Rental housing economist Jay Parsons talks about the shifting institutional appetite for apartments and build-to-rent SFR with ACRE co-founder Michael Van Der Poel. Jay shares the latest data on capital flows-- which have increasingly shifted away from higher regulated markets on the coasts toward growth markets in the Sun Belt and Mountains, as well as the Midwest. Jay highlights the unique challenges in Los Angeles in particular, and why its attracting a far smaller share of apartment investment and development dollars today compared to past cycles. Additionally, Jay highlights the specific markets that have gobbled up a larger share of investment dollars in recent years, including big markets like Dallas/Fort Worth and also smaller markets like Charleston. Jay and Michael also discuss equity and debt strategies for institutions, market preferences, BTR, and whether now is the time to invest in new development again. Additionally, Jay brings back recurring features like "Rental Housing Trivia" and "In the News."