2024 – Page 23

Property Management & Insurance

by Shawn Woedl
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What Coverages are Necessary? By Shawn Woedl If you have hired a property manager (PM) for your rental properties, they likely will (and should) carry Professional Liability or Errors & Omissions coverage. These insurance policies help protect them if their inadequate work or negligent actions while performing property management duties lead to a lawsuit. But what if you perform property management duties yourself? Did you know that if, while performing these responsibilities, your negligence results in a claim, your Premises Liability offers you little to no protection? What Activities are Considered Property Management? When comparing the activities of a landlord to a property manager, there is certainly some gray area. Essentially, the role of a landlord is to own the property and provide for its ability to function properly, for example, plumbing, gas, heat, water, etc. The property manager, who might be, but is not always a third party, handles most of the responsibility for maintaining the property and managing the relationship with the tenant. Specific activities may include: » Setting rent rates based on market standards and collecting rent from tenants » Advertising property vacancies to attract new tenants and showing the location to potential occupants » Performing background or credit checks and screening of potential tenants » Finalizing lease agreements with new tenants and coordinating placement » Paying bills and managing the budget or financial records for the property » Specific maintenance duties to ensure the property is safe and inhabitable — This may include responding to tenant requests, performing maintenance, or hiring contractors where necessary to fix issues and updating facilities when warranted. » Resolving tenant complaints and enforcing lease requirements — As part of this responsibility, the property manager should understand local landlord-tenant laws and ensure that both parties fulfill their requirements. Performing these tasks, or similar ones, could classify you as a property manager. As such, you may be at risk of liability claims due to inadequate work or negligent actions when acting in this capacity. However, as a property owner who performs these responsibilities (as opposed to a professional property manager), finding the right coverage can be challenging. What is Property Management Errors & Omissions (PME&O) Insurance? Errors & Omissions (E&O), also referred to as Professional Liability insurance, is coverage carried by businesses that provide specialized services or play advisory roles, such as professional property managers, financial service providers, lawyers, and consultants. These coverages insure against claims made when the work provided or advice given causes harm to the recipient of those services. Similarly, Property Management Errors & Omissions is for property owners who perform the duties listed above, or similar ones. This coverage protects you from tenant allegations that you were professionally negligent in these responsibilities or failed to perform duties as promised in your contract while acting as the property manager. What Does PME&O Typically Cover? Property Management Errors & Omissions (PME&O) insurance covers a range of issues that may arise while performing property management activities. This includes legal defense costs such as judgments, settlements, court costs, and attorney fees. Issues falling under this coverage may include, but are not limited to: Errors and Contract Performance Disputes If maintenance or upkeep is not as per the lease agreement or legal documentation has been misrepresented. Tenant Discrimination Fair housing laws protect all individuals seeking housing, including renters, homebuyers, and those obtaining a mortgage or homeowners insurance. The federal Fair Housing Act prohibits discrimination based on race, color, religion, national origin, gender (including sexual orientation and gender identity), disability, and familial status (presence of children under the age of 18 and pregnancy). Some states require you to rent to the first applicant for your listing, regardless of whether or not they can produce an acceptable rent history or are employed. If you do not adhere to these laws, overlooked applicants could sue you for tenant discrimination. Advertising Misrepresentation Examples include advertising that the property you are leasing is handicap accessible when it is not, unintentionally not disclosing mold, rental history, etc., or including incorrect property information in the listing. An Important Note for Hiring Professional Property Managers If you choose to utilize a professional property manager, it is very important that you require them to carry Errors and Omissions coverage, with you or your entity listed on the policy as an additional insured. The owning entity of the property, which should be the same entity that pays the property manager, must be the one listed as an additional insured. This ensures that you and/or your entity are protected from potential legal and financial liabilities arising from the hired property manager’s actions. In Summary Property Management Errors & Omissions (PME&O) insurance is essential for property owners who self-manage their rentals, protecting against legal and financial risks that may arise from claims of negligence, discrimination, or failure to fulfill contractual obligations. By understanding the importance of PME&O insurance and obtaining adequate coverage, you can safeguard your investments and manage your properties with greater confidence and security.

Streamlining Property Management

by Bryan Lysikowski
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The Benefits of White Labeling and Outsourcing Maintenance Services By Bryan Lysikowski In the multifaceted world of property management, efficiency, and tenant satisfaction are paramount. Property managers must juggle numerous responsibilities, from tenant relations to property upkeep, making it crucial to find effective solutions for routine and emergency maintenance. One strategy that has proven particularly beneficial is white labeling and outsourcing maintenance services. This approach not only saves time and resources, but also enhances the overall resident experience. Here, we explore the advantages of these strategies and how they can transform property management operations. The Concept of White Labeling and Outsourcing White labeling involves rebranding services provided by another company as your own. In property management, this could mean offering maintenance services under your company’s brand, ensuring a consistent and professional image. Outsourcing, on the other hand, entails hiring external companies to handle specific tasks or functions. Commonly outsourced services in property management include maintenance, accounting, and legal services. Why White Label Maintenance Services? White labeling maintenance services ensure that all interactions residents have with maintenance appear to be part of your company. This consistency in branding builds trust and reinforces a professional image, making tenants feel they are receiving high-quality, in-house service. Moreover, managing maintenance tasks can be incredibly time-consuming, often requiring immediate attention and specialized skills. By white labeling these services, property managers can delegate these responsibilities to experts, allowing them to focus on core tasks such as tenant relations and property marketing. This delegation results in more efficient operations and better use of management time. From a financial perspective, although white labeling may involve initial setup costs, the long-term savings can be substantial. By leveraging the expertise and economies of scale of a specialized maintenance provider, property managers can reduce operational costs and avoid the expenses associated with maintaining an in-house team. Further-more, a dedicated maintenance provider can offer a higher quality of service, given their specialization and resources. This results in faster response times, better repair work, and ultimately, higher tenant satisfaction. Benefits of Outsourcing Maintenance Services Outsourcing maintenance services allows property managers to tap into specialized expertise that may not be available in-house. From HVAC repairs to electrical work, having access to certified technicians ensures that maintenance issues are resolved correctly and efficiently. Additionally, outsourcing offers flexibility and scalability. During peak seasons or in times of high demand, property managers can scale up services without hiring additional full-time staff. This adaptability ensures that all maintenance needs are met promptly, regardless of volume. Financially, outsourcing converts fixed costs into variable costs, providing financial flexibility. Property managers pay for services as needed, which can be more cost-effective, especially for smaller companies or those managing a varied portfolio of properties. Moreover, a reliable outsourcing partner can enhance the resident experience by providing prompt and effective maintenance services. Quick resolution of maintenance issues leads to higher tenant satisfaction and retention rates. Strategic Implementation Choosing the right service provider is crucial. Here are key elements in strategically implementing outsourced maintenance services into your property management operations: » Look for partners with a proven track record, positive client testimonials, and the ability to meet your specific needs. » Ensure they have a robust support system in place, such as a 24/7 call center, to handle maintenance requests at any time. » Establish clear communication channels and performance metrics to ensure that the outsourced or white-labeled services meet your standards. » Regular reviews and feedback loops can help maintain high service quality and address any issues promptly. » Integrate the outsourced or white-labeled services seamlessly into your operations. » Ensure that tenants are aware of the processes and how to report maintenance issues. » Transparency and clear communication can enhance tenant trust and satisfaction. Enhancing Resident Experience Residents expect quick and reliable maintenance service. By partnering with specialized providers, property managers can ensure that maintenance requests are handled efficiently, reducing downtime and inconvenience for tenants. Effective communication between property managers, maintenance providers, and residents is critical to a smooth operation. A reliable maintenance partner will have systems in place to keep all parties informed and updated, enhancing transparency and trust. High-quality maintenance reduces the frequency of recurring issues, leading to a better living environment for residents. Professional maintenance providers bring expertise and resources that ensure repairs are done correctly the first time, contributing to tenant satisfaction and retention. Property managers can focus on their core competencies by outsourcing or white-labeling maintenance. Managers can concentrate on enhancing resident relations and other critical aspects of property management by delegating specialized tasks, ultimately improving overall service quality. Conclusion In the competitive landscape of property management, the ability to provide efficient, high-quality maintenance services can set your company apart. White labeling and outsourcing maintenance services offer numerous benefits, including time and cost savings, enhanced service quality, and improved resident satisfaction. By strategically implementing these approaches, property managers can streamline operations, focus on core responsibilities, and deliver superior service to their tenants. The result is a more efficient, professional, and profitable property management operation that stands out in a crowded market.

Enhancing Revenue Streams

by Valerie L. McGehee, PhD
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The Benefits of Landlords Becoming Licensed Insurance Agents By Valerie L. McGehee, PhD In an increasingly competitive real estate market, landlords and property management companies constantly seek innovative ways to enhance their revenue streams and add value to their services. One promising avenue is becoming licensed insurance agents who can sell renters insurance policies to their tenants. This strategic move offers a myriad of benefits, both financial and operational, that can significantly bolster a property owner’s bottom line while providing essential protection to tenants. Financial Incentives The primary advantage for landlords and property management companies is the potential for an additional revenue stream. By obtaining a license to sell renters insurance, property owners can earn commissions on each policy sold. This can represent a substantial sum, particularly for landlords with large portfolios or management companies overseeing numerous properties. The steady income from insurance sales can help stabilize cash flow and offset periods of vacancy or unexpected maintenance costs. Additionally, the cumulative effect of these commissions can be substantial over time. For instance, if a landlord manages a property with 100 units and sells renters insurance to each tenant, the recurring commissions could add a significant annual income. This additional revenue can be reinvested into property improvements, enhancing the overall value of the property and potentially allowing for higher rent prices in the future. Enhanced Tenant Relationships Offering renters insurance directly to tenants can also strengthen the landlord-tenant relationship. Providing a convenient and straightforward insurance option demonstrates a landlord’s commitment to tenant welfare, fostering trust and goodwill. Tenants often appreciate the convenience of securing insurance through a trusted source, simplifying a typically cumbersome process. This added service can also become a selling point for prospective tenants, making properties more attractive in a competitive rental market. Landlords who actively promote renters insurance show that they prioritize the well-being of their tenants. This proactive approach can lead to higher tenant satisfaction and retention rates. Happy tenants are more likely to renew their leases, reducing turnover costs and ensuring a stable occupancy rate. Positive tenant experiences can also translate into favorable online reviews and word-of-mouth recommendations, further enhancing the property’s reputation and attractiveness. Risk Mitigation From an operational standpoint, landlords and property managers benefit from renters insurance by mitigating risks. Renters insurance covers tenants’ personal belongings and liability, reducing the likelihood of disputes and potential legal issues following incidents such as theft, fire, or accidents. When tenants are insured, landlords face fewer financial risks and administrative headaches, as insurance companies handle claims directly with the tenants. Furthermore, having tenants with renters insurance can protect landlords from liability in certain situations. For instance, if a tenant accidentally causes damage to another unit, their renters insurance policy can cover the costs, preventing the landlord from bearing the financial burden. This risk mitigation extends to legal costs as well, as insured tenants are less likely to pursue legal action against landlords for property losses or damages. Streamlined Operations Integrating insurance services into property management can streamline operations. With a licensed insurance agent on staff, landlords can ensure that all tenants have the necessary coverage, making lease compliance easier to monitor and enforce. This can lead to fewer uninsured tenants and a more consistent approach to risk management across properties. Offering renters insurance as part of the lease signing process simplifies administrative tasks for property managers. They can bundle insurance information with lease agreements, ensuring tenants are aware of their insurance options from the outset. This streamlined approach reduces the time and effort spent on follow-up communications and helps maintain a more organized and efficient leasing process. Educational Opportunities Becoming a licensed insurance agent also offers educational opportunities for landlords and property managers. The process of obtaining a license involves full training and a thorough understanding of insurance products and regulations. This knowledge can prove invaluable in managing properties more effectively and advising tenants on best practices for protecting their personal property and mitigating risks. The educational aspect of becoming a licensed insurance agent can also enhance a landlord’s overall skill set. Understanding the intricacies of insurance policies and claims processes enables landlords to provide better guidance to tenants and address any insurance-related concerns. This expertise can position landlords as knowledgeable and reliable professionals, further boosting their credibility and appeal in the real estate market. Regulatory Compliance and Professional Growth The real estate and insurance industries are both heavily regulated, and having a dual license can enhance a landlord’s professional credentials. It signals a commitment to adhering to industry standards and provides a competitive edge in the marketplace. This professional growth can lead to new business opportunities, partnerships, and an enhanced reputation in the community. Staying informed about insurance regulations and industry trends can help landlords stay ahead of potential legal or compliance issues. This proactive approach can prevent costly fines or legal disputes, ensuring the smooth operation of their properties. The continuous learning and professional development associated with maintaining an insurance license also keep landlords updated on best practices, further enhancing their overall business acumen. Improved Marketing and Differentiation In a saturated rental market, differentiation is key to attracting and retaining tenants. By offering renters insurance directly, landlords and property management companies can stand out from the competition. This unique value proposition can be highlighted in marketing materials, showcasing the added convenience and security offered to tenants. Prospective tenants may perceive properties with integrated insurance options as more reputable and tenant-friendly. This perception can be particularly appealing to first-time renters or those unfamiliar with the process of obtaining renters insurance. Highlighting this service in online listings, brochures, and property tours can create a competitive advantage, drawing in more potential renters and reducing vacancy rates. Incorporating renters insurance sales into a landlord’s or property management company’s service offerings is a strategic move with multifaceted benefits. It creates a new revenue stream, strengthens tenant relationships, mitigates risks, and streamlines operations. Additionally, the educational and professional growth opportunities provided by becoming a licensed insurance agent can further enhance a

The Rising Threat of Scams in SFR

by Sahil Farooqi
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Vigilance and Proactive Measures Cannot be Overstated By Sahil Farooqi In the ever-evolving landscape of real estate, the terror of rental fraud has emerged as a significant threat to property managers and investors alike. With rental fraud becoming more sophisticated, ranging from synthetic fraud to fraudulent listings, the importance of safeguarding single-family rentals cannot be overstated. These unlawful activities not only jeopardize the financial returns on rental properties, but also undermine the integrity of the rental market as a whole. Recognizing and countering such frauds is needed for those who wish to ensure the security of their investments and maintain the trust of legitimate tenants. Rental scams have long plagued the single-family rental (SFR) market, but the issue has escalated significantly in recent years, particularly during and after the COVID-19 pandemic. The pandemic created an environment ripe for fraud, with increased online interactions and a desperate need for housing among many individuals. This article explores the various types of rental scams, their impact on stakeholders, and the innovative measures being developed to combat this growing problem. Understanding Rental Fraud in Single Family Homes The rise in rental scams is stark. A significant study by TransUnion highlighted that the incidence of rental application fraud jumped to 3.2% in the first quarter of 2020, up from 1.8% in the previous year. This increase is largely attributed to heightened financial pressures; individuals, driven by desperation, engage in misrepresentation of information to secure housing. According to the FBI’s Internet Crime Complaint Center (IC3), reports of rental fraud increased by 30% from 2019 to 2021, with losses totaling over $37 million in 2021 alone. The Better Business Bureau (BBB) has also documented a surge in rental scam complaints, noting that the majority of these involve social engineering tactics. Social engineering scams involve manipulating individuals into divulging confidential information or performing actions that compromise their security. In the context of rental fraud, scammers pose as landlords or property managers, using convincing tactics to extract personal information and money from unsuspecting renters. The rise of social media and online rental platforms has facilitated these scams, making it easier for fraudsters to reach potential victims. Data from the BBB highlights that younger adults, particularly those aged 18-29, are disproportionately affected by these scams, accounting for 43% of reported incidents. Furthermore, the IC3 reports that nearly 11,500 rental scam cases were filed in 2021, reflecting a significant and growing threat to both renters and property managers. The trend of rental fraud has not only persisted but evolved with fraudsters employing more sophisticated tactics. Property managers reported nearly 29% of rental applications exhibited signs of fraud, a stark increase from pre-pandemic levels. This surge is linked to the proliferation of services that assist in creating fraudulent documents, which are increasingly difficult to detect with conventional methods. Additionally, the New York State Attorney General’s Office has recorded up to 6,000 complaints of deed theft, highlighting another dimension of rental fraud where properties are illegally transferred without the owner’s consent. The Human Impact of Rental Scams The repercussions of rental scams extend far beyond financial loss. These fraudulent activities can devastate individuals and families, stripping them of their savings and leaving them without a place to live. For property managers, the consequences include damaged reputations, legal battles, and the arduous process of evicting squatters or repairing vandalized properties. Various case studies across the United States illustrate the cunning tactics employed by fraudsters. In central Florida, a family was deceived into paying $7,000 for a non-existent rental, leading to eviction and significant financial loss. Similarly, in Detroit, the “fake landlord” scam has been prevalent, where individuals pose as landlords of properties they do not own, exploiting the high turnover of houses and the desperation of renters. These incidents underscore the critical need for vigilance and advanced screening processes by property managers and potential tenants. Similarly, property managers face immense challenges when dealing with squatters and vandals. These illicit activities not only result in lost rental income but also incur significant repair costs and legal fees. In some cases, the presence of squatters can delay the leasing of properties for months, causing substantial revenue loss. A Unified Front Against Rental Scams Addressing rental scams requires a collaborative effort from all parties involved in the SFR market. Operators, vendors, and renters must work together to develop and implement robust security measures. At Rently, we are fully committed to this collaborative approach, actively sharing scam data and trends with our partners to create a safer rental environment. Renter Education Educating prospective renters about the risks of rental scams is crucial. Property managers should provide clear guidance and educational materials, such as brochures or online resources, highlighting common scam tactics. This empowers renters to recognize and avoid potential frauds, such as listings that ask for money before signing a lease or properties that cannot be toured. Transparent communication channels should be opened to address any concerns or suspicions regarding rental properties. Technology Solutions for Fraud Prevention Rently is at the forefront of developing advanced security technologies to combat rental scams. Our comprehensive security tech stack includes several key innovations designed to protect both property managers and renters: Risk Scoring Model // Our machine learning-powered risk scoring model evaluates user behavior and assigns risk scores, allowing property managers to customize rules down to the zip code level. This model helps identify and mitigate fraudulent activities before they escalate. Proactive Cluster Tag // This feature prevents repeated bad actors from re-entering the platform by identifying and blocking users who have previously engaged in fraudulent activities. By using clustering techniques, we can detect patterns of behavior that indicate potential scams. ID and Selfie Verification System // Our robust verification system detects synthetic IDs, fake IDs, and fake selfies. By verifying the authenticity of government-issued IDs and matching them with selfies, we can ensure that only legitimate users gain access to properties. AAMVA Checks // We have recently integrated AAMVA checks into our verification process. This powerful tool cross-references user-provided

Ease SFR Property Management

by Jason Myers
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How to Utilize Smart Home Automation By Jason Myers A comprehensive smart home technology package elevates the value of a single-family rental (SFR) property for both the operator and renter. Smart tech can also ease the daily burdens of managing hundreds, if not thousands, of SFR properties in a portfolio. These smart home devices and systems (like lighting, security, HVAC and irrigation) are remotely controlled with ease via a smartphone app or via your computer. Property managers can also tout the benefits of smart home technology when renting an SFR property, differentiating it from other options and potentially driving increased rents for added functionality. Here are a few of the most important items to consider including in a rental property’s smart home automation package to help you enhance the property management experience while maximizing your SFR investments. Smart thermostat According to a 2022 survey from rent.com, smart thermostats that can be controlled remotely are the most sought-after smart device among renters. And with the convenience and comfort they can provide, it is easy to see why. Most models enable users to adjust heating and cooling temperatures based on the hours residents are home to help maximize comfort and lower energy bills. Some can even use geofencing capabilities that allow them to detect whether a resident’s mobile device is present to know when to turn the A/C or heat up or down. Furthermore, when a property is vacant, the property manager can control the asset from a centralized location, making it easier to efficiently manage the home and reducing unnecessary energy consumption and related expenses. Smart security system Smart home security and remote monitoring is becoming more common, so there are plenty of systems to choose from. Options today allow your renter to decide if they want to do the monitoring themselves or via a surveillance subscription. Either way, they can receive alerts anywhere about potential security threats, such as a garage door left open, and they can even arm and disarm the system remotely. In between renters, property managers can keep an eye on vacant properties to help reduce the chances of squatters or other unwanted parties entering a property. Smart locks Smart locks were the second-most-requested smart item by renters in rent.com’s survey. There are multiple types of smart locks that allow residents to remotely lock, unlock and monitor doors via a phone app, maximizing both property security and convenience. Some options do not actually replace the lock mechanism, so a physical key can still be used as a backup. Plus, most smart locks allow users to confirm they have locked a door after leaving home for added peace of mind. Smart smoke and carbon monoxide detectors Smart smoke and carbon monoxide detectors (often combined into one device) can provide an extra layer of safety to your technology package. If there is an emergency, the devices can send alerts to the resident’s smartphone (and even property management with renter approval). They can also let users know about low batteries without the typical loud chirping of conventional models. Some models can even connect to other smart home technologies like lighting, allowing residents to be alerted by a flash or color change in every room so everyone is aware of an emergency. Smart outlets Smart electrical outlets enable greater convenience and safety by letting users control the power to any device plugged into it remotely via a smartphone or voice assistant. Residents can turn off a lamp or iron that they forgot to shut off before leaving home (or using voice commands when at home). Users can also track their energy use with some models and design schedules to automate their use. Smart doorbell Your tenants can know who is at the front door without leaving the couch (or from anywhere in the world) with a smart doorbell. These smart devices show who is on the porch via a smartphone app and allow users to talk to the person remotely as well. Some can also detect deliveries, helping residents to secure packages and prevent theft. When a home is vacant, property managers can leverage this tool for another layer of securing a property from unwanted visitors. Smart lighting Forgot to turn off the lights before leaving home? Or want to be able to turn specific ones on and off while away on vacation? Smart lighting technology can deliver. Not only can they be controlled remotely, many use location-based controls to detect the user’s smartphone location and turn lights on or off automatically. Smart garage door Smart garage doors can help make your SFR home safer and add convenience for your renters. Whether you add smart accessories to an existing garage door opener or opt for a new smart garage door system, renters will be able to remotely monitor and confirm whether the garage door is open or closed and open or close it as needed from any location. Be Smart About Your Smart Home Package When you are ready to add a smart home technology package to your SFR, there are several key considerations: Budget // What part of a property’s budget can be allocated to smart home technology? How much additional revenue can be generated by offering these enhanced features? Consistent Equipment // If you are considering upgrading your homes with smart home automation, installing consistent equipment across all of your properties is integral. This creates multiple benefits including being able to purchase equipment in bulk, which can reduce cost; quicker installation because of system familiarity; consistent education/troubleshooting for both tenants and property managers; and better centralized monitoring. Installation Partner // Finding a centralized partner who can install and get the equipment operating quickly reduces down time if a property is empty and interruptions to the tenant if the home is occupied. A strong partner may also be able to inventory and warehouse your equipment and deliver as needed for installation and repairs. As smart home automation becomes more of the norm, now is the time to consider your

The Biden Rent Control Policy

by David Howard
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Will Further Exacerbate Housing Development and the Investment Crisis By David Howard In response to President Biden’s call to implement a national rent control policy, this article articulates the viewpoint of the National Rental Home Council (NRHC), which represents the single-family rental housing industry. Not since the economic recession of the early 1970s has the federal government turned to price controls to regulate rents on a national level. However, rent control was a bad idea then, and it remains a bad idea today. There is broad-based agreement among economists and housing market experts that, in fact, America’s housing crisis is one of undersupply and disinvestment. We simply are not building enough new homes and investing enough in existing homes, a fact highlighted by Zillow in a June research report showing the American housing market faces a deficit of 4.5 million homes. This deepening housing deficit is the root cause of the housing affordability crisis. According to Orphe Divounguy, senior economist at Zillow, “The simple fact is there are not enough homes in this country, and that’s pushing homeownership out of reach for too many families. The affordability crisis extends to renters as well, with nearly half of renter households being cost burdened. Filling the housing shortage is the long-term answer to making housing more affordable. We are in a big hole, and it is going to take more than the status quo to dig ourselves out of it.” Price controls limiting rent increases will lead to an ongoing undersupply of new home development and further discourage much needed investment in housing. Under the President’s proposal, not only will the uncertainty created by an arbitrary limiting of rents — in this case 5% — negatively impact housing supply and investment, housing providers will also struggle just to cover the underlying costs associated with operating their properties. For example: » In 2023, property taxes on single-family rental homes increased 7% on average, and in some markets was considerably higher. » The average premium increase for homeownership insurance in 2023 was 11.3%. » Single-family rental housing owners participating in the National Rental Home Council’s first quarter 2024 Single-Family Rental Market Index (SFRMI) reported an annual increase in operating costs of 11%. Rather than turning to price controls and other regulatory barriers that constrain the ability of rental housing providers to do what they do best — provide more housing — NRHC encourages policymakers at all levels to work with the industry collaboratively to spur new development and housing investment. We believe this to be the most effective way to alleviate current and future housing supply challenges and to address the needs of residents, a sentiment shared by the White House’s own Domestic Policy Council Director, who stated in March of this year, “We know we need to increase housing supply to ensure that we can bring down the rents and the cost of homeownership.” NRHC members are working diligently to provide leadership in an industry whose role has never been more important than it is today. That leadership is evident in the deep commitment members have demonstrated to the neighborhoods, communities, and most importantly, the residents they serve. There is a greater need for quality, affordably priced housing in the U.S. today than there has been in decades, and single-family rental home providers are an important part of the solution. By making long-term, innovative commitments to the communities in which we invest and build, single-family rental home providers — large and small — are providing a viable source of stabilized, enduring, single-family rental housing responsive to the needs and lifestyle preferences of today’s housing consumer.