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RoofStock, a platform that enables the easy transactions of single-family rental properties, recently hosted a webinar on the state of the SFR Rental Market amid COVID-19. Here are some of the key updates RoofStock Chief Development Officer Rich Ford highlighted in the webinar:
With stay-at-home orders in place, occupancy levels remain strong, and tenants are staying put. Leasing activity has adapted to virtual showings and processes and has not slowed down.
Rent collections in April and May were healthy, which may have been impacted by government stimulus checks.
RoofStock has found that interest in single-family rental investing continues to grow, and we are continuing to see moderate activity with consistent pricing. Further, there is a push toward single home rentership, as people are either choosing not to buy during economic uncertainty or want to rent with greater space and privacy.
On a state level, some states are banning evictions or putting restrictions in landlords in place. Currently, North Dakota, South Dakota, Wyoming, Arkansas, and Georgia are the only states without COVID-19 eviction legislation. Many states are also starting to reopen. Washington, California, Arizona, Wisconsin, Illinois, Michigan, and New York are some of the states the remain shut down.
Ford believes that the SFR Rental Industry is here to stay and recommends investors focus on the long-term investment benefits and closely evaluate the rewards versus the risks of each opportunity. For more webinars and insight from Ford, we recommend visiting Roofstock.