The Rent Roll with Jay Parsons EP#74 Jason Morgan | Inside Multifamily's Biggest Family Business
Mar 5, 2026
Jason Morgan, Co-CEO of Morgan Properties and longtime family executive, shares his personal family origin story and the firm’s rise from three Philly properties to 110,000+ units. He discusses why the Midwest is central to their strategy, how they buy older infill assets to compete with new supply, and what the leadership transition means for the company’s next chapter.
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Capital Is Back But Only For Higher Rent Submarkets
- Apartment sales recovery is concentrated in higher-rent submarkets, with 2025 volumes ~90% of 2019, while lower-rent submarkets lag at ~67%.
- This shows capital is undergoing a flight-to-quality, not a flight-to-affordability.
Midwest Sales Volumes Lead The Recovery
- The Midwest is the only region where 2025 sales volumes exceeded 2019 across all submarket tiers (high at 156% of 2019).
- Less new supply and strong institutional interest made Midwest assets especially liquid and attractive.
How A Dollar Down Deal Built Morgan Properties
- Mitchell Morgan bought 1,400 units in 1985 using tax-exempt and seller financing with a dollar down.
- The deal required 100% unit renovations, forcing a hard-learned rehab program that launched Morgan Properties' value-add DNA.