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.
