The Rent Roll with Jay Parsons

Rhett Bennett, founder of ReSeed Partners who backs emerging multifamily operators, and Moses Kagan, co-founder of Adaptive Realty and active small multifamily operator with a big social presence. They trace their career paths and fund structures. They discuss deal sourcing, cash buys that enable consolidation, operator traits that win, market selection across coasts, Midwest and Sunbelt, and managing regulatory and capital risk.

Nick Andersen, President of Development at Dominium and a longtime LIHTC developer, demystifies affordable housing. He tackles myths about residents and buildings. Conversations cover why LIHTC rents can outpace market rents, how construction and unit mix differ, design and durability for families, and regulatory complexity that drives costs.

Mark Parrell, CEO of Equity Residential and long-time company leader, reflects on steering a major apartment REIT through strategic shifts. Conversations cover the company's pivot back to select Sun Belt markets, building attainable garden-style housing near Atlanta, regulatory and litigation risks shaping capital decisions, and which coastal markets remain core.

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.

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.

Kenny Burgos, former state legislator and now CEO of the New York Apartment Association, champions data-driven, pragmatic approaches to rent-stabilized housing. He discusses the 2019 vacancy control change, why units sit empty, renovation and tenant consent rules, outreach via short-form videos, and proposed policy fixes like upzoning and tax reform.

Jana Galan, a Bank of America Securities REIT analyst, breaks down apartment REIT themes from recent earnings calls. She discusses why buybacks are rising, NAV discounts versus private markets, and which markets are leading recovery. Short, sharp takes on Sunbelt momentum, coastal divergence, and the timeline setting up 2027.

Jeff Weidell, CEO of Northmarq and veteran multifamily capital markets leader, discusses lending, debt funds versus banks, and how maturities may shape 2026. He explores which properties face restructuring or sale and the mismatch between where buyers want to invest and where stress actually sits. He also covers GSE policy, potential privatization of Fannie and Freddie, and HUD reforms to speed housing production.

Michael Comparato, president and head of commercial real estate at Benefit Street Partners, brings banking roots and multifamily lending expertise. He discusses why distress is concentrated in older, lower-quality apartments. Short timelines on who will buy Class C assets, how private credit is reshaping lending, and what might finally push larger waves of distressed sales.

Carl Whitaker, Chief Economist at RealPage, shares his insights on the multifamily housing landscape. He discusses the complexities of demand, especially in light of the economy's uncertainties, and anticipates reduced supply moving into 2026. Carl explores the key drivers behind absorption trends, emphasizing migration and demographics. He forecasts modest national rent growth and highlights promising Sunbelt markets like Tampa and Raleigh. The conversation also tackles the impact of concessions on effective rents and offers a refreshing take on long-term investment themes.