The Rent Roll with Jay Parsons

It's that time of quarter: Earnings call season. Rental housing economist digs through Q2 2026 earnings call from the apartment REITs and shares his top five takeaways and what they mean for the multifamily industry. Jay shares a previously undisclosed story of how the Equity Residential and AvalonBay merger came together, which — plot twist — included a third wheel. Jay also shares color from the REITs on the Sun Belt recovery and on continued strength in the San Francisco Bay Area. Other highlights include some perhaps counterintuitive trends in operating expenses and in renter financial health, both of which are trending more favorably than narratives might suggest. Later in the program, Jay welcomes in the new CEO of Camden apartment REIT, Alex Jessett. Jay and Alex talk about Alex's 27-year career at Camden leading up to his new role as CEO, the rent recovery in the Sun Belt, Camden's exit from California, and the future of the REIT business as the number of REIT competitors continues to shrink. Additionally, Jay shares the latest headlines touching on rental housing this week, as well as another round of Rental Housing Trivia plus his favorite question asked by a REIT analyst this quarter.

Rental housing economist Jay Parsons speaks with the outgoing head of the Federal Housing Administration (FHA) and Assistant Secretary for Housing at HUD, Frank Cassidy. Jay and Frank discuss the significance (and specifics) of cutting red tape to improve supply and liquidity in the multifamily housing market, as well as the ups and downs of working as a political appointee in Washington. And what more can we expect from FHA and HUD to help streamline housing supply, particularly for affordable housing? Additionally, in this week's "Here's a Chart" segment, Jay shares the latest data on apartment lease-up volumes, and what impact they're having on the rent recovery as well as the next generation of new development. The impact is nowhere near evenly distributed across the country, and Jay highlights which markets are ahead (and behind) the pack. Jay also breaks down the latest headlines in rental housing, including a data-heavy article from The Wall Street Journal looking at the impact of high-income renters in New York City's rent stabilized apartment market.

Outside of the economy, no factor shapes rental housing demand more than demographics. What are the latest trends shaping demand for apartments and single-family rentals, and what's shifts are under way? Back by popular demand, the O.G. of housing demographics, Chris Porter of John Burns Research & Consulting, joins the podcast to talk data and trends on all the key demographic drivers. How is immigration policy impacting rental housing demand? The answer is more nuanced than most pundits will acknowledge. And what does Burns data show on rental household formation? Does it align with other industry data showing strong absorption numbers despite numerous demand-side headwinds? What about the spike in young adults living with parents? Prior to the conversation with Chris, rental housing economist Jay Parsons shares five of his favorite housing demographics charts from JBREC's latest 100+ page housing demographics report. Additionally, Jay brings back recurring segments like Rental Housing Economist, Good Question, In the News, and Good News.

When the ROAD to Housing Act became law, hundreds of single-family rental operators were instantly branded for the first time as "institutional" — despite many of them having no ties to Wall Street or any institutional capital. And while all the attention has gone toward big-name private equity groups and REITs, much less attention has gone toward the far greater number of local and regional SFR investors suddenly swept up in the legislation. What do they think of ROAD's new regulatory red tape on SFR, and how have their businesses been impacted by it. In this special episode, rental housing economist Jay Parsons speaks with seven different SFR operators who represent the bulk of the firms impacted by ROAD, but all with unique strategies, geographic footprints and perspectives. For them, the irony of ironies is that they're too small to have much voice on regulatory topics but big enough to be swept up into the legislation. In this episode, you'll hear parts of their stories — and much of their frustration around being branded as "institutional" due to the law lumping all firms with 350+ single-family houses into that desgination. Additionally in this episode, Jay shares his take on ROAD now that it's become law ... not due to the President signing the bill, but because he didn't veto it either ... allowing it to become law after a 10-day holding period. Jay also brings back recurring segments like "Good Question," "In the News" and "Rental Housing Trivia."

Midway through 2026, how is the year playing out relative to expectations for the U.S. apartment market? Rental housing economist Jay Parsons lays out the latest data and trends on supply, demand, occupancy, rents, affordability and much more. One pleasant surprise: Apartment absorption came in hotter than expected in the first half of 2026, leading to the best occupancy improvement since 2021, according to multiple datasets. What's driving those numbers, and is it sustainable? And are rents showing any signs of momentum? Later in the program, Jay brings in Quinn Eddins, the head of research and analytics for the nation's largest apartment operator, Greystar. Quinn and Jay have a friendly debate about the health and durability of apartment demand, and whether the market turned the corner in the 2nd quarter of 2026. Quinn also shares his take on which high-supplied Sun Belt markets are recovering fastest, and which are lagging behind. Also in this episode, Jay shares headlines from the week — touching on the Marriott hotel chain expanding into the apartment business and on New York's apartment construction numbers. And as always, Jay shares another edition of Rental Housing Trivia, too.