@jayparsons Avatar @jayparsons Jay Parsons

Jay Parsons posts on X about reit, market, investment, sun the most. They currently have [------] followers and [---] posts still getting attention that total [---] engagements in the last [--] hours.

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Social Influence

Social category influence finance 43.64% stocks 8.18% financial services 3.64% travel destinations 3.64% countries 1.82% currencies 0.91%

Social topic influence reit #40, market 7.27%, investment 7.27%, sun 7.27%, in the 7.27%, belt #1220, ceo 5.45%, debt 5.45%, strong 5.45%, equity residential #10

Top accounts mentioned or mentioned by @joeybaum13 @parachutej66186 @barryroland19 @wsj @caryko @valubull28 @estatebets1135 @getrealai @joestampone @jasoncnc @gianniparente @jphilbeck @donn1nger @npr @tenenbaumcre @tegoventuri @newscorp @catvielma @stevemiran @yenoms

Top assets mentioned Equity Residential (EQR) BlackRock Inc (BLK)

Top Social Posts

Top posts by engagements in the last [--] hours

"Here's a running thread of threads for Q3'25 earnings call recaps among the apartment and SFR REITs.🧵"
X Link 2025-11-05T18:09Z 30.1K followers, 22.2K engagements

"Pulte (the homebuilder not the FHFA director) CEO Ryan Marshall said this back in [----] when they announced a partnership with Invitation Homes: "We think that this partnership will give us access to larger land parcels and allow us to build everything that we normally would have built for sale and then incrementally do some rental units as well. Certainly I think there will be some projects where it becomes a little fungible and some of the units will come out of what historically would have been our for-sale portfolio." So while saying "some" units could come from for-sale portfolio he's"
X Link 2026-01-08T20:50Z 30.1K followers, [----] engagements

"Fun fact: The nation's largest owner of single-family homes owns 0.1% of the market. And no it's not BlackRock or Blackstone"
X Link 2026-01-09T20:59Z 30.1K followers, 44.4K engagements

"Good read from Lance on Invitation Homes (SFR REIT) moving into the ground-up development business. Includes a lot of important context and nuance. Understanding institutional landlord Invitation Homes new housing market bet Invitation Homeswhich wholly owns [-----] single-family rentalsannounced Thursday it is acquiring build-to-rent developer ResiBuilt. Why that matters My latest for ResiClub: https://t.co/6x1AVm5vzI https://t.co/0a6tMM3ocI Understanding institutional landlord Invitation Homes new housing market bet Invitation Homeswhich wholly owns [-----] single-family rentalsannounced"
X Link 2026-01-20T19:02Z 30.1K followers, 12.8K engagements

"Narrative buster: The share of U.S. single-family homes occupied by renters is at 15+ year LOWS according to Redfin. And yet both sides of the aisle want you to believe institutional investors are the boogeyman turning America into a renter nation. 🙄 Facts Narratives"
X Link 2026-02-03T16:42Z 30.1K followers, 17K engagements

"@Joe_Stampone I agree with that"
X Link 2026-02-07T01:54Z 30.1K followers, [--] engagements

"Apartment rents are still flat or negative in most U.S. markets BUT is momentum starting to shift Of the [--] largest markets [--] saw improvement in year-over-year rent change in Jan'26 versus the low point of [----]. That includes not only hot markets like San Francisco and New York but also most of the higher-supplied markets too -- including Atlanta Jacksonville Denver Orlando Phoenix and Dallas. In those Sun Belt/Mountain markets rents are still falling but to lesser degrees than previously. So if that sticks it would suggest the deepest rent cuts occurred in [----]. Not expecting an imminent"
X Link 2026-02-09T15:54Z 30.1K followers, [----] engagements

"When I first heard AvalonBay sold an apartment deal in San Francisco for a low 5s cap rate I didn't think much of it. Then I read this from their earnings call: It's 50+ years old subject to city rent control AND needs heavy CapEx. So . low 5s is pretty remarkable. Another signs that San Francisco is a hot market again. https://twitter.com/i/web/status/2020964822335004742 https://twitter.com/i/web/status/2020964822335004742"
X Link 2026-02-09T20:55Z 30.1K followers, 15.1K engagements

"@BarryRoland19 Agreed on LTL but also of course turnover rate and depth of capex issues as well. (I have no idea on any of those specifics.)"
X Link 2026-02-09T21:58Z 30.1K followers, [---] engagements

"Free market advocates in Congress reportedly are blocking proposed investor ban from being added onto pro-supply housing legislation. Good report from @WSJ"
X Link 2026-02-09T22:54Z 30.1K followers, [----] engagements

"Link https://www.wsj.com/politics/policy/proposed-ban-on-investors-in-the-housing-market-hits-a-wall-in-congress-6be38cb7st=uwu5rn&reflink=article_email_share https://www.wsj.com/politics/policy/proposed-ban-on-investors-in-the-housing-market-hits-a-wall-in-congress-6be38cb7st=uwu5rn&reflink=article_email_share"
X Link 2026-02-09T23:04Z 30.1K followers, [----] engagements

"Where did we add the most apartments over the past five years This chart shows us the fastest-growing submarkets in terms of net units added and the expansion rate. Some highlights: 1) Two submarkets expanded by 2x since 2021: Brunswick Co. (Wilmington NC) and Avondale/Goodyear (Phoenix). 2) Brooklyn led the nation in total units added and yet that amounted to 1/2 the U.S. average expansion rate. It just means Brooklyn is huge and reminds us the expansion rate matters more than total numbers. 3) Expanding 70%: East Austin West Huntsville (Huntsville AL) Burleson (Fort Worth) Pinal Co."
X Link 2026-02-10T14:33Z 30.1K followers, 25.9K engagements

"Rep. Green focuses on targeting/eliminating discrimination by mortgage lenders"
X Link 2026-02-10T16:24Z 30.1K followers, [---] engagements

"Rep. Barr focuses on community bank reform to make it easier for them to lend. Brian Brooks calls it the most important legislation under consideration related to housing affordability"
X Link 2026-02-10T16:27Z 30.1K followers, [---] engagements

"@caryko they maybe haven't gotten a good ROI on that investment over the last [--] years"
X Link 2026-02-10T17:04Z 30.1K followers, [--] engagements

"@jasonc_nc and the irony: bemoaning lack of affordable for-sale housing then complaining about the rental alternatives that provide far more affordable alternatives to people needing housing"
X Link 2026-02-10T22:02Z 30.1K followers, [---] engagements

"Revisionist history to blame investors for "lost home equity" in 2010s rather than the Great Financial Crisis that resulted in millions of homeowners losing their homes to foreclosure. Meanwhile studies like the below are referenced (specific to Atlanta) saying heavy investor purchases led to the loss of $4.9 billion in home equity. Except the study requires a sun-sized asterisk. A significant decline from [----] (near peak after years of 1st time homeowners https://t.co/rifxidSZ58 Meanwhile studies like the below are referenced (specific to Atlanta) saying heavy investor purchases led to the"
X Link 2026-02-10T23:13Z 30.1K followers, [----] engagements

"12) While some REITs are buying back their stock due to big discounts in stock price versus net asset value MAA said they'd rather invest capital into newer assets"
X Link 2026-02-11T18:48Z 30.1K followers, [----] engagements

"As always this is NOT investment advice of any sort. Just [--] things I found interesting from MAA's Q4'25 earnings call last week"
X Link 2026-02-11T18:48Z 30.1K followers, [----] engagements

"2) The problem for new development is not construction costs which have been trending down industry-wide despite tariff fears. The bigger challenge is rents have cooled offsetting any savings in construction cost in some cases"
X Link 2026-02-11T22:19Z 30.1K followers, [----] engagements

"5) Like another industry-wide trend (albeit one that broader narratives haven't caught up to yet) AvalonBay reported very heathy renter financials --including rent-to-income ratios now below pre-COVID levels -- as wage growth has outpaced rent growth"
X Link 2026-02-11T22:19Z 30.1K followers, [---] engagements

"6) AvalonBay reported continued strength in New York City as did others with presence there. Still seeing softness in Boston which has been hit by job losses and research cutbacks at major universities in the area"
X Link 2026-02-11T22:19Z 30.1K followers, [---] engagements

"10) Scanning other markets: AVB expecting modest growth across Southern California and South Florida. Denver remains challenged to high supply and no job growth"
X Link 2026-02-11T22:19Z 30.1K followers, [---] engagements

"13) One theme we've heard a lot is expectations for the second half of [----] to be stronger than the first half. AVB offered up some pretty detailed color outlining how that could play out"
X Link 2026-02-11T22:19Z 30.1K followers, [---] engagements

"14) On the expense side operating expense growth has normalized across the industry but could still exceed revenue growth in 2026"
X Link 2026-02-11T22:19Z 30.1K followers, [---] engagements

"15) AVB's chief investment officer shared some good color on the transaction market and availability of debt. Noted that there's a lot of buyer demand for better-quality assets"
X Link 2026-02-11T22:19Z 30.1K followers, [----] engagements

"As always this is NOT investment advice of any kind. Just [--] things I found interesting from AvalonBay's Q4 [----] earnings call"
X Link 2026-02-11T22:19Z 30.1K followers, [----] engagements

"Here's a running thread recapping Q4 [----] earnings call highlights for the apartment and SFR REITs. Will be adding to this as I get to them. 🧵"
X Link 2026-02-12T20:33Z 30.1K followers, [----] engagements

"I included more on EQR as well as Camden's reasons for exiting SoCal in my newsletter today. https://jayparsons.beehiiv.com/p/11-takeaways-from-apartment-reits-q4-25-earnings-calls https://jayparsons.beehiiv.com/p/11-takeaways-from-apartment-reits-q4-25-earnings-calls"
X Link 2026-02-12T21:14Z 30.1K followers, [----] engagements

"Here is the other part of the L.A. commentary from EQR's CEO. He is saying EQR is underwriting a higher cost for buying AND developing in California to account for litigation and regulatory risk. Who do you think pays for higher cost of development in the long run"
X Link 2026-02-12T21:24Z 30.1K followers, [----] engagements

"2) Also like others EQR said their renters are in strong financial shape. Not seeing challenges associated with layoffs"
X Link 2026-02-12T23:17Z 30.1K followers, [---] engagements

"3) However EQR acknowledged heightened economic uncertainty has impacted leasing demand. That led to EQR issuing a wide range for [----] guidance -- with the outcome dependent on job market"
X Link 2026-02-12T23:18Z 30.1K followers, [---] engagements

"4) EQR said "policy and geopolitical uncertainty" impacted the market in the second half of [----] weakening fundamentals even in low-supplied Coastal markets (with exception of NYC and San Francisco)"
X Link 2026-02-12T23:19Z 30.1K followers, [---] engagements

"6) EQR CEO Mark Parrell said he has "continuing anxiety" over L.A. in particular due to economic and regulatory headwinds. Following Camden's decision to exit SoCal Parrell suggested EQR will look to sell more L.A. properties once buyer demand and pricing improve. He said he was hopeful for L.A.'s future with the Olympics coming to town but that such a rebound would trigger EQR to sell opportunistically. https://x.com/jayparsons/status/2022056236275917243 https://x.com/jayparsons/status/2022056236275917243"
X Link 2026-02-12T23:20Z 30.1K followers, [---] engagements

"7) On the flip side EQR (like others) reported strength in two previously beat-up markets: NYC and San Francisco"
X Link 2026-02-12T23:20Z 30.1K followers, [---] engagements

"8) In Washington DC EQR said the second half of [----] was much weaker than the first half due to DOGE cuts and the federal shutdown. However with that behind them and supply dropping EQR says DC has upside"
X Link 2026-02-12T23:20Z 30.1K followers, [---] engagements

"9) In EQR's growing Sun Belt footprint EQR is like its peers wrestling with high levels of new supply competition putting downward pressure on rents. Not surprisingly: EQR called Atlanta its strongest expansion market and Denver its weakest"
X Link 2026-02-12T23:21Z 30.1K followers, [---] engagements

"10) More broadly back to uncertainty: EQR suggested the upside to economic uncertainty (combined with strong management) is a higher propensity to renew leases. Also move-outs to home purchase hit a record low. (Remember: Renters still have plenty of alternative options for renting though even if not buying so renewals aren't a given.) https://twitter.com/i/web/status/2022088662037528958 https://twitter.com/i/web/status/2022088662037528958"
X Link 2026-02-12T23:21Z 30.1K followers, [---] engagements

"11) With all apartment REITs seeing their stock trading at prices well below net asset value (NAV) EQR was among the REITs taking an aggressive view on opportunities to buy back their own stock"
X Link 2026-02-12T23:21Z 30.1K followers, [---] engagements

"12) The "other side of the coin" for a REIT priced well below its NAV: "The cost of capital for REITs is more challenging" a 180-turn from what REITs were saying a year ago. That means its less accretive to acquire properties at market prices (mid 4s to low 5s cap rates) when your company's implied cap rate is much lower. https://twitter.com/i/web/status/2022088781474705442 https://twitter.com/i/web/status/2022088781474705442"
X Link 2026-02-12T23:21Z 30.1K followers, [---] engagements

"17) One driver in OpEx savings: AI and automation. EQR said they've achieved 15% payroll savings from centralization and automation initiatives and expect to get another 5-10% "over the next several years.""
X Link 2026-02-12T23:23Z 30.1K followers, [---] engagements

"As always this is NOT investment advice of any sort. Just [--] things I found interesting from EQR's Q4'25 earnings call. Below is a thread of threads for other REIT calls if interested: https://x.com/jayparsons/status/2022046511157453289 Here's a running thread recapping Q4 [----] earnings call highlights for the apartment and SFR REITs. Will be adding to this as I get to them. 🧵 https://x.com/jayparsons/status/2022046511157453289 Here's a running thread recapping Q4 [----] earnings call highlights for the apartment and SFR REITs. Will be adding to this as I get to them. 🧵"
X Link 2026-02-12T23:23Z 30.1K followers, [----] engagements

"@joeybaum13 i'm sure they are. but the tone on san francisco has always been a bit different. reits were frustrated by what they call "quality of life" issues up until last year but you didn't hear quite the same frustrations around political climinate and regulations"
X Link 2026-02-13T16:16Z 30.1K followers, [--] engagements

"@joeybaum13 not that san francisco is easy by any means but relatively speaking i'd guess all of them would rather deal with SF than LA"
X Link 2026-02-13T16:16Z 30.1K followers, [--] engagements

"my view is that institutional-quality apartments in good locations have established pricing in mid 4s to low 5s. that is dominating the composition of trades while we're seeing far fewer deals that are lower quality in weaker locations. so you could argue that once those lower-quality deals start trading again the market average cap rates will go up but what matters more REITs and their private sector peers is the segment they play in. and barring a shock i don't see those cap rates going up. https://twitter.com/i/web/status/2022358800213119062"
X Link 2026-02-13T17:14Z 30.1K followers, [---] engagements

"2) Like others Camden says its renters remain in strong financial shape -- paying only 19% of income toward rent with average incomes of $121k. But low consumer confidence still has an impact"
X Link 2026-02-13T18:28Z 30.1K followers, [----] engagements

"UPDATED (and still true) When you build "luxury" new apartments in big numbers the influx of supply puts downward pressure on rents at all price points -- even in the lowest-priced Class C rentals. Here's evidence of that happening right now: There are [--] U.S. markets where Class C rents are falling at least 4% YoY. What is the common denominator You guessed it: Supply. Of those all but one have supply expansion rates ABOVE the U.S. average. There's no demand issue in any of these [--] markets. They're all among the absorption leaders nationally -- places like Austin Phoenix Salt Lake City"
X Link 2024-08-13T13:35Z 30.1K followers, 821.6K engagements

"NEW RESEARCH by former professors at Harvard and UC-Berkeley answers the question: How do tenant protections like "just cause eviction" right-to-counsel and source-of-income impact rents Answer: They drive up rents -- especially for the lowest-income renters. Findings: 🧵"
X Link 2025-08-26T14:08Z 30.1K followers, 136.5K engagements

"Interesting slide from AMH on the renter profile of their single-family rentals: Incomes: $150k Age: [--] Household: [--] parents [--] kids Pets: You know it Length of stay: [---] years"
X Link 2025-12-12T17:11Z 30.1K followers, [----] engagements

"To clear up confusion: "Institutional" investors represent 3% of single-family RENTALS but closer to 0.5% of ALL single-family homes. And you can't just assume that 0.5% shifts to individual homebuyers b/c small investors (exempt from ban) could take much of that share. Additionally many of the homes bought by investors (of all sizes) need massive repair work -- which discourages a typical homebuyer who would then need more cash to pay for major repairs. Investors (especially institutional SFR operators) tend to favor those types of deals under-valued by the market b/c they can usually do"
X Link 2026-01-07T22:30Z 30.1K followers, 56.9K engagements

"Wonky topic that hasn't gotten much attention outside the CRE world but banks are playing a dwindling direct role in the $2.2T multifamily debt market (primarily for regulatory reasons) and giving way to the rise of debt funds (which ironically large banks help fund). Benefit Street Partners' Michael Comparato makes the case for why banks are playing a decreasing role in the multifamily debt market and how the rise of debt funds marks a structural shift (not a cyclical fad). https://t.co/xIi9RMfmdr Benefit Street Partners' Michael Comparato makes the case for why banks are playing a"
X Link 2026-01-30T15:06Z 30.1K followers, [----] engagements

"Listening to House Financial Services committee hearing: "Priced Out of the American Dream" going on right now. Opening statements include mostly boilerplate material on affordability/politics not much about investor impact on home prices"
X Link 2026-02-10T15:21Z 30.1K followers, 10.3K engagements

"First witness is Brian Brooks (CEO Meridian Capital Group) who is noting correlation between cities with rent control having higher rents (among other things) as well as regulatory challenges for community banks"
X Link 2026-02-10T15:28Z 30.1K followers, [---] engagements

"Be leery of those who try to argue: "We don't need more market-rate housing just low-income housing." Housing is not a zero-sum game. If we force developers to build low-income housing less housing gets built b/c those deals won't work without massive subsidies. And if less housing gets built that worsens affordability for a larger share of the population. In a low-supply environment higher-income households end up living in units that would otherwise go to lower-income families. That's a bad outcome. We DO need to get more low-income housing built. But chasing supply-killing policies like"
X Link 2026-02-10T20:24Z 30.1K followers, [----] engagements

"MAA (largest apartment REIT by unit count with 105k units concentrated in Sun Belt) had earnings call last week. Some highlights: 1) "The recovery in fundamentals is under way" with incremental improvement in occupancy and rent"
X Link 2026-02-11T18:48Z 30.1K followers, 11.1K engagements

"AvalonBay (largest apartment REIT by market cap with coast-to-coast presence) had its Q4 earnings call last week. Some highlights: 1) After ramping up construction last year AVB is scaling back starts by 50% in [----] with [--] starts planned. Tough for projects to pencil. That said [--] is still a lot more than AVB's peers with possible exception of MAA. https://twitter.com/i/web/status/2021710762373194012 https://twitter.com/i/web/status/2021710762373194012"
X Link 2026-02-11T22:19Z 30.1K followers, [----] engagements

"9) On San Francisco some good color on the sales transaction market. AVB sold a deal in the city at a 5.1% cap rate. On the surface that's an unsurprising number until you dig in. and note it's a 50+ year old property with heavy capex needs and it's rent controlled. Clearly San Francisco is a hot market again among investors for a deal like to trade in the low 5s"
X Link 2026-02-11T22:19Z 30.1K followers, [---] engagements

"Following Camden's announced exit from Southern California the CEO of another major apartment REIT -- Equity Residential (Sam Zell's former shop) -- said L.A. gives him "continuing anxiety" due to economic and regulatory issues. Equity sold one L.A. property partly because "those regulatory conditions in that market are really hard" and it sounds like he wants to sell more. Interestingly he spoke of L.A.'s upside (Olympics World Cup etc.) as opportunities not to invest more in L.A. but to sell more there. Commentary below comes from EQR's earnings call last week."
X Link 2026-02-12T21:12Z 30.1K followers, [----] engagements

"Equity Residential (coast-to-coast apartment REIT with 79k units) had its earnings call recently. Some good color on the market. Highlights: 1) Like its peers EQR reported leasing and rent momentum over the winter months. "We're dialing back concessions right now.""
X Link 2026-02-12T23:17Z 30.1K followers, [----] engagements

"CPI rent inflation continues to cool as expected with that long slow ride down the mountain (made slower by lagged methodology). Now 2.8% lowest since COVID era and also [--] bps below the long-term average"
X Link 2026-02-13T16:06Z 30.1K followers, [----] engagements

"Apartment REIT stocks are trading at implied cap rates in the 6s according to BofA's Jana Galan. Meanwhile REIT-quality apartments in the private market are trading at cap rates ranging from mid-4s to low 5s. Why are apartment REIT stocks trading at prices well below the value of the apartment properties they own (net asset value) Bank of America's Jana Galan says: "REITs are equities and investors want to see growth." That growth hasn't been there largely due to the massive wave https://t.co/V0PwMF59tZ Why are apartment REIT stocks trading at prices well below the value of the apartment"
X Link 2026-02-13T17:04Z 30.1K followers, 28.3K engagements

"@ParachuteJ66186 @Gianni_Parente Something is worth what someone else is willing to pay for it. I dont think ppl outside industry fully appreciate depth of demand for well located class A deals"
X Link 2026-02-13T17:48Z 30.1K followers, [--] engagements

"that is not true. they aren't buying much anymore b/c it's more accretive to build or buy back stock. i'm no CFA and not here telling anyone to buy anyone's stock. but the reason class A deals are trading in 4s and low 5s is b/c sellers like that real estate just as much as buyers. the public markets are terrible gauge for real-world asset value. https://twitter.com/i/web/status/2022368245735387266 https://twitter.com/i/web/status/2022368245735387266"
X Link 2026-02-13T17:52Z 30.1K followers, [--] engagements

"Camden (apartment REIT with 59k units in Sun Belt SoCal DC) had earnings call recently. Some good color as always. Highlights: 1) Uncertainty remained the theme but Camden is banking on Sun Belt outperforming again as supply pressures drop from record peaks to below-average"
X Link 2026-02-13T18:26Z 30.1K followers, [----] engagements

"10) A big reason construction starts are down is because new projects aren't penciling out. Camden feeling same for projects they consider starting. The problem isn't construction costs (down 5-8%) but rents. Said they could start a couple this year but need rent growth to return -- and want to see that actually happen ("un-trended") rather than assume it will ("trended") before they start a project"
X Link 2026-02-13T18:43Z 30.1K followers, [---] engagements

"11) Camden sold four properties in Q4 (3 in Houston [--] in Phoenix) and bought one in Orlando. Continuing to recycle capital from older properties into newer ones (though for REITs it's become harder to buy when stock trading well below apartment acquisition prices.)"
X Link 2026-02-13T18:45Z 30.1K followers, [---] engagements

"13) Mixed story on Denver. Most REITs reported very challenging conditions in that market due to both supply and demand issues but Camden called it "fairly stable." However Camden said a policy change related to utility chargebacks cost them $1.8m"
X Link 2026-02-13T18:48Z 30.1K followers, [---] engagements

"14) Camden gave "B" grades to many of its core Sun Belt markets. Noted improving conditions in Nashville Atlanta Dallas and South Florida. They suggested Orlando Raleigh and Charlotte a bit behind that group due to supply but on similar trajectory"
X Link 2026-02-13T18:51Z 30.1K followers, [---] engagements

"15) Camden also gave a "B" to Tampa. And then it was coolest on Phoenix (B-) and Austin (C+) citing elevated supply lease-up competition and high concessions -- which align with industry-wide trends suggesting those two may be laggards in recovery"
X Link 2026-02-13T18:52Z 30.1K followers, [---] engagements

"As always this is NOT investment advice of any sort. Just [--] things I found interesting from Camden's Q4 [----] earnings call. For an ongoing "thread of threads" of other apartment and SFR REIT call recaps here you go: https://x.com/jayparsons/status/2022046511157453289 Here's a running thread recapping Q4 [----] earnings call highlights for the apartment and SFR REITs. Will be adding to this as I get to them. 🧵 https://x.com/jayparsons/status/2022046511157453289 Here's a running thread recapping Q4 [----] earnings call highlights for the apartment and SFR REITs. Will be adding to this as I get to"
X Link 2026-02-13T18:54Z 30.1K followers, [----] engagements

"Homelessness in Texas is down over the last decade. It's up in California. Why California tries to solve the problem through tenant rights & rent controls. Texas solves the problem by prioritizing subsidized affordable housing. It's always about supply"
X Link 2023-06-29T01:46Z 30.1K followers, 70.9K engagements

"While apartment demand is rebounding rent growth continues to cool. Why Because the 50-year high in apartment construction is doing what it's supposed to do -- put downward pressure on rent growth"
X Link 2023-07-10T13:57Z 30.1K followers, 89.6K engagements

"Inflation is basically GONE when you exclude the lagged shelter (i.e. rent) data in CPI. Remember: Rent is the biggest variable in the CPI's biggest category (shelter) and there's a known 12-month lag between asking rents and CPI rents. I'm surprised how little buzz there is (outside of the econ nerds of course) about this. Inflation less shelter is now 1.0% YoY. That is the lowest number since November [----] and it's less than half the 20-year average. Meanwhile CPI rent inflation continues to slowly cool as expected -- following its predestined down ramp based on asking rents that have been"
X Link 2023-08-10T13:55Z 30.1K followers, 879.5K engagements

"KKR put out a paper last month with a strong pitch for multifamily investing concluding: "The once-in-a-decade opportunity for real estate equity investors is complex but also exciting." Watch for moves. Appears KKR is thinking like Blackstone signaled before announcing acquisition of AIR. Note that KKR recently announced acquisition of a student housing portfolio from (ironically) Blackstone but this KKR report appears directed at conventional apartments. Some notables from report: - Report notes current challenges of maturing debt and peaking supply are "cyclical rather than secular." "The"
X Link 2024-05-13T15:54Z 30.1K followers, 305.7K engagements

"There it is KKR put out a paper last month with a strong pitch for multifamily investing concluding: "The once-in-a-decade opportunity for real estate equity investors is complex but also exciting." Watch for moves. Appears KKR is thinking like Blackstone signaled before announcing KKR put out a paper last month with a strong pitch for multifamily investing concluding: "The once-in-a-decade opportunity for real estate equity investors is complex but also exciting." Watch for moves. Appears KKR is thinking like Blackstone signaled before announcing"
X Link 2024-06-25T21:28Z 30.1K followers, 205.5K engagements

"On the Harris housing plan many YIMBYs are ecstatic . and yet builders are skeptical. Why Builders (who would benefit exponentially from 3m+ new units) are less confident this plan could accomplish its goal. Three hurdles they see that aren't getting enough discussion: 1) "The plan makes no mention of reducing onerous federal regulations that add to the 24% cost burden on single family home construction or the almost 41% increase on the construction of a multifamily unit" the the National Association of Homebuilders wrote. This could (and should) be easily added into the Harris plan. 2)"
X Link 2024-08-28T16:37Z 30.1K followers, 27.2K engagements

"One of my least popular (and long held) housing views: A weak for-sale housing market is bad for rental housing fundamentals. Rental housing is dependent on the economy. And the U.S. economy is dependent longer term on a healthy housing market where homes are selling"
X Link 2025-01-02T15:02Z 30K followers, [----] engagements

"This was a good piece in the @WSJ that gets into why the bigger single-family rental investors aren't buying houses in today's market (and haven't been -- at any scale -- in years actually). A few things this article tells us about SFR investors that most ppl don't know:"
X Link 2025-01-17T15:37Z 30.1K followers, 95.1K engagements

"Independence Realty Trust (apartment REIT in Midwest + Sun Belt with 33k units) had its earnings call last week. Some takeaways led by one notable difference from what bigger REITs reported: 1) Surprisingly IRT says they have a "fulsome pipeline" of acquisition opportunities"
X Link 2025-02-19T21:04Z 30K followers, [----] engagements

"9) Invitation -- like its peers in both SFR and multifamily -- is seeing strong numbers in the Midwest. But INVH doesn't plan to expand much there. On risk-adjusted basis INVH still sees better opportunities in high-growth Sun Belt markets"
X Link 2025-08-01T16:57Z 30.1K followers, [---] engagements

"10) Lastly: Invitation's President Charles Young announced he's leaving to become the CEO of Sun Communities a REIT focused on manufactured housing and RVs"
X Link 2025-08-01T16:57Z 30.1K followers, [----] engagements

"Equity Residential (major apartment REIT) recently had its Q2'25 earnings call. Lots and lots of color on the market. Highlights: 1) Urban centers -- long pulling down apartment portfolios -- are now a strength as quality of life improves and workers return in office"
X Link 2025-08-11T18:39Z 30.1K followers, 33.6K engagements

"Really great chart from Newmark showing potential multifamily loan distress. Two key points: 1) Distress is real. 2) Distress is often overstated. While $81 billion is a lot of money it's 3.5% of the total U.S. multifamily debt. And not every POTENTIALLY distressed loan will turn out to be actual distress . some will get worked out one way or another"
X Link 2025-09-11T13:52Z 30.1K followers, 15.1K engagements

"Wow big deal. Toll Brothers exiting apartment business selling platform to Kennedy Wilson"
X Link 2025-09-18T15:03Z 30.1K followers, 34.3K engagements

"Just as this app rages over the huge drop in apartment construction in Los Angeles this article comes out in The American Prospect and leads with renters in . Los Angeles"
X Link 2025-10-06T17:37Z 30K followers, [----] engagements

"Bear in mind Equity Residential's resident base is skewed toward very upper end of incomes among renters. High end Class A+ apartments"
X Link 2025-10-06T17:39Z 30K followers, [----] engagements

"Friendly reminder: BlackRock owns zero single-family homes. If we spent as much time pursuing real solutions as we do chasing conspiracy theories we might actually make the American Dream more accessible to more people. BlackRocks shell company scam to skyrocket the cost of entire neighborhoods BlackRock is buying homes at lower values and then selling those homes to themselves to shell companies for hundreds of thousands more. Heres how the scam works - Step one the identify middle class https://t.co/j98AigLwx0 BlackRocks shell company scam to skyrocket the cost of entire neighborhoods"
X Link 2025-10-24T14:50Z 30.1K followers, 10.1K engagements

"Equity Residential revised down its revenue guidance slightly last night "to reflect a weakening of demand late in the third quarter of [----] especially in Washington D.C. along with delays in the rollout of certain other income initiatives.""
X Link 2025-10-29T13:34Z 30.1K followers, [----] engagements

"Equity Residential (apartment REIT with 86k units most in coastal markets) had its earnings call last week. Some very interesting/telling color on state of the market. 1) Are renters in weakening financial shape Not at all so far. Incomes are up rent-to-income 20%. But"
X Link 2025-11-04T15:53Z 30.1K followers, 22.9K engagements

"Equity Residential https://x.com/jayparsons/status/1985737070912958740 Equity Residential (apartment REIT with 86k units most in coastal markets) had its earnings call last week. Some very interesting/telling color on state of the market. 1) Are renters in weakening financial shape Not at all so far. Incomes are up rent-to-income 20%. But. https://t.co/KjGl0fViWV https://x.com/jayparsons/status/1985737070912958740 Equity Residential (apartment REIT with 86k units most in coastal markets) had its earnings call last week. Some very interesting/telling color on state of the market. 1) Are"
X Link 2025-11-05T18:09Z 30.1K followers, [----] engagements

"With another REIT (Centerspace) exploring "strategic alternatives" here's the list of apartment and SFR REITs we've lost (or on track to lose) in the public markets since 2020: ACC Aimco AIR Communities Bluerock Dream Residential Elme Communities Front Yard Preferred Resource Steadfast Tricon I may be missing a few. Meanwhile we've added just two new (still-active) publicly traded REITs in the last [--] years that I'm aware of -- both of which are small companies operating apartments in the NYC area. Clipper Realty (2017) GO Residential (2025) It's a punishing market for public REITs today"
X Link 2025-11-13T16:22Z 30K followers, 12.1K engagements

"I am not an expert on the homebuilders so I had to go back and look at what homebuilders have said about selling to SFR operators. Their past comments suggest it's not as clear-cut as Pulte said on CNBC. Back in [----] Lennar announced an SFR business and said it was an "opportunity for families and individuals across the country to live in brand-new homes at an attainable price point all without putting up a down payment. We have a distinct opportunity to create upward mobility in the housing market through this initiative.""
X Link 2026-01-08T20:47Z 30.1K followers, [----] engagements

"@J_Philbeck @Donn1nger Someone with [--] houses is not an institutional investment group"
X Link 2026-01-09T23:49Z 30.1K followers, [--] engagements

"The best tenant protection: more housing. WSJ: "The renter-friendly environment in Phoenix is a symptom of the citys enormous glut of high-end apartments . It is a contrast to housing-scarce coastal cities like New York and Los Angeles where renters endure cutthroat apartment hunts to find a place to live." https://twitter.com/i/web/status/2010711757023568212 https://twitter.com/i/web/status/2010711757023568212"
X Link 2026-01-12T13:53Z 30K followers, 82K engagements

"This piece from @NPR is a good example of narratives running away from facts on institutional single-family rentals. It opens with an anecdote that (with no evidence) implies "Wall Street" blocked this family from buying a house. I sold a house one time that got [--] cash offers above asking. Neither were investors. Both out of state buyers relocating. Additionally even if investors local groups outnumber institutional groups by [--] to [--]. Plus institutional groups have narrow buy boxes-- worrying about yields and market topping prices in a bidding war will crush yields. Yet this type of water"
X Link 2026-01-20T15:08Z 30K followers, [----] engagements

"On Trump's exec order tonight on institutional single-family rental investors just wrote up: [--] highlights from the order [--] big open questions [--] potential implications link below"
X Link 2026-01-21T05:10Z 30K followers, [----] engagements

"@VALUBULL28 @EstateBets1135 respectfully it's a lot more nuanced than that when you dig a layer deeper. for example supply going to markets that still have favorable long-term demos. i think it's a mistake to have a "apartments OR SFR" mindset when both can do well"
X Link 2026-01-24T15:45Z 30.1K followers, [--] engagements

"Notable from Green Street on multifamily: "Markets offering better relative value: San Francisco Seattle Dallas and Miami. Markets priced too richly: Portland Las Vegas Jacksonville and Houston." Good reminder that it's not simply Coasts vs. Sun Belt here in 2026"
X Link 2026-01-27T21:19Z 30K followers, [----] engagements

"Some thoughts from the apartment industry's biggest annual get-together this week NMHC Annual Meeting: 1) Debt is so widely available that lenders (debt funds) are getting very competitive and borrowers are giddy on improving terms / speed / flexibility. 2) Owners of institutional-quality assets facing loan maturities are taking advantage of debt availability by recapitalizing often at favorable valuations that minimize pain for the sponsor. Debt funds are accommodating because they've gotta deploy capital and they're happy to do a loan-to-own if sponsor defaults b/c it could still be better"
X Link 2026-01-29T19:35Z 30K followers, 10.5K engagements

"Every housing researcher /economist in America is mythbusting the institutional homebuyer boogeyman story these days but the Realtors are doubling down on the conspiracy theory. 🤣"
X Link 2026-01-30T18:23Z 30.1K followers, [----] engagements

"@TenenbaumCRE Yes very fair. Context of question in scope of podcast was more macro-- whether debt funds continue to grow market share at expense of banks or if this was just cyclical thing"
X Link 2026-01-30T18:25Z 30K followers, [--] engagements

"@Tegoventuri @newscorp I will add comment below the post. My mistake"
X Link 2026-01-31T01:19Z 30K followers, [--] engagements

"Correction: Realtor dot com is no longer owned by the Realtors. My mistake"
X Link 2026-01-31T01:19Z 30.1K followers, [----] engagements

"Camden reportedly to exit California (which is only SoCal for them). For the apartment REITs in recent years no market has been more disappointing than Los Angeles. Camden (and others) have in past cited regulatory + demand-side challenges. That said there's still ample capital (though less institutional in past) willing to bet on SoCal finding its footing. Will be interesting to see how this portfolio sale plays out. https://twitter.com/i/web/status/2018354435823435932 https://twitter.com/i/web/status/2018354435823435932"
X Link 2026-02-02T16:02Z 30.1K followers, 16K engagements

"Remember when people said that watering down development incentives wouldn't hurt development in New York because developers don't need "giveaways" Well. you were wrong"
X Link 2026-02-02T22:28Z 30.1K followers, [----] engagements

"I would love to see it succeed but I suspect it will require some level of gov't involvement i.e. guaranteed mortgage backed by Fannie or Freddie if renter pays rent every month and maintains certain level of income etc"
X Link 2026-02-03T19:01Z 30.1K followers, [----] engagements

"i don't know specifics but they were far from the only one that tried it. broadly i think the conversion rates were just too low particularly for ppl who already had low credit scores going in-- but that's also much of the demand for rent-to-own and they'll still struggle to qualify for a mortgage even a few years later unless income materially goes up or debt burden materially goes down. https://twitter.com/i/web/status/2019103661977161757 https://twitter.com/i/web/status/2019103661977161757"
X Link 2026-02-04T17:40Z 30.1K followers, [---] engagements

"@catvielma I agree But it's totally disingenuous for cities like NYC to showboat poor conditions (created by bad policy) in privately owned apartments while forgiving poor conditions (also created by bad policy) in city owned apartments"
X Link 2026-02-04T22:57Z 30.1K followers, [---] engagements

"@SteveMiran 100%. And the mechanics of CPI Shelter make its path easy to predict. It would take a major shock to reverse continued cooling in shelter inflation this year"
X Link 2026-02-05T21:47Z 30.1K followers, [---] engagements

"And if you think: "It's TRUE but it's BLACKSTONE not BlackRock" well that's wrong too. Blackstone owns something like 0.06% of single-family houses in the U.S"
X Link 2025-10-24T15:12Z 30.1K followers, [----] engagements

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