# ![@jayparsons Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::16193228.png) @jayparsons Jay Parsons

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

### Engagements: [------] [#](/creator/twitter::16193228/interactions)
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### Mentions: [--] [#](/creator/twitter::16193228/posts_active)
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### Social Influence

**Social category influence**
[finance](/list/finance)  33.33% [stocks](/list/stocks)  3.14% [countries](/list/countries)  3.14% [travel destinations](/list/travel-destinations)  1.89% [financial services](/list/financial-services)  1.26% [currencies](/list/currencies)  0.63% [social networks](/list/social-networks)  0.63%

**Social topic influence**
[reit](/topic/reit) #9, [in the](/topic/in-the) 9.43%, [market](/topic/market) #191, [strong](/topic/strong) 5.66%, [investment](/topic/investment) 5.66%, [build](/topic/build) 5.66%, [data](/topic/data) 5.66%, [sun](/topic/sun) #2764, [belt](/topic/belt) #565, [inflation](/topic/inflation) 4.4%

**Top accounts mentioned or mentioned by**
[@wsj](/creator/undefined) [@parachutej66186](/creator/undefined) [@joeybaum13](/creator/undefined) [@barryroland19](/creator/undefined) [@caryko](/creator/undefined) [@nicktimiraos](/creator/undefined) [@getrealai](/creator/undefined) [@gianniparente](/creator/undefined) [@stevemiran](/creator/undefined) [@joestampone](/creator/undefined) [@jasoncnc](/creator/undefined) [@modeledbehavior](/creator/undefined) [@jbrec](/creator/undefined) [@catvielma](/creator/undefined) [@dkthomp](/creator/undefined) [@zohrankmamdani](/creator/undefined) [@gianni_parente](/creator/undefined) [@realestatedude0](/creator/undefined) [@yenoms](/creator/undefined) [@puneesh](/creator/undefined)

**Top assets mentioned**
[Equity Residential (EQR)](/topic/equity-residential) [BlackRock Inc (BLK)](/topic/blackrock)
### Top Social Posts
Top posts by engagements in the last [--] hours

"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](https://x.com/jayparsons/status/2022356305571385481)  2026-02-13T17:04Z 30.1K followers, 27.9K 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](https://x.com/jayparsons/status/2021710762373194012)  2026-02-11T22:19Z 30.1K followers, [----] 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](https://x.com/jayparsons/status/2022367246840987664)  2026-02-13T17:48Z 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](https://x.com/jayparsons/status/2021657591102026081)  2026-02-11T18:48Z 30.1K followers, 11K 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](https://x.com/jayparsons/status/2022056236275917243)  2026-02-12T21:12Z 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](https://x.com/jayparsons/status/2022059283068993877)  2026-02-12T21:24Z 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](https://x.com/jayparsons/status/2022341639398891674)  2026-02-13T16:06Z 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](https://x.com/jayparsons/status/2022376918079734119)  2026-02-13T18:26Z 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](https://x.com/jayparsons/status/2022377290915614889)  2026-02-13T18:28Z 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](https://x.com/jayparsons/status/2022382487629119725)  2026-02-13T18:48Z 30.1K followers, [---] engagements


"Here's a running thread of threads for Q3'25 earnings call recaps among the apartment and SFR REITs.🧵"  
[X Link](https://x.com/jayparsons/status/1986133772480188784)  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](https://x.com/jayparsons/status/2009367184707878966)  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](https://x.com/jayparsons/status/2009731719763767655)  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](https://x.com/jayparsons/status/2013688661246685319)  2026-01-20T19:02Z 30.1K followers, 12.8K 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](https://x.com/jayparsons/status/2017252974603514252)  2026-01-30T15:06Z 30.1K followers, [----] 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](https://x.com/jayparsons/status/2018726718169633090)  2026-02-03T16:42Z 30.1K followers, 17K 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](https://x.com/jayparsons/status/2019528371160641740)  2026-02-05T21:47Z 30.1K followers, [---] engagements


"@Joe_Stampone I agree with that"  
[X Link](https://x.com/jayparsons/status/2019952958482379080)  2026-02-07T01:54Z 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](https://x.com/jayparsons/status/2020964822335004742)  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](https://x.com/jayparsons/status/2020980604033171803)  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](https://x.com/jayparsons/status/2020994663931412780)  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](https://x.com/jayparsons/status/2020997285824418146)  2026-02-09T23:04Z 30.1K followers, [----] engagements


"Rep. Green focuses on targeting/eliminating discrimination by mortgage lenders"  
[X Link](https://x.com/jayparsons/status/2021259069688869280)  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](https://x.com/jayparsons/status/2021259837774934413)  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](https://x.com/jayparsons/status/2021269090959003995)  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](https://x.com/jayparsons/status/2021344042869719224)  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](https://x.com/jayparsons/status/2021361837326184780)  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](https://x.com/jayparsons/status/2021657615378637055)  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](https://x.com/jayparsons/status/2021657617358258200)  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](https://x.com/jayparsons/status/2021710764814279131)  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](https://x.com/jayparsons/status/2021710772926042208)  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](https://x.com/jayparsons/status/2021710775279120586)  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](https://x.com/jayparsons/status/2021710783764365791)  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](https://x.com/jayparsons/status/2021710786301719032)  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](https://x.com/jayparsons/status/2021710794883244360)  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](https://x.com/jayparsons/status/2021710797907640360)  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](https://x.com/jayparsons/status/2021710800809754737)  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](https://x.com/jayparsons/status/2021710803745841524)  2026-02-11T22:19Z 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](https://x.com/jayparsons/status/2022087608055238811)  2026-02-12T23:17Z 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](https://x.com/jayparsons/status/2022344078789390802)  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](https://x.com/jayparsons/status/2022344230677729616)  2026-02-13T16:16Z 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](https://x.com/jayparsons/status/2022381006116782517)  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](https://x.com/jayparsons/status/2022381544208585021)  2026-02-13T18:45Z 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](https://x.com/jayparsons/status/2021230961279529033)  2026-02-10T14:33Z 30.1K followers, 25.9K 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](https://x.com/jayparsons/status/2021244772090802203)  2026-02-10T15:28Z 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](https://x.com/jayparsons/status/2022087991230132602)  2026-02-12T23:18Z 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](https://x.com/jayparsons/status/2022088378863309043)  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](https://x.com/jayparsons/status/2022088525521543177)  2026-02-12T23:20Z 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](https://x.com/jayparsons/status/2022088724025422252)  2026-02-12T23:21Z 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](https://x.com/jayparsons/status/2009030018442408122)  2026-01-07T22:30Z 30.1K followers, 56.9K 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](https://x.com/jayparsons/status/2020889132826804457)  2026-02-09T15:54Z 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](https://x.com/jayparsons/status/2021243145413898746)  2026-02-10T15:21Z 30.1K followers, 10.3K 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](https://x.com/jayparsons/status/2021319313139900747)  2026-02-10T20:24Z 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](https://x.com/jayparsons/status/2022056744655126896)  2026-02-12T21:14Z 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](https://x.com/jayparsons/status/2022087605211578535)  2026-02-12T23:17Z 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](https://x.com/jayparsons/status/2022088183937479057)  2026-02-12T23:19Z 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](https://x.com/jayparsons/status/2022088470085480721)  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](https://x.com/jayparsons/status/2022088599416811922)  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](https://x.com/jayparsons/status/2022088662037528958)  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](https://x.com/jayparsons/status/2022088781474705442)  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](https://x.com/jayparsons/status/2022089114963914853)  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](https://x.com/jayparsons/status/2022089167279468984)  2026-02-12T23:23Z 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](https://x.com/jayparsons/status/2022358800213119062)  2026-02-13T17:14Z 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](https://x.com/jayparsons/status/2022046511157453289)  2026-02-12T20:33Z 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](https://x.com/jayparsons/status/2022368245735387266)  2026-02-13T17:52Z 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](https://x.com/jayparsons/status/2022383037250724022)  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](https://x.com/jayparsons/status/2022383468555178015)  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](https://x.com/jayparsons/status/2022383830095769648)  2026-02-13T18:54Z 30.1K followers, [----] engagements


"The rent slowdown is occurring pretty much everywhere but no markets encapsulate the craziness of the past couple years quite like desert duo of Phoenix and Las Vegas -- which are on track to soon become the first major U.S. markets to see apartment rents drop year-over-year"  
[X Link](https://x.com/jayparsons/status/1600144498369040385)  2022-12-06T15:05Z 30.1K followers, [---] engagements


"Net demand for apartments ended in negative territory for calendar [----]. But unlike the last time demand went negative in [----] renter turnover was curiously low in [----]. Lower than any year other than [----]. Instead the problem was at the front door"  
[X Link](https://x.com/jayparsons/status/1611039866493571072)  2023-01-05T16:40Z 30.1K followers, 149.3K engagements


"This is a great example of how it's often easier and more profitable just to demolish a office building to build apartments rather than convert the office building into apartments. https://www.loopnet.com/learn/deal-of-the-month-22m-office-teardown-makes-way-for-multifamily/2115617288/ https://www.loopnet.com/learn/deal-of-the-month-22m-office-teardown-makes-way-for-multifamily/2115617288/"  
[X Link](https://x.com/jayparsons/status/1658285155021205504)  2023-05-16T01:36Z 30.1K followers, 60.8K engagements


"Those who claim America is becoming a "renter nation" may be surprised to see the U.S. homeownership rate hit a 12-year high of 66% in Q1'23. Contrary to narratives homeownership has been on steady climb for the last [--] years"  
[X Link](https://x.com/jayparsons/status/1666182812691578880)  2023-06-06T20:38Z 30.1K followers, 52.3K engagements


"Do you believe that new multifamily starts spiked to a 36-year high in May [----] The Census just reported [-----] new units started nationally up 41% from April. Personally I do not believe it -- and my guess is most apartment developers builders investors and construction lenders do not either. But I'd love to hear/read perspectives on what others are seeing and whether these numbers could be accurate. Here is why I'm skeptical: 1) Anecdotally I've heard more stories of stalled apartment projects than at any point since the Great Financial Crisis. Not just delayed due to supply chain or labor"  
[X Link](https://x.com/anyuser/status/1671510134311337986)  2023-06-21T13:27Z 30.1K followers, 225.1K 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](https://x.com/anyuser/status/1674232939230404609)  2023-06-29T01:46Z 30.1K followers, 70.9K engagements


"Here's the list of which markets added the most net new apartment renters in the first half of [----]. Any of these surprising Few takeaways in the thread below 👇"  
[X Link](https://x.com/jayparsons/status/1677350544111804426)  2023-07-07T16:15Z 30.1K followers, 120.6K 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](https://x.com/anyuser/status/1678402947640590336)  2023-07-10T13:57Z 30.1K followers, 89.6K engagements


"If you really care about rental affordability you should really care about building as many new apartments as possible. Econ [---] is playing out right now in the U.S. apartment market: It's all about supply and demand. Build MORE rents grow LESS. Build LESS rents grow MORE. Check out the data showing rent change based on volume of new supply. There's a clear correlation between SUPPLY LEVEL and RENT GROWTH right now. Submarkets expanding their apartment stock 10% cut rents nearly 2%. Submarkets adding 5-10% more units cut rents by about 0.5%. On the other end submarkets that added 1% new units"  
[X Link](https://x.com/anyuser/status/1686724887715487744)  2023-08-02T13:05Z 30.1K followers, 264K 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](https://x.com/anyuser/status/1689636567592370176)  2023-08-10T13:55Z 30.1K followers, 879.5K engagements


"Supply continues to do its thing: For the first time in many decades apartment rents are rapidly flattening (and could soon go negative) at the same time demand remains healthy. Why Apartment construction is at 40+ year highs-- shifting the balance of power to renters. YoY effective asking rents for new leases (same-store) inched up just 0.28% and could turn negative by September. Compare [----] to the last two times (excluding [----] pandemic year): early 2000s and [----]. In those prior two periods rents fell as recessions hit jobs were lost demand evaporated and vacancy hit 7-8%. By comparison"  
[X Link](https://x.com/anyuser/status/1699415072383103387)  2023-09-06T13:31Z 30.1K followers, 912.9K engagements


"💯. They get it"  
[X Link](https://x.com/anyuser/status/1708824929745961022)  2023-10-02T12:43Z 30.1K followers, 68.2K engagements


"Apartment rents in the U.S. are barely hanging on rising just 0.1% YoY through September. Many key markets -- especially on the West Coast and Sun Belt -- are already in the red. As @NickTimiraos put it recently it's disinflation without demand destruction. something we haven't seen in rental housing for decades. I get asked a lot why rents are cooling so fast given rental tailwinds like a) strong wage growth and low unemployment and b) higher barrier to entry for home purchase so the rent-versus-own comparison makes renting look like a bargain. The answer isn't complex: It's not about"  
[X Link](https://x.com/anyuser/status/1709539466547974375)  2023-10-04T12:02Z 30.1K followers, 709.8K engagements


"Here's where apartment rents are falling most right now. and note that it's not just the ultra-high-supply Sun Belt markets but also a growing number of West Coast markets-- where construction isn't crazy but still well above local norms at the same time demand has been sluggish. -- If you still doubted that it's all about supply here's another data point for you: Austin and Phoenix both ranked in the top three for net apartment demand over the last [--] months yet also had two of the largest rent cuts. topped only by pandemic darling of Boise. Charlotte Raleigh/Durham Nashville and Atlanta"  
[X Link](https://x.com/anyuser/status/1709925629830013214)  2023-10-05T13:36Z 30.1K followers, 226.8K engagements


"Apartment construction is finally on the descent as completions are now outpacing starts -- and likely will continue trending down for quite a while. That said there's still A LOT under way and we're still in the early innings of the apartment supply wave. Completions will continue climbing (based on [----] starts) and peak in [----] before trending down in 2025-26. That means a continued favorable environment for renters (especially mid- and upper-income renters) who suddenly have a lot of options and a challenged environment for apartment operators"  
[X Link](https://x.com/anyuser/status/1711381967432790473)  2023-10-09T14:03Z 30.1K followers, 156.9K engagements


"Here's for me the biggest surprise turn of the U.S. apartment sector in 2023: Class B apartments have been more impacted by supply than even Class A. In high-supply submarkets Class B rents are down more than 2x Class A. Yet in no-supply submarkets they're equals. I was wrong on this one. I thought (and posted here) that Class B would be somewhat insulated from supply given the 27% discount relative to new construction rents. As I pointed out back then: I believed in the long-term "filtering" effect. I just didn't think it would happen this fast. And it's important to note this is ONLY"  
[X Link](https://x.com/anyuser/status/1712110658601255211)  2023-10-11T14:19Z 30.1K followers, 694.3K engagements


"New CPI data out today same story: Rent inflation is cooling and it will keep cooling. Remember: CPI Shelter is unique in that its primary variable (rent or OER) is not real time like food or gas etc. It's lagged by design. So we know with confidence where this train is going: Down down down based on what's happening with real-time "street rents" or asking rents. Real-time rents are cooling MUCH faster than CPI is showing or COULD show based on how it's built. And since shelter is the largest category of CPI it will become less and less of a inflator in headline CPI going forward. Today CPI"  
[X Link](https://x.com/anyuser/status/1712464990064754849)  2023-10-12T13:47Z 30.1K followers, 95.2K engagements


"Lots of people think the apartment construction boom is just a Sun Belt thing. But it's not. It's pretty much everywhere to varying degrees. Even in the West Coast despite high barriers to construction there are many high-supply pockets-- especially institutionally favored submarkets. Here are [--] of them. Seattle metro is building more (on relative basis) than Atlanta Tampa Fort Worth or Vegas so lots of Seattle shows up on this list. But also notice many downtown submarkets from across the West Coast on this list too as well as some key suburbs. And when one submarket builds a ton that can"  
[X Link](https://x.com/anyuser/status/1713912360136482983)  2023-10-16T13:38Z 30.1K followers, 271.2K engagements


"It ain't rocket science. It's supply and demand and it's real thing. Build a lot of apartments rents slow. Don't build a lot of apartments rents grow"  
[X Link](https://x.com/anyuser/status/1721903312617066859)  2023-11-07T14:51Z 30.1K followers, 85.8K engagements


"I've never met a multifamily developer who doesn't want to build more apartments. Developers want to build. They like to build. They get paid to build. The easier we make it for them to build the more they'll build and the more (much-needed) housing we'll have. As long as the math works. And right now it doesn't for most projects. Which should concern policymakers and advocates a lot more than it seems to right now. We're going to add a lot of new apartments in [----] thanks to [----] starts but it's gonna plunge dramatically in 2025-26 maybe longer. Rents are falling or flat in most markets"  
[X Link](https://x.com/anyuser/status/1729890079710277647)  2023-11-29T15:48Z 30.1K followers, 60K engagements


"U.S. apartment supply in [----] surged to the highest levels since [----] with more than [------] units completing. Even more will complete in [----]. That means renters suddenly have a lot more options and in turn rent growth has evaporated. The upside is that apartment demand rebounded strongly in [----] following a sluggish [----] but not enough to keep pace with the 36-year high in supply. Not ironically this wave of supply is resulting from construction starts that began back when rent growth and occupancy rates were at/near record highs. Those projects are delivering into a very different"  
[X Link](https://x.com/anyuser/status/1742925447409947099)  2024-01-04T15:06Z 30.1K followers, 248.4K engagements


"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 6% YoY. What is the common denominator You guessed it: Supply. All [--] 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 Atlanta and Raleigh/Durham Boise etc. But"  
[X Link](https://x.com/anyuser/status/1761028332781478227)  2024-02-23T14:00Z 30.1K followers, 503.2K engagements


"Imagine a respected major media outlet publishing a news article on vaccines or climate change that doesn't once mention the majority view of scientists. Wouldn't happen right So why don't the same standards apply when the topic is rent control I'm not the "anti-mainstream media" type. I spent the first few years of my career in media and I know most journalists are honest people who want to make a difference. But it baffles me that major media outlets -- like this recent story in The New York Times -- continue to make the mistake of applying a different set of rules when it comes to rental"  
[X Link](https://x.com/anyuser/status/1762482807593390309)  2024-02-27T14:20Z 30.1K followers, 238.5K engagements


"Today is my last day at RealPage. It all started [--] years ago when I took a job there as an entry-level multifamily research analyst -- and only because I needed one during a recession not because I really wanted it. I had no intent of sticking around long. But I slowly came to realize that rental housing was so deeply misunderstood and underappreciated by society and policymakers and even many investors and yet so essential for millions of everyday Americans. I wanted to make a difference and still do. I've learned from countless leaders in the industry at government agencies at non-profits"  
[X Link](https://x.com/jayparsons/status/1763566793140978099)  2024-03-01T14:07Z 30.1K followers, 68.8K engagements


"More devastating news for the anti-science crowd that denies the laws of supply and demand-- this time a Federal Reserve study showing that when you build "luxury" market-rate apartments lower-income renters benefit. The. hits. just. keep. coming"  
[X Link](https://x.com/anyuser/status/1766877733341077750)  2024-03-10T17:24Z 30.1K followers, 43.2K engagements


"I'm very excited to share I've joined Madera Residential to head up investment strategy and help build upon what is already an incredibly successful multifamily platform with 11k units. Goal is to help Madera expand across the South in all asset classes-- including new construction distressed value-add but perhaps most importantly also building out an attainable housing platform to serve middle-income renters. One thing I love about Madera is a people-first approach serving residents AND investors. Attainable housing is a great example of that. There are nearly [--] million U.S. households more"  
[X Link](https://x.com/anyuser/status/1770822619656302857)  2024-03-21T14:39Z 30.1K followers, 33.2K engagements


"Apartment construction starts are rapidly declining BUT not just because banks are pulling back on lending. That's not even the No. [--] reason. The biggest reason The math no longer works. "Project is not economically feasible at this time" was the No. [--] reason for delays cited by respondents to NMHC's construction survey released this week. So what does that mean 1) Developers cannot generate the returns needed to justify the project to their capital partners. (And no this isn't just about "greedy developers" because contrary to the social media noise developers do not self-fund projects and"  
[X Link](https://x.com/anyuser/status/1773344268611932527)  2024-03-28T13:39Z 30.1K followers, 156.4K engagements


"Nice work Seattle. Direct aid to low-income renters works-- and without the collateral damages to supply associated with rent control or blanket eviction bans"  
[X Link](https://x.com/jayparsons/status/1781688467283456102)  2024-04-20T14:16Z 30.1K followers, 86.7K engagements


"America we have a problem. According to the government's own data individual homebuyers have outmuscled investors over the last eight years-- gaining market share and pushing up the homeownership rate to some of the highest levels in history outside of the bubble / GFC years. And yet we have a shortage of for-sale homes driving up prices. So naturally we need a villain. A boogeyman. Can't blame individual buyers who own more homes today than ever and whose market share is near record highs. That won't be popular. Can't blame small local investors who own 95% of single-family rentals. That"  
[X Link](https://x.com/anyuser/status/1784969984986202373)  2024-04-29T15:36Z 30.1K followers, 103.8K engagements


"We're in the middle of the nation's biggest multifamily construction boom in 40+ years and it's amazingly sad to see how St. Paul MN completely took itself off the table by passing rent controls in [----] -- shifting development into the suburbs. Next-door Minneapolis considered it (before rejecting it) and you can see how permitting declined faster there than in the suburbs when city council debated rent control. Rent control is the most effective tool in the NIMBY handbook to block new multifamily housing"  
[X Link](https://x.com/jayparsons/status/1788916629486571711)  2024-05-10T12:58Z 30.1K followers, 83.9K engagements


"Great article from @NickTimiraos who nails the issue of rents outsized and lagged influence on CPI. A rent survey of 7k renters/month comprises 1/3 of CPI (via rent and OER) and there are [--] major lags most ppl don't know about. 1) Rent is only CPI metric that isn't real time price. It is primarily shaped by "continuing leases" signed many months earlier. 2) The BLS surveys the same rental units only once every [--] months. So if you are surveyed today and your rent changes tomorrow the CPI won't pick up on that for another [--] months. 3) Most leases are renewals but renewal rents are typically"  
[X Link](https://x.com/anyuser/status/1789658255892840614)  2024-05-12T14:05Z 30.1K followers, 80.5K 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](https://x.com/anyuser/status/1790047874409001168)  2024-05-13T15:54Z 30.1K followers, 305.7K engagements


"Where are young adults moving to -- and away from -- since [----] Here's some data from the Census and Oxford Economics estimating population change among 20- to 34-year-olds from 2020-23. Some thoughts: 1) Dallas/Fort Worth added 123k young adults-- nearly matching the combined next-place finishers of Houston and Phoenix. DFW also led the nation in overall population gains but what's interesting is that 28% of total growth came just in this 20- to 34-y/o demographic -- which provides a big tailwind for apartment demand amidst some sizable supply volumes hitting the market. On a size-adjusted"  
[X Link](https://x.com/anyuser/status/1793651259213271064)  2024-05-23T14:32Z 30.1K followers, 294.6K engagements


"The nosedive continues with multifamily starts plummeting toward the lowest levels since the early 2010s coming out of the GFC. It's really really really tough to start new apartment projects right now -- pointing toward a rapidly changing supply/demand story"  
[X Link](https://x.com/anyuser/status/1803933854786359407)  2024-06-20T23:32Z 30.1K followers, 63.4K 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](https://x.com/anyuser/status/1805714681966813555)  2024-06-25T21:28Z 30.1K followers, 205.5K engagements


"An odd thing keeps happening: - Apartment rents are cooling where new supply gets built in big numbers AND. - Apartment rents are climbing where little new supply gets built. Could it be all about supply and demand 🤔"  
[X Link](https://x.com/jayparsons/status/1811035558056968391)  2024-07-10T13:51Z 30.1K followers, 338.4K engagements


"Equity Residential (3rd largest apartment REIT by unit count) had its earnings call this morning. LOTS and LOTS of great color. Here are some takeaways: 1) Strong demand -- both for new and renewal leases -- from renters in strong financial position"  
[X Link](https://x.com/anyuser/status/1818421925225676965)  2024-07-30T23:02Z 30.1K followers, 168.4K 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](https://x.com/anyuser/status/1823352715852103697)  2024-08-13T13:35Z 30.1K followers, 821.6K engagements


"Berating "corporate landlords" resonates with people no doubt. But if we want to build more consider: It costs $60m-$100m to build a typical 250-unit apartment. A loan will cover 50-70%. How many "non corporate" folks have $20-50m in equity to build at scale"  
[X Link](https://x.com/anyuser/status/1824448080520859942)  2024-08-16T14:08Z 30.1K followers, 29K engagements


"Harvard economics professor Ed Glaeser: VP Harris housing plan is "too small and too poorly targeted." To solve the housing crisis Dr. Glaeser says we must borrow from The National Minimum Drinking Age Act of [----]. What does booze have to do with housing Glad you asked: -- Like housing drinking ages were highly local issue. The federal government couldn't change it directly but they could incentivize states to change it. -- The law "demanded states raise the minimum age to buy or publicly possess alcohol to [--] or face a reduction in federal highway funds. The threat of losing such funds is a"  
[X Link](https://x.com/anyuser/status/1830977920942084116)  2024-09-03T14:35Z 30.1K followers, 202.4K engagements


"Fascinating article in @WSJ showing the [--] things that happened after Argentina REMOVED rent controls: 1) Supply increased by 170%. 2) Rent growth eased to 3-year low. 3) Rentals became easier to find + "many renters are getting better deals than ever." 4) Inflation cooled. "Opponents of price controls say Argentina is a cautionary lesson for officials from the U.S. to Europe who have looked to curb surging housing costs with rent controls." None of this is a surprise. Remember that it's not just "landlords" who oppose rent controls. Science history and academia oppose rent controls even more"  
[X Link](https://x.com/anyuser/status/1838575970892079245)  2024-09-24T13:47Z 30.1K followers, 274.8K engagements


"Love to see headlines like this rightfully framing the apartment supply surge's impact on rents"  
[X Link](https://x.com/anyuser/status/1840037220691927506)  2024-09-28T14:33Z 30.1K followers, 17.8K engagements


"Apartment rents held flat once again in September -- marking [--] straight months of flat rent growth and [--] straight months of rent growth trailing wage growth. Not due to weak demand. Demand remains strong. But due to the historic deluge of new supply surging to 50-year highs. Less there be any doubt it's all about supply: Rent growth continues to hover in the 2-4% range across most low-supplied markets (especially in the Midwest and Northeast) while falling or holding flat across many higher-supplied markets across (especially) the Sun Belt and (to lesser degree) the West Coast"  
[X Link](https://x.com/anyuser/status/1843291683032555690)  2024-10-07T14:05Z 30.1K followers, 129.4K engagements


"Do "landlords" profit by keeping vacancy higher Common sense science math and Econ [---] all say no. But conspiracy theorists say yes so NMHC did a research paper on the topic. They found not surprisingly that higher vacancy is correlated with lesser rent growth. When supply exceeds demand vacancy goes up and rent growth goes down. When demand exceeds supply vacancy goes down and rent growth goes up"  
[X Link](https://x.com/anyuser/status/1849164021515071774)  2024-10-23T19:00Z 30.1K followers, 297.8K engagements


"Looking like California voters will reject Prop [--] the third attempt in [--] years to expand rent controls in the state"  
[X Link](https://x.com/anyuser/status/1854040866110779845)  2024-11-06T05:59Z 30.1K followers, 26.3K engagements


"California voters not only rejected Prop [--] rent control expansion but shot it down in resounding fashion (62% voting "no" with 95% of vote in) -- indicating bipartisan alignment that rent controls backfire on renters. This was third time in [--] years CA voters have shot down rent control expansion; and they appear to be fed up with seeing it on the ballot -- and narrowly on track to pass Prop [--] which would block Prop 33's backer (AIDS Healthcare Foundation) from a fourth attempt by requiring healthcare non-profits use taxpayer dollars on healthcare instead of unrelated political campaigns"  
[X Link](https://x.com/anyuser/status/1854165894810784157)  2024-11-06T14:16Z 30.1K followers, 70.6K engagements


"*UPDATED AGAIN and STILL TRUE* When you build a lot of apartments market-rate rents fall even in the most affordable (Class C) apartments. Across the U.S. [--] MSAs saw Class C rents fell 3.5%. In [--] of those new apartment supply exceeds the U.S. average. Coincidence Nope"  
[X Link](https://x.com/jayparsons/status/1858516295907455040)  2024-11-18T14:23Z 30.1K followers, 68.4K engagements


"Scott Turner Trump's pick for HUD Secretary is a man of incredibly infectious optimism faith and love for people. Genuine love for helping others. AND a guy with a background in multifamily housing development Plus champion of Opportunity Zones. Home run"  
[X Link](https://x.com/anyuser/status/1860131162833785325)  2024-11-23T01:20Z 30.1K followers, 83.8K engagements


"I was once a skeptic of rental housing "filtering" -- the theory that new "luxury" apartments pull up higher-income renters from moderate-priced rentals thereby benefitting moderate-income renters and on down the line. I am no longer a skeptic. I became a believer once I realized several mistakes I made in the analysis -- the same mistakes I see some of my peers making now. Here are those common mistakes among filtering deniers: 1) You must focus on higher-supplied neighborhoods. Macro analysis doesn't work nearly as well. The more you build the more clearly you see "filtering" play out. When"  
[X Link](https://x.com/anyuser/status/1866953281551175743)  2024-12-11T21:08Z 30.1K followers, 132.8K engagements


"The big [--] rental housing topics most studied in academia and the consensus conclusions: 1) Rent control exacerbates affordability challenges in long run. 2) New "luxury" housing improves affordability at lower end of market. 3) Inclusionary zoning reduces new housing supply"  
[X Link](https://x.com/anyuser/status/1867211317032952267)  2024-12-12T14:14Z 30.1K followers, 17.1K engagements


"NIMBYs complain: We built [--] apartment buildings and rents didn't go down Well. Austin is building [--] new apartment unit for every [--] that currently exist and rents are going down . even as Austin remains a top MSA for population growth. An Austin renters renewal offer is $200/month lower than what shes currently paying. Weve always said building more housing makes *existing* housing more affordable and thats whats happening in Austin. https://t.co/FnDeqU4H9e An Austin renters renewal offer is $200/month lower than what shes currently paying. Weve always said building more housing makes"  
[X Link](https://x.com/anyuser/status/1875721679915352515)  2025-01-05T01:51Z 30.1K followers, 42K engagements


"The final numbers are in and apartment demand came in WAYYYY above anyone's expectations for [----]. I was probably as bullish as anyone going into [----] but not THIS bullish. The U.S. added 600k apartment households in [----] and the story isn't as simple as you might think. First on the numbers: Total absorption depends on which source you use but in the range of 557k units (CoStar) to 667k units (RP). Either way it's likely the 2nd best year on record behind [----]. Couple narrative violations / mythbusting from the latest data: 1) Renters signing new leases for market-rate professionally managed"  
[X Link](https://x.com/anyuser/status/1877002680792408244)  2025-01-08T14:41Z 30.1K followers, 40.6K engagements


"Let's dissect a column in today's @WSJ headlined "The U.S. Has More Fancy Apartments Than It Is Able to Fill" followed by a sub-headline saying developers "have built a glut of high-end properties instead of badly needed affordable housing." Is it that simple Let's jump in"  
[X Link](https://x.com/anyuser/status/1877752764664615077)  2025-01-10T16:22Z 30.1K followers, 136.7K 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](https://x.com/anyuser/status/1880278243988894090)  2025-01-17T15:37Z 30.1K followers, 95.1K engagements


"Apartment rents have increased substantially less than home prices and single-family rents. Why We built more than [--] million apartments over the last [--] years. Supply is the best antidote to housing inflation. We need to try same medicine on single-family homes"  
[X Link](https://x.com/anyuser/status/1882620672603746496)  2025-01-24T02:45Z 30.1K followers, 15.9K engagements


"Multifamily's biggest investor event NMHC Annual Meeting wraps up today. Here are some takeaways: 1) Lots of short-term uncertainty due to rates but mid/long-term bullishness with strong demand and falling supply. A 50-year peak in supply is currently pushing rents negative but completions are now trending downhill and should be below average by next year. 2) But deal flow is stagnant because of rates. It appeared 3-4 months ago that we could see sales volumes rebound as 10-year treasury yields dipped into the 3s but now we're back in mid-4s. This creates a math problem b/c few deals pencil"  
[X Link](https://x.com/jayparsons/status/1885006307352367228)  2025-01-30T16:45Z 30.1K followers, 186.4K engagements


"When egg prices jump: Supply and demand. When labor costs jump: Supply and demand. When home prices jump: Supply and demand. When rents jump: Conspiracy Greed"  
[X Link](https://x.com/anyuser/status/1885404312077054277)  2025-01-31T19:06Z 30.1K followers, 50.9K engagements


"Equity Residential (one of nation's biggest apartment REITs with 80k+ units) has its earnings call today. Some fantastic color on the market. Takeaways: 1) Lowest renter turnover in 30+ year history of the company. (And don't just credit slow for-sale market.)"  
[X Link](https://x.com/anyuser/status/1886942966335386010)  2025-02-05T01:00Z 30.1K followers, 150.9K engagements


"MAA America's largest apartment REIT by unit count with 100k units concentrated in the Sun Belt had its earnings call a few days ago. Lots of color. Highlights: 1) New supply continues to push down rents (-8% YoY on new leases) but "the tide is starting to turn" "  
[X Link](https://x.com/anyuser/status/1888935773396750810)  2025-02-10T12:59Z 30.1K followers, 152.3K engagements


"I've been posting about this for the last 1-2 years as construction starts plunged. Our development cycles have been so volatile -- which isn't good for renters or for investors/developers. Every city in America should be doing its part to make construction easier faster and profitable. But if we're more worried about "developer giveaways" and preservation of parking lots than about building housing for people who need it we're in trouble. We need to strive for win/wins that benefit renters and developers alike. Here's the unfortunate reality at this point: To spur construction up again we"  
[X Link](https://x.com/anyuser/status/1890399927592685895)  2025-02-14T13:57Z 30.1K followers, 43.4K engagements


"AvalonBay (nation's largest apartment REIT by market cap) had its earnings call recently. Lots of great color on new development regulations affordability etc. Takeaways: 1) AvalonBay expects to ramp up its apartment construction by 50% in 2025"  
[X Link](https://x.com/anyuser/status/1891547246501490805)  2025-02-17T17:56Z 30.1K followers, 63.7K engagements


"Renters are people too. Not second-class citizens. 👇 yikes"  
[X Link](https://x.com/jayparsons/status/1894934384853082215)  2025-02-27T02:15Z 30.1K followers, 16.1K engagements


"Good read on the impact of massive supply of new apartments in Austin. Bottom line: New "luxury" apartment construction benefits ALL renters with lower rents and increased availability. Build MORE of everything not just Affordable Housing alone"  
[X Link](https://x.com/jayparsons/status/1895168378261619007)  2025-02-27T17:45Z 30.1K followers, 76.2K engagements


"Invitation Homes (large single-family rental REIT) had its earnings call last week. Lots of color on the SFR market. Takeaways: 1) Rents for new leases fell 2.2% in Q4. That appears to be INVH's first rent cut in [--] years according to data compiled by @JBREC"  
[X Link](https://x.com/anyuser/status/1897051333393629331)  2025-03-04T22:27Z 30.1K followers, 60.2K engagements


"If I had a nickel for every time someone said "we need more housing BUT." I could fully fund emergency rental assistance for a lifetime"  
[X Link](https://x.com/jayparsons/status/1900960142197162222)  2025-03-15T17:19Z 30.1K followers, 30.9K engagements


"Cities think if they require apartments have ground floor retail they'll get more cool coffee shops and boutique retail. Great idea in theory. Unrealistic in practice. The coffee shops and retailers don't want to be in 95% of those locations. I was asked to by a multi-family developer to run a study on retail vacancy within suburban MF projects built in the past [--] years. The results of just one submarket: 28% overall vacancy rate for retail within a mixed-use project. The retail vacancy rate in that same I was asked to by a multi-family developer to run a study on retail vacancy within"  
[X Link](https://x.com/anyuser/status/1905269295233277973)  2025-03-27T14:42Z 30.1K followers, 86.7K engagements


"This might be the best most accurate headline I've seen in a major media outlet in describing the impact of the 40+ year high in new apartment supply"  
[X Link](https://x.com/jayparsons/status/1916136005327065486)  2025-04-26T14:23Z 30.1K followers, 24.1K engagements


"If your city is more worried about developers actually making money than about renters actually getting housing then you're not going to build a lot of housing. I genuinely dont understand how the politics of red states are more progressive on housing issues than blue states. Explain to me like Im [--]. I genuinely dont understand how the politics of red states are more progressive on housing issues than blue states. Explain to me like Im 5"  
[X Link](https://x.com/jayparsons/status/1938279964727550009)  2025-06-26T16:55Z 30.1K followers, 31.9K engagements


"@catvielma If your city is more worried about developers actually making money than about renters actually getting housing then you're not going to build a lot of housing"  
[X Link](https://x.com/jayparsons/status/1938279979390824592)  2025-06-26T16:55Z 30.1K followers, 16.5K engagements


"All the articles portraying California's CEQA rollback as a blow to environmentalism inspired me to look for egregious examples of how CEQA has been weaponized to stall/block housing development. Here are [--] crazy cases I found. 🧵"  
[X Link](https://x.com/anyuser/status/1940449412851138814)  2025-07-02T16:36Z 30.1K followers, 88.2K engagements


"@DKThomp Really wild how home prices and rents are falling in markets where we build housing and rising in markets that do not build housing. Makes you think there might be something to that theory of supply and demand after all"  
[X Link](https://x.com/jayparsons/status/1947039883974873526)  2025-07-20T21:04Z 30.1K followers, 44.8K engagements


"If you sincerely care about the cause of rent affordability there's one -- and only one -- solution widely supported by data academics and practitioners: Build more housing. Check this out: Rents are falling where we built a lot of apartments. Rents rising where we didn't"  
[X Link](https://x.com/jayparsons/status/1950206738273013941)  2025-07-29T14:48Z 30.1K followers, 77.7K engagements


"Why is apartment construction slowing so much The CEO of MAA the biggest apartment REIT (by # of units) said this Thursday: It's not tariffs. Construction costs are flat. It's that development returns are 10-20% too low keeping investors (who fund developers) sidelined"  
[X Link](https://x.com/anyuser/status/1952149240639042019)  2025-08-03T23:27Z 30.1K followers, 73.2K engagements


"Good read from the @WSJ -- building more housing is the best and most proven way to boost rental affordability. Latest case in point: New Rochelle NY"  
[X Link](https://x.com/jayparsons/status/1952778370057462115)  2025-08-05T17:06Z 30.1K followers, 26.9K engagements


"The next time someone says: "We don't need more LUXURY housing we only need more AFFORDABLE housing" . show them the facts. Pew study: When you build a lot of "luxury" apartments (which are rarely luxurious btw) rent growth SLOWS MOST in older more affordable units"  
[X Link](https://x.com/anyuser/status/1953124188580982962)  2025-08-06T16:01Z 30.1K followers, 39.9K engagements


"Regardless your views on NYC mayoral race: This is one of the many flaws of NYC's rent control program. It rewards legal squatting by wealthy residents thereby constraining supply of affordable housing among those who need it -- pushing them out or into substandard housing. Somewhere last night in New York City a single mother and her children slept at a homeless shelter because you assemblyman @ZohranKMamdani are occupying her rent controlled apartment. You grew up rich and married an even wealthier woman. Youve had weddings on [--] continents. https://t.co/mvYZfCO8Af Somewhere last night in"  
[X Link](https://x.com/anyuser/status/1953914706705711503)  2025-08-08T20:22Z 30.1K followers, 33.2K engagements


"To my libertarian friends: I love you but no amount of supply can bring rents down to levels needed for [--] million renters making $10k/year. If you make even $10k/year you'd need $250/mo rent to be affordable -- far less than the operating costs for the unit. To my progressive friends: I love you but not every renter is low income -- and few low-income renters live in market-rate rentals. Renters in market-rate professionally managed units tend to be mid/upper income households spending 22% of income on rent. Ask the REITs and their "private equity" peers. Rental affordability is a bifurcated"  
[X Link](https://x.com/anyuser/status/1954920304037204052)  2025-08-11T14:58Z 30.1K followers, 87K 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](https://x.com/jayparsons/status/1960343706386506096)  2025-08-26T14:08Z 30.1K followers, 136.5K engagements


"Greystar's new head of property management told Bisnow that in some markets "50% of our applicants are fraudulent." This isn't old-fashioned forged pay stubs but stolen or composite ID packages openly marketed for sale on social media"  
[X Link](https://x.com/jayparsons/status/1963320472919314739)  2025-09-03T19:17Z 30.1K followers, 57.4K engagements


"For the first time since the Great Financial Crisis U.S. apartment rents declined over the summer months (June July August). And yet every data provider is still reporting strong demand for apartments. What happened YIMBY theory proved true. We built more apartments than at any point in nearly a half century. Property managers had to compete more for leases and cut rents to do so. While a 0.23% reduction may not seem like much that cut came at a season when rents normally rise 1%. Furthermore the declines are far sharper in the most heavily supplied markets including Austin Denver and Phoenix"  
[X Link](https://x.com/anyuser/status/1965059166713909336)  2025-09-08T14:26Z 30.1K followers, 49.3K engagements


"Why is NYC disincentivizing more density instead of incentivizing it"  
[X Link](https://x.com/jayparsons/status/1965398934484025446)  2025-09-09T12:56Z 30.1K followers, 69.4K engagements


"High rise apartments (steel frame) are really tough to make work today"  
[X Link](https://x.com/anyuser/status/1966603723699831074)  2025-09-12T20:44Z 30.1K followers, 98.6K engagements


"Wow big deal. Toll Brothers exiting apartment business selling platform to Kennedy Wilson"  
[X Link](https://x.com/anyuser/status/1968692461607248235)  2025-09-18T15:03Z 30.1K followers, 34.3K engagements


"Pew has been putting out some great research on housing of late"  
[X Link](https://x.com/jayparsons/status/1973094295730114584)  2025-09-30T18:35Z 30.1K followers, 27.6K engagements


"Weird. Check out these lists showing where Class C apartment rents are falling most. (Class C = cheapest market-rate units.) In [--] of the [--] MSAs where Class C rents FALLING 6% new apartment SUPPLY exceeds the U.S. average. And . guess where Class C rents growing MOST"  
[X Link](https://x.com/anyuser/status/1977774395012616432)  2025-10-13T16:32Z 30.1K followers, 50.8K engagements


"I'm way late to this one but have to point out: In Texas you see bumper stickers that say "Don't California My Texas" and yet that's exactly what some cities are doing through their creative efforts to skirt a new state law allowing multifamily on land zoned commercial. From cities like Arlington and Irving adds ridiculous requirements for expensive amenities that only makes projects less likely to work (and if they drive up rents). And then Frisco takes the cake acting like a smart alecky high school kid trying to skirt an assignment. They've exploited a loophole in the state law that says"  
[X Link](https://x.com/jayparsons/status/1978484152677879839)  2025-10-15T15:32Z 30.1K followers, 19.9K engagements


"Every legitimate source for apartment data shows: Where there's a lot of new apartment supply rents are falling. Where there's little new apartment supply rents are rising. It's all about supply and demand. Source: Avison Young Q3 report using CoStar data"  
[X Link](https://x.com/anyuser/status/1983627799828332764)  2025-10-29T20:11Z 30.1K followers, 82.9K engagements


"Important truth bomb: Developers don't pay for inclusionary zoning. Renters do"  
[X Link](https://x.com/jayparsons/status/1985399525914395107)  2025-11-03T17:31Z 30.1K followers, 25.1K engagements


"Apartment rents are falling in more U.S. markets today than at the height of COVID lockdowns in [----]. Half of the nation's [---] largest metro areas cut rents year-over-year through October. Most of those are high-supplied markets dealing with the biggest supply wave in a half-century (led by Denver Austin Phoenix) but that's not the only factor. We're also seeing rents fall in lower-supplied markets like Washington DC Los Angeles Las Vegas and Sacramento among others. In those markets a soft job market and weak consumer confidence are likely culprits. Apartment execs are saying that CURRENT"  
[X Link](https://x.com/anyuser/status/1988297596440543233)  2025-11-11T17:27Z 30.1K followers, 213.3K engagements


"After today's Los Angeles city council vote further tightening rent caps below inflation what is the investment case for investing in rent controlled apartments in L.A. instead of in T-bills or a high-yield savings account"  
[X Link](https://x.com/anyuser/status/1988749238294180021)  2025-11-12T23:22Z 30.1K followers, 72K engagements


""After decades with long-term tenants the brothers calculated that getting the apartments back up to code would cost thousands of dollars that couldnt be recouped at the artificially low rent cap. So the apartments sit vacant and off the rental market. According to the Census Bureau in [----] there were some [-----] regulated apartments in the same situation.""  
[X Link](https://x.com/anyuser/status/1988778188961722608)  2025-11-13T01:17Z 30.1K followers, 113.4K engagements

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