By Natalie Dolce
LOS ANGELES—The Single-Family Rental market has seen record investment in the past few years with many, including big builders and investment funds, all vying for a piece of the pie. But with the sector now ripe for a reckoning, what’s to come? A panel at the recent GlobeSt. Multifamily national conference tackled that question and covered topics including finance availability, renter demand, supply chain issues and leasing trends.
Moderated by Scott Thompson, vice president and global events director at GlobeSt.com, panelists included Sean Lurry, vice president of Arbor Realty Trust and Spencer Rinker, co-founder and CIO of AHV Communities. “Everyone is really recalibrating right now,” said Lurry. “What we are dealing with is what everyone else is in this market.”
One thing they are dealing with are cost overruns, which Lurry said is a big issue due to supply constraints. “It has been challenging to deal with,” he explained. “Rent growth has more than kept pace with the increase of construction costs so we have been able to come to the table in the event there have been cost overruns.”
Rinker agreed that cost and supply chain has been a major challenge. “We are grossly undersupplied with housing… Whether multifamily, single-family, build for rent or whatever you want to call it, we are still short,” he said. “There is a lot we can do to try to increase that supply.”
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