The Rent Roll with Jay Parsons EP#24 Matthew Putterman | Single-Family Rental REITs Earnings Recaps
Mar 6, 2025
Matthew Putterman, Managing Director and Single Family Rental Business Leader at JLL, shares insights on the evolving landscape of single-family rentals. He discusses the recent slowdown in SFR revenue growth and challenges surrounding institutional buying practices. Jay Parsons and Matthew break down how regulatory risks affect investment strategies and why institutions are shifting away from MLS purchases. Additionally, they explore the importance of resident experiences and adaptability in a changing market, further highlighting the dynamics between scattered site homes and new construction.
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SFR Market Dynamics
- Weak home sales don't guarantee an SFR boom, despite common narratives.
- SFR market softened in 2024 due to various factors like increased supply.
Renter Strength and Retention
- SFR turnover remains low, and renter financial health is strong in REIT properties.
- Improved resident experience and on-demand services contribute to higher retention.
SFR Investment Strategies
- SFR REITs are shifting from buying existing homes to new construction and portfolio acquisitions.
- Selling older, scattered-site homes allows for capital recycling and investment in newer assets.