The Rent Roll with Jay Parsons – EP#62: Toni Eubanks | How Greystar Sees Property Management

Date: December 4, 2025
Guest: Toni Eubanks, Incoming Executive Managing Director & Head of US Property Management, Greystar
Host: Jay Parsons

Episode Overview

In this episode, Jay Parsons interviews Toni Eubanks, soon-to-be head of US property management at Greystar, as she prepares to oversee a national portfolio of nearly one million apartment units. They discuss Toni’s journey from leasing at a JPI community to her leadership role at Greystar, the realities and evolution of property management at scale, the latest industry trends, renter expectations, challenges like fraud, and the future of tech and innovation in multifamily housing.

Key Discussion Points & Insights

1. Toni’s Career Journey: From Leasing Agent to Industry Leader

• Entering the Industry by Chance
  • Toni’s career began serendipitously when she relocated to Dallas. “I just happened into what was a JPI community at the time and asked, ‘Are you hiring?’” (19:37)
  • She admits leasing “wasn't really my skill set,” was moved into an assistant manager role, and quickly promoted. “Within, I think, nine months, I had my first...I was community manager of my first property, which I think back now, and it's just bewildering.” (20:25)
• Transition to Greystar and Company Growth
  • In 2009, Greystar acquired JPI’s management arm: “I wasn't sure...I told myself, I'm going to give it six months...I loved it immediately. Just the candor, the direct nature, the entrepreneurial side…It was a great fit.” (21:24)
  • She recalls the firm had 4,000 employees then, nearly 30,000 today: “Yeah, I was 4,000 people then and we're almost 30,000 today. So just crazy.” (23:22)
• Industry Loyalty and Mentorship
  • “I always tell our children things work out exactly the way they're supposed to and, and that really is proof of that.” (23:54)

2. Scaling Without Losing Touch: How Greystar Maintains Performance and Culture

• Personalized Service at Scale
  • Jay points out Greystar now manages nearly 1 million units, up tenfold from the 2009 acquisition. (24:23)
  • Toni: “We just have this really dynamic, hard-working group of people that honestly just want to do the next right thing.” (25:34)
• Fragmented Industry
  • “51% of our owners have one property with us...all of our contracts are cancellable in 30 days. Right. So you really have to pay really good attention to those clients, those assets.” (26:17)
  • On industry size: “You only manage three and a half percent of the multifamily rental units in the US...Does that just reflect how fragmented our industry is?” (30:06)
  • Toni affirms: “It is...our industry...is still in its infancy. And I do think there will continue to be a flight to kind of institutional providers...as things continue to, we go through more cycles and you have regulatory challenges...” (30:45)

Memorable Quote:

• “Joe Cinco...said to Bill Maddox, ‘Tony makes Greystar feel small to me’...I'm hopeful all of our clients feel that way because...we value those partnerships...” (26:52; 29:28)

3. How Institutional Management Benefits Renters

• “Go with a community that has professional management. You will get maintenance when you need it. You will get someone that picks up the phone, you’ll get somebody that actually cares when you send in, you know, a concern...” (33:24)

• Property management’s professionalization means:

  • Faster response and issue resolution (“Nowhere to hide...If they're dissatisfied, you really have to make it right pretty quick or you're going to hear about it.” 45:49)
  • Higher standards in service and property upkeep

4. Technology and Disruption: What’s Changed in the Last 20 Years?

• Biggest Changes Since Toni Started

  • “We literally had a typewriter at every desk. We did not have a computer in the office...Computers were a great upgrade in our business.” (35:39)
  • Key upgrades: Online leasing, digital payments, centralization of services, use of data and BI tools, maintenance tech, and now, AI.
  • “We're excited to continue to see us push [tech for] maintenance because...maintenance is one of the top reasons people stay with you and renew.” (38:24)

• On Centralization and AI

  • Centralizing AP/AR and collections has boosted efficiency—“We have about, in total, about 500 properties right now using the Resource Center. And then we've just plugged in the AI and it's really spitting out some incredible results...” (37:03)

5. Evolution of the Property Management Role

• “They are somewhat turning from generalists to specialists...with the tech, it helps them really zero in on that particular asset and...aspect...But...we're in the providing homes business...that's always going to be front and center.” (40:56)
• Emphasis now on financial acumen, openness to tech, people management skills, and proactive problem-solving (43:10)

6. Today’s Renter: Higher Expectations & The Impact of Instant Feedback

• Expectations on Service
  • “There's nowhere to hide...if they're dissatisfied, you really have to make it right pretty quick or you're going to hear about it...” (45:49)
  • On social media: “Frankly, part of the world will hear about it as well.” (45:52)
• Service Recovery
  • Program: “Make it Right Right Away”—empowering on-site staff to immediately resolve issues and boost resident loyalty. (46:02)

Quotes:

• “It doesn't have to be resolved. But just tell me you have it...Just a response back for me and says, I hear you. I'm, I'm on it. Give me X amount of time and then beat that deadline...” (48:09)

7. Renter Financial Health & Leasing Demand

• Renter Resilience
  • “No, I mean, I think we for the most part...have recovered from the delinquency issues that plagued us during the pandemic...we're about 21% [rent to income] on an A class product...” (49:07)
  • Not seeing much “doubling up” or meaningful distress: “No, we're...Yeah, and I agree with your comment about doubling up...But we're not seeing a lot of that either.” (50:17)
• Demand Trends
  • “October probably slowed a little bit more than it typically would...but nothing like that we're like woo, scary...” (51:28)
  • Supply increases, economy, and consumer confidence affecting short-term leasing demand.

8. Retention and The Rise of ‘Sticky’ Apartments

• Higher Retention, Not Just About Mortgage Rates
  • “People are choosing to renew more frequently...What do you think is driving that structural change?” (52:56)
  • Toni credits product and amenity improvements, rising age of first-time buyers, lifestyle fit, and a lack of for-sale options in many desirable areas. “There are conveniences in renting and I think people are aware of that.” (54:11)
• Range of Modern Options
  • “You can go rent a single-family home and have a yard for your pets and the conveniences of a home without the headache of a home...There's just so many options.” (55:54)

9. Fraud in Leasing: Rising Challenges & Evolving Countermeasures

• Scope and Tech Arms Race
  • “When I did that interview, I’d just gotten back from Atlanta and saw it firsthand...this is one of the most disheartening things because every time a bad actor, as we say, gets into a building and takes residency, it takes money away from that community.” (59:24)
  • The tech is “exceptional,” but “as soon as you get there and you figure it out, then there’s a new way...” (60:47)
• Impact on Good Renters
  • “How is it right that I'm there and I'm paying my rent on time...but the person next to me hasn't since they moved in...It is, it's one and it's a challenge our on-site team should not have to deal with.” (62:50–63:43)

10. PropTech Evaluation: Greystar’s Approach to Innovation

• Disciplined Testing and Focus
  • “We...test it and we don't test it like grand scale...very refined, right. And with very clear end dates and with very clear measures of success. We just don't like blanket approach anything anymore.” (64:20)
  • “AI is huge. Our first question used to be, hey, can we do that less expensive maybe in India? Now our question is, hey, can we do that with AI?” (65:11)

11. What’s Next? Greystar’s Priorities for 2026 & Beyond

• People and Succession
  • “We're going to spend a lot of time on people-to-people business, succession planning. Right. Leadership development, teaching our team members skills that they can either...use here...or take with them to their next journey...” (68:43)
• Financial Execution and Innovation
  • “A budget is...not a hope for, it's a commitment. Let's go out and let's hit them or do better and take care of those communities and our clients.” (69:36)
• Growth and Risk Mitigation
  • “We're never going to be Kodak...We're going to continue to figure out how to grow our company...And then a big thing...is risk mitigation. It's huge. And physical site risk, regulatory risk, all the risky things...” (70:51)

Notable Quotes & Memorable Moments

• On her accidental industry start:
  “Purely by accident...did not want to move without a job and just happened into what was a JPI community at the time and asked, ‘Are you hiring?’ And they said, sure...” – Toni Eubanks (19:37)

• On scaling Greystar’s culture:
  “We just have this really dynamic, hard working group of people that honestly just want to do the next right thing...” – Toni Eubanks (25:34)

• On how fragmentation is opportunity:
  “Opportunity. We've got a lot of work to do still, Jay, come on now, we got to go.” – Toni Eubanks (32:19)

• On what’s changed for property managers:
  “They are somewhat turning from generalists to specialists...But...we have team members on site, obviously, we have residents. We are, we're in the providing homes business. And so that's always going to be front and center for us.” – Toni Eubanks (40:56)

• On renter expectations and service recovery:
  “If they're dissatisfied, you really have to make it right pretty quick or you're going to hear about it. And frankly, part of the world will hear about it as well.” – Toni Eubanks (45:52)

• On fraud’s toll:
  “Every time a bad actor, as we say, gets into a building and takes residency, it takes money away from that community. It takes money away that you can spend on maintenance...raise salaries...” – Toni Eubanks (59:24)

• On innovation:
  “We're never going to be Kodak. Right? Kodak. We're just not. And we're going to continue to figure out how to grow our company...” – Toni Eubanks (71:31)

Timestamps for Key Segments

| Timestamp | Segment/Quote Highlight | |------------|--------------------------------------------------------------------------------------| | 19:37 | Toni shares her career origin story at JPI | | 21:24 | Transition to Greystar and cultural fit | | 23:22 | “4,000 people then, almost 30,000 today. So just crazy.” | | 25:34 | “We just have this really dynamic, hard working group of people...” | | 26:17 | “51% of our owners have one property with us...” | | 30:06 | On industry fragmentation and market share | | 33:24 | How institutional managers provide better experience for renters | | 35:39 | Technology evolution: from typewriters to AI | | 37:03 | Centralization and AI pilot for collections | | 40:56 | Evolving role: from jack-of-all-trades to specialists with tech | | 45:49 | today’s renters: “nowhere to hide” and instant feedback | | 49:07 | Renters’ financial health: “we've recovered from delinquency issues...” | | 51:28 | Leasing demand trends in late 2025 | | 52:56 | On rising retention and “sticky” apartments | | 59:24 | On fraud and its effect on communities | | 64:20 | How Greystar evaluates and adopts proptech | | 68:43 | Toni’s operational priorities for 2026: people, innovation, growth, risk | | 71:31 | “We’re never going to be Kodak”—commitment to ongoing growth and adaptation |

Conclusion

Jay and Toni’s conversation offers a unique window into the challenges and opportunities facing the multifamily housing industry at scale. Toni’s leadership perspective—rooted in on-the-ground experience—emphasizes people, innovation, and relentless improvement. She shares why big companies can (and should) still feel personal; how tech, data, and AI are reshaping property management; why modern rental housing provides a far “stickier” product; and the ongoing battle against fraud. This episode is essential listening for anyone wanting clarity on industry trends, the value of institutional property management, and what the future may hold for renters, managers, and owners alike.