So, but what did you see in those top 20 markets for rent growth? Talk about anything in the Sun Belt there.

Yeah, I love that question because you're right.

You know, I think so often, people, especially, I think, our, our fellow analysts and research nerds, they like to oversimplify things into, like, Sun Belt versus Coast, and there's so much nuance in that.

I mean, w- I'll talk about Sun Belt obviously, but even, like, we're talking about California, like San Francisco, it is so much different from Los Angeles, which has become, you know, probably the, the least attractive major MSA for rental housing investors over the last five or six years.

So, uh, in terms of, like, major coastal MSAs, I should say.

So yeah, the same is true in the Sun Belt.

It's a wide range of performances.

Are any of those top twenty markets in Florida?

What are you hearing from operators on occupancy, retention, bad debt, and just leasing velocity?

Uh, let me start with the easy ones.

I, I think that the, the retention story has been shockingly positive.

I mean, renters today have a lot of options, and there's a lot made of the fact that, hey, you know, people are renting longer 'cause they can't afford to buy, to move out.

But, but the reality is renters still have options.

There's a ton of new apartments.

There's single-family rentals that are open, and they're still staying put.

So what separates assets that are outperforming from assets that are just surviving? Is it all, is it all market location?

How would you describe the macro backdrop for multifamily today?

You know, I was just writing about this this morning.

Like, I think it's, you know, all the headline demand drivers, they don't look that great.

Meaning, you know, you've got an increased number.

We've added 900,000 young adults who are living with parents over the last two plus years.

that's 25 to 34-year-olds, 900,000 more.

When you're 25 to 34, that's the prime apartment demographic.

And I'm not even sure that's a fair question to you, but we're going to ask it anyway.

Right.

Even the biggest players are tiny, and it's mostly these older buildings, family businesses that you alluded to.

And, and those...

And, you know, the operating conditions there are really tough given the restrictions that they have, and yet, you know, the mayor has started a series of what they call these rent rip-off hearings, you know, basically lambasting property owners who aren't able to charge the rent needed to cover the cost of operating the building and then criticizing them for not operating at a loss, um, and just finding a way to pay it one way or the other.

So I think it, it sort of shows that it's really not about the size of the owner.

It's really just this perception that there, there's a growing movement that says that it's, it's just evil to operate a for-profit business for housing.

And I sort of get the sentiment of that, but at the same time I think we need to remember that if we don't have that, we're going to have less housing.

Is that kind of consolidation possible or likely in the long term for multifamily?

So if we think, hey, that's the goal for many, how do we close this gap from where we are to where we potentially want to be?

Well, you're right.

It's a great question, a great topic.

First of all, let me show you this.

We just had a chance to participate in a survey by the Center for Generational Kinetics.

Just coincidentally, a few months ago, they did a national survey of single-family renters.

And what you're describing as the American dream is very real.

Is this regional? Is there areas that have more of this maybe corporate owned, for lack of a better way to say it, housing versus maybe renting from a single landlord, et cetera?