EP#38 James Ray | Cap Rates Are B.S., and Other Hot Takes

In this episode of the Rent and Roll podcast, Jay Parsons interviews James Ray, co-founder of CRE Analyst and Managing Director at MetLife, about various topics in the rental housing market. They discuss the limitations of cap rates, the overblown fears of the wall of maturities, the complexities of the buy versus build decision for BTR and apartments, and institutional capital's current interest in rental housing. James shares his personal journey from a challenging background to a leadership role in real estate, and also provides advice for emerging GPs seeking institutional partnerships. The episode begins with a data-driven update on apartment rents, highlighting a recent deceleration in rent growth momentum across different markets, and concludes with rental housing trivia and a news item about the high costs of publicly funded housing.