U.S. Single Family Rental – An Emerging Institutional Asset Class
Single-family suburban homes have been the mainstay of the U.S. housing market since the post-World War II automobile boom. However, as mortgage credit availability became scarce and homeownership plummeted following the financial crisis, the demand for single-family homes manifested itself in the form of rentals — amplifying the opportunity in the single-family rental (“SFR”) space. This paper examines single-family rentals as an institution-owned, longer-term commercial real-estate (“CRE”), much as apartment and office REITs are viewed.