2023 – Page 40

Poplar Homes Names Lydia Bowers Chief People Officer

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Veteran Startup HR Leader to Help Take Company to the Next Level Poplar Homes, the tech-enabled property management company changing the way independent single-family rental investors and multifamily owners manage their rental properties, announced that Lydia Bowers joined the company as Chief People Officer, a new role at the company. Reporting to Poplar CEO Greg Toschi, Bowers will play a pivotal role in evolving the People function as the company continues its nationwide expansion. Bowers brings more than a decade of experience and a diverse background in human resources, including scaling HR teams, implementing processes and systems, talent acquisition, coaching, employee experience and engagement at transformative companies. “Poplar has always been a people-first organization. As we continue to grow the size and complexity of our company, we’re thrilled to add Lydia to our executive team,” Toschi said. “She brings a track record of scaling HR functions and enabling world-class cultures at high-growth companies that attract, develop and retain the best talent in the industry.” Bowers was most recently the Vice President, People, at Flexcar, a vehicle subscription company that was spun out of Zipcar in 2021. During her tenure, she built the HR function from the ground up while overseeing a 400% growth in headcount and the company’s expansion to five states and three countries. She also built the People functions at Spyce, a fast casual restaurant startup that was acquired by Sweetgreen and Ellevest, a VC-based investment platform for women. “Throughout my career, I have been attracted by opportunities to build human resources functions at transformative companies that enable a company to scale to meet their growth objectives. Poplar’s team members are the reason the company has grown so quickly, and I’m excited for the opportunity to be working with a world-class team that is passionate about its employees and understands the role an effective HR function can play in achieving its business objectives,” Bowers said. Bowers is the latest in a series of leadership appointments at Poplar designed to support the company’s growth. In August 2022, Scott Breon was promoted to President from Chief Strategy Officer and Michael Prinn joined as the company’s first Chief Financial Officer in October 2022. Since March 2022, Poplar has raised $110 million to expand nationwide through strategic acquisitions. To date, the company has used the funding to complete 16 acquisitions and expand into 11 new states. Poplar currently manages more than 15,000 properties in 25 markets across 17 states and plans to add 20 new markets in 2023, doubling its doors under management. Bowers holds a bachelor’s degree from Mount Holyoke College and a master’s from Cornell University, School of Industrial and Labor Relations. She is based in Boston.

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Nationwide, rents declined 1% from a year earlier in May—the largest drop since 2020—as a building boom increased supply and economic uncertainty cooled demand The median U.S. asking rent fell 0.6% year over year to $1,995 in May—the largest annual decline since March 2020—according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. That compares with a near-record 16.5% increase one year earlier. May’s drop also represented the first annual decline since March 2020 on a revised basis. The median asking rent rose 1.4% from a month earlier in May. In the West, asking rents declined 2.1% from a year earlier—nearly four times the national pace. But other U.S. regions saw increases, with rents climbing 5.4% in the Northeast, 4.9% in the Midwest and 0.8% in the South. Rents have cooled in part because the number of rentals on the market has grown, giving landlords less leeway to hike prices because they’re grappling with a rise in vacancies as renters get more options to choose from. One reason rental supply has been growing is many homeowners are opting to rent their homes out instead of selling. Some have already moved into their next home, and are renting their previous home out to cash in on still-high rents and continue building equity on a house with a relatively low mortgage payment. The average 30-year-fixed mortgage rate is 6.8%, up from 5.09% a year ago and a record low of 2.65% in January 2021. The average monthly payment is $320 higher than it was at this time last year. “Many homeowners are deciding that instead of selling, they’re going to renovate their current home or rent it out while they wait for the market to improve,” said David Orr, a Redfin Premier real estate agent in Sacramento, CA. Some homeowners are likely waiting for housing prices to bounce back so they can make a larger profit when they do sell. Rental supply has also increased because America has been building more multifamily housing. Completed residential projects in buildings with five or more units rose 24.2% year over year on a seasonally-adjusted basis to 400,000 in April—the most recent month for which data is available. This is likely part of the reason the rental vacancy rate has ticked up; it was 6.4% in the first quarter—the highest level in two years. While a building boom has driven up the number of rentals on the market, the boom is slowing. The number of permitted residential projects in buildings with five or more units fell 22.9% year over year on a seasonally-adjusted basis to 503,000 in April. Permits, or approvals given by local jurisdictions to start construction projects, are a leading indicator of what’s happening in the housing market. Completions are a lagging indicator. Still, there remains a backlog of under-construction rentals that have yet to hit the market, meaning rents likely still have room to fall. Finally, rents have eased because fewer people are moving due to economic uncertainty, slowing household formation, still-high rental prices in many markets, and the rising cost of other goods and services due to inflation. While asking rents fell from a year earlier in May, they were still only 2.8% below their August peak of $2,053, meaning many renters are still taking on high rents. That isn’t the case in every market, though; in areas where rents are cooling more, renters are more likely to get deals and concessions from landlords. Rents Are Falling in the West, Rising in the Northeast In the West, the median asking rent fell 2.1% year over year to $2,409 in May. That’s the only region Redfin analyzed that saw an annual decline. Asking rents rose 5.4% to $2,495 in the Northeast, 4.9% to $1,406 in the Midwest and 0.8% to $1,663 in the South. Rents are cooling fastest in the West and South in part because they rose so much during the pandemic as scores of people moved into places including Phoenix and Miami. Now, rents in those regions have relatively more room to fall as supply catches up with demand. Rent growth has been steadier in the Midwest, which is home to many relatively affordable markets. The West is also seeing rents decelerate quickly because it is building a lot of multifamily housing, which means landlords in some areas are grappling with rising vacancies. There were 440,000 new non single family homes completed in the West in the first quarter, compared with roughly 200,000 in each of the other three U.S. regions. Expensive West Coast tech hubs like Seattle and San Francisco may also be experiencing rent declines due to remote work and tech layoffs. To read the full report, including charts and methodology, please visit: https://www.redfin.com/news/redfin-rental-report-may-2023/

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Foreclosure Starts Increase 4 Percent from Last Month, While Completed Foreclosures Increase 38 Percent ATTOM, a leading curator of land, property, and real estate data, released its May 2023 U.S. Foreclosure Market Report, which shows there were a total of 35,196 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 7 percent from a month ago and up 14 percent from a year ago. “The recent increase in foreclosure filings nationwide indicates a trend that has been observed throughout the year, and what we have expected to occur,” said Rob Barber, CEO at ATTOM. “This upward trajectory suggests the possibility of continued heightened activity, and with foreclosure completions seeing the largest monthly increase this year, we will continue to monitor the potential impacts this may have on the housing market.” Illinois, Maryland and New Jersey post highest foreclosure ratesNationwide one in every 3,967 housing units had a foreclosure filing in May 2023. States with the highest foreclosure rates were Illinois (one in every 2,144 housing units with a foreclosure filing); Maryland (one in every 2,203 housing units); New Jersey (one in every 2,257 housing units); Florida (one in every 2,470 housing units); and Ohio (one in every 2,478 housing units). Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May 2023 were Lakeland, FL (one in every 1,361 housing units with a foreclosure filing); Elkhart, IN (one in every 1,621 housing units); Cleveland, OH (one in every 1,622 housing units); Palm Bay, FL (one in every 1,647 housing units); and Ocala, FL (one in every 1,671 housing units). Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in May 2023, including Cleveland, OH, were: Jacksonville, FL (one in every 1,699 housing units); Baltimore, MD (one in every 1,908 housing units); Chicago, IL (one in every 1,991 housing units); and Orlando, FL (one in every 2,049 housing units). Greatest numbers of foreclosure starts in Florida, California and TexasLenders started the foreclosure process on 23,245 U.S. properties in May 2023, up 4 percent from last month and up 5 percent from a year ago. States that had the greatest number of foreclosure starts in May 2023 included: Florida (2,901 foreclosure starts); California (2,451 foreclosure starts); Texas (2,286 foreclosure starts); Illinois (1,358 foreclosure starts); and New York (1,287 foreclosure starts). Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in May 2023 included: New York, NY (1,452 foreclosure starts); Chicago, IL (1,163 foreclosure starts); Houston, TX (811 foreclosure starts); Los Angeles, CA (700 foreclosure starts); and Philadelphia, PA (677 foreclosure starts). Foreclosure completion numbers increase 38 percent from last monthLenders repossessed 4,020 U.S. properties through completed foreclosures (REOs) in May 2023, up 38 percent from last month and up 41 percent from last year. States that had the greatest number of REOs in May 2023, included: Illinois (352 REOs); Ohio (279 REOs); Michigan (271 REOs); Texas (240 REOs); and Pennsylvania (229 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in May 2023 included: New York, NY (244 REOs); Chicago, IL (230 REOs); Detroit, MI (136 REOs); St. Louis, MO (112 REOs); and Washington, DC (91 REOs). Media Contact:Christine Stricker949.748.8428christine.stricker@attomdata.com

House members introduce ‘Neighborhood Homes Investment Act’ to expand affordable homeownership opportunities and revitalize communities

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500,000 homes could be constructed, renovated and sold under the bipartisan bill Representatives Mike Kelly (R-PA) and Brian Higgins (D-NY) introduced legislation to create a new tax incentive that would produce 500,000 starter homes in under-resourced communities over the next decade. The Neighborhood Homes Investment Act (“Neighborhood Homes”) would address the needs of families throughout the country who are struggling to purchase homes as costs continue to rise and the supply of homes remains limited. In many areas, the cost to build or rehab a home exceeds the price at which the home could be sold once completed. The new tax credit would help fill that “value gap” – up to 35 percent of eligible development costs for new homes – thus reducing the developer’s risk of loss and encouraging investments in new and rehabbed housing. This will in turn make homeownership more feasible and support broader revitalization and economic development strategies in disinvested urban and rural communities. Joining Representatives Kelly and Higgins as original co-sponsors of the legislation were Representatives Claudia Tenney (R-NY), Dan Kildee (D-MI), Randy Feenstra (R-IA) and Dwight Evans (D-PA). Similar legislation introduced in the previous session of Congress was co-sponsored by 133 Members of the House and Senate from 37 different states, from Delaware to North Dakota to California. Under Neighborhood Homes: “For too long, the cost of rehabilitating a home has been more expensive than simply starting from scratch. Now, the Neighborhood Homes Investment Act will allow homeowners and developers to more affordably restore beautiful homes and create more affordable housing in communities that need it the most,” Representative Kelly said. “This legislation creates stronger homes, stronger families, and stronger neighborhoods.” “The United States is experiencing an affordable housing crisis and my community of Western New York is not immune,” said Representative Brian Higgins. “Older communities like Buffalo and Niagara Falls have aging homes with good bones, but the high cost to rehab these properties, compared to their value, causes them to fall into disrepair. As a result, neighborhoods are plagued by blighted homes and vacant lots. I am proud to join my colleagues in leading the bipartisan Neighborhood Homes Investment Act, which closes the value gap these neighborhoods face with a tax credit that encourages investments in single family homes and leads to community revitalization. For the families whose dreams of homeownership feel unattainable, this legislation can be a gamechanger.” “It is vital that we, as a country, make equitable investments in our housing infrastructure — both for the stability of our economy and the well-being of families and communities across the country,” said Christopher Tyson, President of the National Community Stabilization Trust. “Neighborhood Homes encourages private investments in communities that would not otherwise have access to this kind of capital, creating new opportunities for families to put down roots in their own homes, strengthen their communities and build wealth for the future.” “Neighborhood Homes is particularly important right now given the nation’s deepening affordable housing crisis, much of which is the result of insufficient housing investments in recent decades,” said Matt Josephs, Senior Vice President for Policy for the Local Initiatives Support Corporation. “This legislation is the first step in mitigating the devastating impact that the crisis – worsened by last year’s record inflation rates and rising interest rates – has had on first time and minority home buyers across the country, especially those in marginalized communities.” “Struggling urban, rural, and suburban communities face a dilemma,” explained Buzz Roberts, President and CEO of the National Association of Affordable Housing Lenders. “They need new and renovated homes to revitalize, but home values are too low to support development costs. Neighborhood Homes offers a straight-forward way to break the vicious cycle of neighborhood decline.” The Neighborhood Homes Coalition estimates that the legislation would support a substantial economic impact over the next 10 years. The 500,000 homes that would be developed or rehabbed would: About Us The Neighborhood Homes Coalition is a national advocacy group of 36 national organizations, including housing and community development nonprofits, financial institutions, and related trade associations — all supporting enactment of the Neighborhood Homes legislation. Please visit https://neighborhoodhomesinvestmentact.org/ for additional information. SOURCE Neighborhood Homes Coalition

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Acquisition adds more than 150 homes to Poplar’s growing management portfolio, marks company’s entry into Arizona Poplar Homes, the tech-enabled property management company changing the way independent single-family rental investors and multifamily owners manage their rental properties, today announced it has acquired Venture REI’s single-family for rent property management portfolio. The acquisition marks Poplar’s entry into Arizona and adds 152 homes in Scottsdale to the company’s property management portfolio as part of its national expansion. Venture REI’s short-term rental and investment client property management portfolios were not part of the transaction, and these properties will continue to be managed by Venture REI. Terms of the transaction were not disclosed. “We’re thrilled to be entering the Phoenix market, which is home to some of the largest single-family for rent operators in the country. The combination of Poplar’s model, which leverages technology with experienced on-the-ground property management teams, and Venture’s local expertise levels the playing field for the mom and pop investors competing with large institutional investors,” Poplar Co-Founder and CEO Greg Toschi said. “The slowing rental market is a great opportunity to demonstrate the power of Poplar’s model. In addition to having the data and operating leverage needed to properly price and market properties, our clients have the assurance of Poplar’s rent guarantee and eviction protection as well as the benefit of unique renter offerings that allow them to differentiate their properties in a competitive market.” The acquisition is the latest in a series for Poplar, which serves individual property owners who control two-thirds of the $85 billion single-family rental market, owners of small multifamily properties and individuals looking for a better way to rent while pursuing their dream of homeownership. Over the past two years, the company has significantly expanded both its doors under management and geographic presence through 16 strategic acquisitions. Poplar currently has 15,000 rental properties under management in 25 markets across 17 states and plans to expand to 20 new markets and reach 30,000 doors in 2023. “We grew our single-family rental portfolio organically and it was important that we provide our clients with a provider that offered a best-in-class experience,” said Venture REI Founder Dan Noma Jr. “Poplar shares our commitment to offering unmatched service. This, combined with its tech-forward industry-leading platform, offered the best fit for our team and our clients.” Lindsay Shoenfeld joins from Venture REI to serve as Poplar’s property manager in Arizona. Poplar combines its proprietary tech-enabled property management platform with the expertise of local property management teams to provide individual property investors with access to the tools and services typically only available to large institutional investors. In addition to being able to track the performance of their investment properties in real time, Poplar clients have the benefit of their properties being managed by local property management professionals as well as guaranteed rent and eviction protection. For renters, Poplar provides the ability to tour, get approved and rent properties online. They also have access to Poplar’s troubleshooting platform, which resolves two-thirds of maintenance issues remotely as well as local property management teams. In keeping with the company’s mission to partner with customers through every step of their real estate journey, Poplar’s StreetCred program is designed to help renters achieve their homeownership goals. About Venture REIVenture REI is a full-service real estate brokerage and advisory firm specializing in the purchase, sale, rental and marketing of select residential new developments and premier resale properties. Headquartered in Arizona, Venture REI is a boutique firm with international reach, delivering a brand of service based on integrity, informed by expertise and practiced in efficiency. About Poplar HomesPoplar Homes is a national technology-enabled property management company that empowers both property owners and residents throughout their lifetime real estate journey. With remote staffing and a proprietary full-stack platform, Poplar offers zero-fuss leasing, managing, and maintenance services to over 15,000 doors across 17 states and 25 major markets. For renters entering the market, Poplar rebalances the power dynamic and makes it easy to get approved, view available properties, and rent a home online. For property owners, Poplar Homes makes maintaining a rental home as easy as managing a stock portfolio online. Poplar’s coast-to-coast expansion is bringing national tools to local teams, empowering investors to manage and monetize residential rental property across disparate locations while increasing efficiencies by 5x and saving thousands in operating costs. Media contact:Janice McDilljanice.mcdill@poplarhomes.com312.307.3134 SOURCE Poplar Homes

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Transaction brings together two of the fastest growing tech firms in the asset-backed lending ecosystem, advances shared vision of building next-gen lending infrastructure Setpoint announces the acquisition of Resolute Diligence Solutions, an industry leading due diligence provider focused on Single Family Rental (SFR) and Residential Transition Loans (RTL). Third party due diligence is the trust builder in lending transactions – ensuring each deed, title, or lease is verified and reported accurately against financial statements. Resolute is the preferred partner by the world’s largest banks and private lenders as well as originators. The combination of Resolute’s outstanding service and Setpoint’s technology will revolutionize fintech lending. “Resolute is highly complementary to the Setpoint platform and, when combined, is far and away the best in class solution for capital markets borrowers and lenders. A clear example of 1 + 1 = 4”, said Setpoint Co-Founder and CIO Michael Lam. Founded by Brent Taggart and Richard Lundbeck, Resolute has quickly become a leading diligence firm covering SFR and RTL transactions. Resolute’s customer obsession and deep industry experience enabled their rapid expansion and position as the preferred partner for lenders and originators. Resolute’s transaction services and customer service will continue to be a mainstay of the combined Setpoint & Resolute offering. Behind consumers’ most important transactions, from buying a home to using a credit card, is a complex system of trust and credit. Each day, billions move between warehouse lenders and companies that originate loans. These transactions are powered by email, Excel, paper documents and software developed in the 1980s. Errors and friction drive up the cost to lend or borrow. As a result, consumers and businesses lack equal access to trust and credit. Setpoint has built lightning fast, accurate infrastructure that makes credit more widely available and the underlying assets and loans more liquid, which drives down costs for lenders and borrowers. Setpoint offerings include: 3rd Party Verification Services: Capital Markets Operating Software: About Setpoint Setpoint is technology infrastructure for asset-backed lending. Founded in 2021, Setpoint’s capital and technology platform enables real-estate, auto, consumer, and other asset-backed borrowers to offer next-generation credit options to consumers. Setpoint is the foundation and platform that helps originators and lenders do their best work. To learn more, please visit setpoint.io. About Resolute Diligence Solutions Resolute, acquired by Setpoint in 2023, specializes in providing asset level reviews for single family rental, fix and flip and transportation transactions. Resolute is the preferred partner by the world’s largest banks and private lenders as well as originators due to their customer obsession and deep industry experience. To learn more, please visit resoluteds.com.