The Rent Roll with Jay Parsons EP#73 Rich Hill | 7 Takeaways From SRF REIT Calls + Finding Opportunities in Rental Housing
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Feb 26, 2026 Rich Hill, senior managing director and global head of real estate research and strategy at Principal Asset Management, shares concise market-savvy perspective. They discuss public versus private valuations, growth of build-to-rent and institutional shifts in single-family rentals. Conversation covers apartment buy boxes, student housing risks, and where rental housing investment opportunities may emerge next.
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Balance Buybacks With Development Funding
- Use share repurchases when public equity trades well below private NAV while preserving capital for development.
- Invitation repurchased $100M; AMH used $265M authorization but will balance buybacks with funding in-house development.
Private Market Values Diverge From Public REIT Prices
- Private buyers often value assets higher than public markets, driving take-privates at premiums to traded prices.
- Veris Residential sale at a 27.5% premium highlights private-market conviction versus public REIT pricing.
Housing Shortage Is Really A Housing Mismatch
- Principal views U.S. housing as a mismatch, not a simple undersupply, with oversupply in Class A apartments in some markets and shortage in other housing types/markets.
- Their strategy: pick property types and markets carefully, favoring BTR/SFR and selective Class B value-add.