housing -- headlines, commentaries and interviews on apartments, SFR, BTR, operations, investments, development, policy and more.

  1. 3d ago

    EP#104 Michael Novogradac | LIHTC Is Under Fire. Is It Still Needed?

    The Low Income Housing Tax Credit (LIHTC) is turning 40 years old this month, and despite financing 4 million units of affordable housing — creating far more low-income housing than any other program — LIHTC is taking heat from all sides these days. You've probably heard many of the criticisms: "It's a developer giveaway and a financial boondoggle! It's not truly affordable to low-income households! LIHTC rents are comparable to market-rate rents and therefore the subsidies aren't needed!" So, what's the truth? What's the data tell us? Rental housing economist Jay Parsons rolls back the tape on how and why LIHTC was created back in October 1986, explains (at a very high level) LIHTC's unique public/private partnership model, and addresses the growing chorus of criticisms. In particular, Jay makes the point that LIHTC is working as intended, primarily housing very low-income households earning at or below 30% of the area median income. Jay also discusses why it's fair to criticize and reform many of LIHTC's administrative processes (which are often anything but efficient) while still acknowledging the program's remarkable outcomes in creating affordable housing. Later in the program, Jay welcomes in the leading guru of all things LIHTC: Michael Novogradac, who has been involved with LIHTC tax policy since Day 1 back in 1986 and continues to be a guiding voice in D.C. and across the country. Mike shares his take on how LIHTC is working relative to its original goals 40 years ago, and addresses the range of criticisms targeting the program. Mike shares data and insights that can be helpful for pro-housing voices hoping to respond to LIHTC critics with thoughtful, data-backed commentary. Also in this episode: Jay breaks down the latest headlines impacting apartments and SFR, including rising multifamily delinquency rates at Fannie Mae and Freddie Mac. And Jay also shares his hot take on why there's no such thing as "Class B/C" apartments, and why it's increasingly important to separate B's from C's.

  2. Sep 24

    EP#103 Joanna Zabriskie | The Case for Multifamily & SFR

    Rental housing economist Jay Parsons shares the data points and charts that investors should consider in evaluating the multifamily and single-family rental markets. What are the key trends in supply, demand, affordability, demographics and capital markets? And in this week's interview, BH Management CEO Joanna Zabriskie turns the tables, interviewing Jay at Pretium's investor conference, and that conversation is included in this episode of the podcast. Additionally, Jay breaks down the latest headlines, including The Wall Street Journal's article about rising distress and the looming wall of maturities facing the apartment sector. What is buzz versus reality?

  3. Sep 17

    EP#102 Dallas Tanner | Fall 2026 SFR & BTR Update: Are Weak Home Sales Driving Up Rents?

    Rental housing economist Jay Parsons breaks down the state of the single-family rental and build-to-rent markets. Is rent growth picking up as would-be homebuyers remain jilted by high mortgage rates? Not exactly. The SFR and BTR markets remain fairly soft, primarily in higher-supplied markets, showing the relationship with for-sale housing isn't quite as advertised. On the flip side, just like with apartments, lower-supplied markets (which are largely non-institutional) are seeing solid rent growth. Also, the CEO of the nation's largest SFR owner, Dallas Tanner of Invitation Homes, joins the podcast to share his thoughts on today's SFR market — particularly now with the ROAD to Housing Act finally in the rearview mirror. How will the new law impact Invitation and other institutional owners? Could we see more consolidation? And does institutional SFR have a PR problem? Additionally, in this week's "In the News" segment, Jay addresses headlines on San Francisco declaring a "rent emergency" and on the latest apartment REIT merger (IRT and Centerspace), as well as a new study on how long it takes to build housing across different cities.

  4. Sep 10

    EP#101 Lee Everett | 2027 Budgeting Hot Takes: Will Concessions Just "Burn Off"?

    It's budget season, that dreaded time of year when owners and operators attempt to predict the future --forecasting revenue and expenses for 2027. Rental housing economist Jay Parsons and special guest Lee Everett (head of research and strategy at Cortland, a top 10 apartment owner) seek to lend a helping hand. Jay and Lee talk about how revenue and expense trends could play out in the year ahead, and how those trends may differ by market and by asset class. What supply-heavy markets might surprise on the upside? Which could be laggards? Will rising consumer inflation end up impacting operating expenses, reversing two years of steadier expense trends? Additionally, Jay shares why you might expect better performance from Class A and B+ properties than from Class C, at least in the Sun Belt and Mountain states. Also in this week's episode, Jay makes the case for why rent concessions may not just "burn off" as many operators may want to see or expect to see in 2027, even as vacancy rates improve.

  5. Sep 3

    EP#100 James Ray | This Isn't 2008: Distress, NOI, & the Equity Swing

    It's Episode 100 of The Rent Roll, and we're bringing back one of our most popular guests — James Ray of MetLife and CRE Analyst — to take on the big questions about the cycle ahead. How does distress compare to 2008? Why will NOI matter more than appreciation in the next cycle, and how do investors plan accordingly? How does increased regulatory risk impact allocations toward multifamily, single-family rentals and build-to-rent? When will institutions rebalance toward equity strategies after several years focused on private credit? What impact is AI having? And much more. Additionally, in this week's version of "The Complaints Department" segment, Jay addresses the most common complaint he hears. Jay also brings back other recurring segments like Rental Housing Trivia, In the News, Here's a Chart and Good Question.

  6. Aug 27

    EP#99 Ryan Davis | Rent Affordability: Myth vs. Reality

    Rent affordability is maybe the most misunderstood topic in housing — with bad takes commonly held among investors and policymakers and other stakeholders. In this episode, rental housing economist Jay Parsons breaks down fact versus fiction on the big topic of rent affordability. In particular, Jay explains why this topic is a prime example of how averages can be misleading. The data shows rent affordability is a deeply bifurcated issue where two seemingly conflicting trends can both be true: We have a severe shortage of low-income rental housing for those who need it, while at the same time we have had ample demand for higher-rent apartments and single-family rentals from renters who can easily afford it. Jay breaks down the data to show the facts, and offer up practical implications investors, developers, operators, lenders, policymakers and reporters. Additionally, for today's conversation, Jay welcomes in Witten Advisors CEO Ryan Davis, whose original research into the Census renter affordability data sheds light on how most researchers and advocates tend to oversimplify what is a very nuanced and bifurcated topic. Ryan shares why most researchers report affordability trends that don't align with private-sector data, and shows why t's important to look past headline narratives and study the Census data more deeply. Also in this episode, Jay breaks down the latest news articles touching on multifamily and SFR trends, and he also responds to a big complaint from the prior week's episode.

  7. Aug 20

    EP#98 John Hofmann & Karen Purcell | Inside JPMorgan's Big Bet on Rental Housing

    Description: JPMorgan just announced one of the biggest-ever bets on housing, committing $750 billion over the next decade, and rental housing plays a big role in that bet. Two top executives from JPMorganChase's commercial banking group, John Hofmann and Karen Purcell, join with rental housing economist Jay Parsons to take us inside the bank's strategy. How does the bank see market-rate apartments versus affordable housing? Preservation versus development? And much more. Additionally, amidst more headlines trumpeting distress in the multifamily sector, Jay asks John and Karen about how JPMorgan sees the health of the apartment debt market today, as well as the implications of rising competition from debt funds. Also in this week's episode, Jay shares the latest data on multifamily capital markets and loan originations, highlighting how 2026 is on track to be the second-highest year on record for multifamily debt originations. Additionally, Jay breaks down another busy week of news headlines impacting apartments and single-family rentals, including the completion of the AvalonBay/Equity Residential merger (say hello to Vivmark Residential), the surprising growth from a smaller upstart REIT and a questionable headline from CNBC's interview with Invitation Homes.

  8. Aug 13

    EP#97 Stephen Scherr | Inside Pretium + 5 Takeaways From The SFR REITS' Earnings Calls

    With new legislation transforming the single-family rental market into a more highly regulated industry, could institutional investors like Pretium (as well as REITs like AMH and Invitation Homes) stand to benefit? It won't be cheap or easy or painless, but larger players may have the scale and the stomach for a new, landmine-filled environment of SFR — and that could lead to acquisition opportunities with smaller companies suddenly branded as "institutional" by the new ROAD to Housing Act. Pretium, the nation's second-largest SFR owner through its Progress Residential brand, sees such opportunities, as co-president Stephen Scherr tells us on this episode of The Rent Roll. Additionally, rental housing economist Jay Parsons shares his top 5 takeaways from the SFR REITs' earnings calls that just wrapped up — touching on similar themes related to ROAD, as well as slowly improving fundamentals and improving cost pressures and stock buybacks. Additionally, in this week's In the News segment, Jay shares three recent headlines that challenge mainstream thinking on the role of large investors in pushing market rents.

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All things rental housing -- headlines, commentaries and interviews on apartments, SFR, BTR, operations, investments, development, policy and more.

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