The Rent Roll with Jay Parsons EP#59 Dave Feldman | 5 Takeaways From Q3 '25 SFR REIT Calls + A Conversation With Progress Residential's CEO
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Nov 13, 2025 Dave Feldman, CEO of Progress Residential and an expert in the single-family rental sector, joins to debunk myths surrounding SFRs. He discusses misconceptions about homebuyer displacement and highlights the benefits of supply and resident experience. Feldman also addresses the impact of policy narratives and emphasizes public-private partnerships in housing. Insights into the current SFR market reveal a selective approach to acquisitions and a focus on growth in high-opportunity areas, illuminating the strategic direction for Progress Residential.
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SFR Fundamentals Remain Solid
- SFR fundamentals in Q3 were "solid" with occupancies around 96% and blended rent growth ~3–3.6%.
- New-lease rents softened in places due to supply, but renewals remained strong and supported revenue growth.
Renters Are Financially Healthy
- Current SFR renters are financially healthy with strong FICO and low bad debt, per REITs' reports.
- REITs warn prospective renters may be more cautious if job growth weakens, but present cohorts look stable.
REITs Prefer New Builds Over MLS Buys
- REITs are building many new BTR homes while selling older homes to end-users; buying existing homes is limited at today's prices.
- Dispositions fund development and improve portfolio quality, as bid-ask spreads for bulk purchases remain wide.