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An outgrowth of the recession and the housing market crash of seven years ago has been a vibrant rental market, with vacancy rates at their lowest levels since the 1980s and construction at a more robust level than it has been in 25 years, according to CoreLogic's July 2015 MarketPulse. Single-family rentals comprise 40 percent of the nation's rental market, nearly equal with multi-family's share, which is 42 percent, and more than double the 2-to-4 family share, which is 18 percent.
Three million detached single-family homes were added to the nation's rental stock between 2006 and 2013 due to investors acquiring foreclosed homes and turning them into rentals. The increased popularity of single-family rentals has prompted industry leader The Five Star Institute to host its first-ever Single-Family Rental Summit in Las Vegas, October 11 through 13. Five Star's summit will provide an education and networking event for private equity, REIT, Institutional/bank, and small/mid-sized investors.
Today marks exactly one year since former San Antonio mayor Julián Castro was sworn in as HUD secretary. During his first year as the nation's top housing official, Castro has made several policy changes with the intent of increasing opportunity for more Americans to obtain affordable, sustainable housing. Among the policy changes Castro made were lowering the mortgage insurance premiums by 50 basis points down to 0.85 percent and enacting the Affirmatively Furthering Fair Housing rule.
