Khoury: Sunbelt Apartments Due for Rent Surge as Ratios Hit 19%
John Khoury · John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474) · Dec 1, 2025 · at 42:36
Long Pond Capital founder John Khoury argues that flat rents and rising incomes in Sunbelt multifamily create pent-up pricing power.
0:00 / 0:27exact quote · 28.0s
720p mp4 · rendered on demand · StarZero watermark
“Rent to income in the Sunbelt Has been going lower and lower and lower every year. So once you get back to equilibrium, we're of the view that it's not going to be, oh, we're back at equilibrium. We're going to grow a little bit. You're back with equilibrium. In the case of many of these markets, a healthy rent to income is about 22%. In these publics, you're down to about 19%. Not only are you going to get the normal growth, but you're going to get this 19 to 22 catch up.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from John Khoury
Khoury: 80% of Pod Hedge Fund Returns Arrive Around Quarterly Earnings
“80% of the returns of these pods are generated on quarterly earnings or the day after quarterly earnings, which means they are looking out for one quarter.”
Khoury: AI Office Vacancies Will Eventually Dwarf AI Tenant Demand
“That space that AI tenants are taking will be dwarfed by the magnitude of vacancy that they create over time.”
Khoury: Buying Distressed Real Estate and Waiting for Recovery Is Dead
“If real estate went down, you could buy it and just wait, and generally it would come back over time, and that's certainly not true anymore.”
Khoury: REIT Price Movements Are Now Double Long Pond's Early Years
“When we launched the fund, the first three years of the fund's existence versus the last three years of the fund's existence, the average move in the REIT space is literally two X today than it was then.”