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HouseCanary Report Finds Rental Inventory Surges in Q2 2023, Signaling Hope for Price Decreases

Retrieved on:

Wednesday, August 2, 2023

Professional Services, Data Analytics, Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, Consulting, Metropolitan statistical area, SFR, Aggregation, Wage growth, MSA, Growth, Research, Health, Property management, Real estate, Lease

Chris Stroud, Co-founder and Chief of Research at HouseCanary, commented: “In Q2, we’ve seen the rental market continue to increase in median listings, prices and days on market.

Key Points:

Chris Stroud, Co-founder and Chief of Research at HouseCanary, commented: “In Q2, we’ve seen the rental market continue to increase in median listings, prices and days on market.
High prices and interest rates have provided somewhat of a floor to any possible large decreases in rental prices in the near future.
HouseCanary’s Q2 Rental Report compares insights from Q2 2022 and Q2 2023 to explore trends shaping the U.S. rental market for single-family detached listings, including price and supply shifts across 46 states and 204 metropolitan statistical areas (“MSAs”) with the most rental market activity.
While the Rental Report is a nationwide snapshot of the health of the market, detailed rental statistics are available for 204 MSAs for SFR investors looking for insights into specific markets.

Roofstock Deepens Institutional Capabilities with Two Key New Hires

Retrieved on:

Wednesday, August 2, 2023

At Roofstock, he will build analytical models and bespoke investment strategies to drive successful outcomes for institutional SFR investors.

Key Points:

At Roofstock, he will build analytical models and bespoke investment strategies to drive successful outcomes for institutional SFR investors.
"We are thrilled to welcome Justin Yagerman and Paul Briggs to the Roofstock team," said Gary Beasley, CEO and co-founder of Roofstock.
Mr. Briggs’ data-driven approach and strategic mindset will further position Roofstock as a trusted advisor for institutional capital interested in SFR opportunities.
The two join Roofstock amid estimates that more than $100 billion in institutional capital has been set aside to invest in SFR, according to a 2022 report from Zelman & Associates.

KBRA Affirms Ratings for Banc of California, Inc. and Maintains Watch Developing Status for PacWest Bancorp

Retrieved on:

Friday, July 28, 2023

KBRA affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Banc of California, Inc. (NYSE: BANC).

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KBRA affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Banc of California, Inc. (NYSE: BANC).
Additionally, KBRA affirms the senior unsecured debt and deposit ratings of BBB+, the subordinated debt rating of BBB, and the short-term debt and deposit ratings of K2 for its subsidiary, Banc of California, N.A.
Continuation of the Watch Developing status for PACW during the period prior to merger close is considered most appropriate at this juncture.
The successful completion of the merger would result in a resolution of PACW's Watch Developing status, maintaining BANC's current ratings and Outlook for the combined company.

Zonda Introduces 'Rental Housing Outlook' to Support Builders in the Growing Build to Rent Industry

Retrieved on:

Thursday, July 27, 2023

BTR, Adviser, Database, RHO, Rent, Housing, Zonda, Senior, SFR, Sand, Property management

NEWPORT BEACH, Calif., July 27, 2023 /PRNewswire-PRWeb/ -- Zonda recently announced the launch of Rental Housing Outlook, an unmatched curated subscription of analyses, forecasts, and insights on the build to rent (BTR) and single-family rental (SFR) sectors. Published quarterly, Rental Housing Outlook features Zonda's robust and proprietary data alongside expert analyses from Zonda's well-known and sought-after team of Advisors.

Key Points:

NEWPORT BEACH, Calif., July 27, 2023 /PRNewswire-PRWeb/ -- Zonda recently announced the launch of Rental Housing Outlook , an unmatched curated subscription of analyses, forecasts, and insights on the build to rent (BTR) and single-family rental (SFR) sectors.
Published quarterly, Rental Housing Outlook features Zonda's robust and proprietary data alongside expert analyses from Zonda's well-known and sought-after team of Advisors.
"Rental Housing Outlook will provide optics into these trends to help those in the industry make smart decisions."
Zonda's Rental Housing Outlook provides those in the BTR space with the competitive data they need to make expert decisions and stay on top of trends.

CoreVest Commercial Mortgage Special Servicer Ranking Confirmed from DBRS Morningstar

Retrieved on:

Wednesday, July 26, 2023

Professional Services, Residential Building & Real Estate, Commercial Building & Real Estate, Finance, Construction & Property, REIT, Banking, SFR, Real estate, Bank

CoreVest American Finance Lender, LLC (“CoreVest”, the “Company”), a leading lender to residential real estate investors nationwide and a division of Redwood Trust, Inc. (“Redwood Trust”), announced today that DBRS Morningstar confirmed the Company’s MOR CS3 commercial mortgage special servicer ranking which had been initially assigned in June 2022.

Key Points:

CoreVest American Finance Lender, LLC (“CoreVest”, the “Company”), a leading lender to residential real estate investors nationwide and a division of Redwood Trust, Inc. (“Redwood Trust”), announced today that DBRS Morningstar confirmed the Company’s MOR CS3 commercial mortgage special servicer ranking which had been initially assigned in June 2022.
The rating further acknowledges CoreVest's successful performance in loan management.
DBRS Morningstar highlights that CoreVest has an “experienced professional” asset management team and “solid track record and expertise overseeing permanent and transitional (bridge) small-to-midsize income-producing residential loans and real estate involving single-family rental (SFR) and multifamily housing.”
“We are very pleased to again receive this ranking from DBRS Morningstar for our special servicing capabilities,” said Dash Robinson, President of Redwood Trust.
“CoreVest prides itself on the strength, dedication and performance of our special servicing platform and our value-add in overseeing a diverse portfolio of business purpose loans.

REAL ESTATE INVESTORS MOVE TOWARDS RENTAL STRATEGY, DIFFER ON FUTURE MARKET DYNAMICS IN RCN CAPITAL SPRING INVESTOR SENTIMENT SURVEY

Retrieved on:

Monday, July 24, 2023

Pulse, RCN, Thought, Observation, Housing, National Association, Environment, Renting, News, SFR, Real estate

SOUTH WINDSOR, Conn., July 24, 2023 /PRNewswire/ -- Real estate investors appear to be focused more on rental properties than on fix-and-flip opportunities according to the Spring 2023 Investor Sentiment Survey from RCN Capital, conducted by market intelligence firm CJ Patrick Company. More than half of the survey respondents (53%) indicated that they plan to hold investment properties as rentals, almost twice the 30% who plan to flip the homes.

Key Points:

SOUTH WINDSOR, Conn., July 24, 2023 /PRNewswire/ -- Real estate investors appear to be focused more on rental properties than on fix-and-flip opportunities according to the Spring 2023 Investor Sentiment Survey from RCN Capital , conducted by market intelligence firm CJ Patrick Company .
"Our survey results mirror the trend toward rental investments and reflects what we're seeing in our current loan activity."
The Spring 2023 Investor Sentiment Survey is the first in what will be a quarterly report from RCN Capital taking the pulse of real estate investors across the country, identifying market challenges and opportunities, and getting feedback on current trends and events.
But while the trend among real estate investors may be skewing more heavily towards rentals, fix-and-flip investors are more optimistic about opportunities in the coming months than single-family rental property (SFR) investors.

BLVD Residential Expands Relationship with Pagaya's Darwin Homes, Adds 1,000 Homes to Darwin's Platform

Retrieved on:

Tuesday, July 18, 2023

Pagaya acquired Darwin Homes earlier this year, combining Pagaya’s core AI technology and data network with Darwin’s proprietary software, integrated operations and mobile app.

Key Points:

Pagaya acquired Darwin Homes earlier this year, combining Pagaya’s core AI technology and data network with Darwin’s proprietary software, integrated operations and mobile app.
Through this partnership with Darwin, BLVD Residential will tap into their newly combined technology stack and have access to the premier, full-service offering at scale, driven by data-centric decision-making.
Darwin Homes’ proprietary technology optimizes single-family rental management end-to-end for BLVD Residential, streamlining operations, and enhancing the overall tenant experience.
"We are thrilled to strengthen our partnership with BLVD Residential, a prominent leader in the SFR industry,” said Ryan Broderick, co-founder and Chief Executive Officer of Darwin Homes.

Security Industry Veteran Matthew Horace Becomes Progress Residential's Chief Security Officer

Retrieved on:

Monday, July 17, 2023

ATLANTA, July 17, 2023 /PRNewswire/ -- Progress Residential, the nation's leading single-family rental (SFR) management services platform, today announced Matthew Horace as its Chief Security Officer. Based in Atlanta, Georgia, Mr. Horace will be responsible for enhancing and overseeing a comprehensive security program for Progress Residential, which services more than 250,000 residents across approximately 100,000 homes.

Key Points:

Will Enhance Security Program to Support Safety of Residents, Communities, and Team Members
ATLANTA, July 17, 2023 /PRNewswire/ -- Progress Residential, the nation's leading single-family rental (SFR) management services platform, today announced Matthew Horace as its Chief Security Officer.
Mr. Horace brings nearly 35 years of experience in the security industry and demonstrated success building, leading, and overseeing global, enterprise-wide security programs, including as inaugural Chief Security Officer for two large companies in complex private industries.
Mr. Horace was most recently Chief Security Officer at the Mayo Clinic in Rochester, Minnesota.
He previously served as the first Chief Security Officer for Dominion Voting Systems and, before that, as the first Chief Security Officer and Chief Information Officer for FJC Security Service.

Home Rents Continue to Rise in Q2 2023: 89% of U.S. Cities Experienced Year-Over-Year Rent Increases

Retrieved on:

Thursday, July 13, 2023

Q2, City, Apex, Lothian and Borders Fire and Rescue Service, SFR, Conyers, Georgia, Car rental

BOSTON, July 13, 2023 /PRNewswire/ -- Rentometer has released their Q2 2023 Rent Report for three-bedroom (3-BR) houses that are single-family rentals (SFRs). Rentometer collects data for all residential asset classes, but this report is focused on SFR because they are one of, if not the most, active residential rental asset classes today.

Key Points:

BOSTON, July 13, 2023 /PRNewswire/ -- Rentometer has released their Q2 2023 Rent Report for three-bedroom (3-BR) houses that are single-family rentals (SFRs).
89% of U.S. cities experienced year-over-year rent increases.
The Q2 '23 report covers 508 cities that had at least 25 data points for Q2 '22 and Q2 '23.
It includes an analysis of year-over-year change in average rent prices by city for the second quarter.

Black Knight: Housing Market Reignites as Home Prices Hit New Record High in May; Inventory, Affordability Continue to Plague Potential Buyers

Retrieved on:

Monday, July 10, 2023

"There is no doubt that the housing market has reignited from a home price perspective," said Walden.

Key Points:

"There is no doubt that the housing market has reignited from a home price perspective," said Walden.
"Firming prices have now fully erased the pullback we tracked through the last half of 2022 and lifted the seasonally adjusted Black Knight HPI to a new record high in May.
The reheating is widespread, with more than half of the 50 largest U.S. markets seeing prices at or above 2022 peaks.
As it stands, housing affordability remains dangerously close to the 37-year lows reached late last year, despite the Federal Reserve's attempts to cool the market.