REI INK

A/C Maintenance 101

Maximize Your SFR Investment and Renter Satisfaction By Doug Ellis A/C maintenance is key to lowering energy bills and preventing expensive repairs. These items should be addressed as part of an A/C preventive maintenance visit. Summers can be tough on your air conditioning system. If you missed an early season A/C maintenance check on your single-family rental (SFR) properties, do not put it off any longer as fall and winter can be an excellent time to catch-up on maintenance projects. Waiting longer or skipping regular maintenance can potentially cost you expensive repairs and even the premature replacement of your A/C units. And preventive maintenance for A/C systems is essential to ensure their optimal performance, energy efficiency, and longevity. Regular maintenance can also help prevent costly (and emergency) repairs and improve indoor air quality. According to Modernize, the average HVAC replacement cost ranges from $6,465 to $11,877 and can cost much more for emergency services. In fact, HomeGuide reported HVAC emergency services typically cost double or triple the regular rate for a service call. A/C Preventive Maintenance Frequency If HVAC systems are well maintained, you can expect an estimated life expectancy of 15 to 20 years in most parts of the country; in hotter climates, it is closer to 12 to 15 years. According to the Indoor Air Quality Association, regular HVAC maintenance reduces the risk of costly breakdowns by as much as 95%. How often should you be scheduling HVAC preventive maintenance for your rentals? An optimal maintenance program includes:  »         Two major checkups //typically in the spring and fall—where all systems (including refrigerant levels) are checked, coils are washed and filters are changed.  »         Two minor checkups //typically in the summer and winter—where a visual inspection of the system is conducted and filters are changed. Start by getting your A/C units checked, and then get them on a regular preventative maintenance schedule. Here is what an HVAC technician should be checking and addressing as part of an A/C preventive maintenance checklist: Air filters Regularly replacing air filters (as part of your planned A/C maintenance and then monthly) can potentially help you avoid problems with your HVAC unit. Plus, by routinely changing air filters, your renters can save on their energy bills. In fact, the U.S. Department of Energy estimates that replacing those dirty filters can result in a 5% to 15% reduction in energy consumption. While they stand to benefit, it is generally best to not rely on your renters to tackle this task, though. Talk to your property services partner about scheduling this routine job. Refrigerant system The refrigerant system is a critical component of A/C maintenance, moving the heat from indoor air to outside. Too much (or not enough) refrigerant decreases a system’s efficiency, drives up costs and can shorten its life. Inspecting and charging refrigerant levels are important for keeping A/C systems in working order. Refrigerant leaks can harm the environment as well, so it is important to address any issues promptly. Outdoor condenser coil Because the outdoor coils are naturally exposed to dirt, pollen and other potentially damaging elements due to their outdoor location, they need to be cleaned at least once a year. An HVAC technician will check and record the refrigerant pressure, then rinse the coils with water, applying a cleaning agent and removing any debris that has accumulated around them. Foliage check While they work great aesthetically as a disguise, shrubs and plants around outdoor A/C units should stay trimmed back—at least 18 inches on all sides of the unit—to permit air flow. Your property services partner should report back to you if landscaping near the unit is a concern. Indoor evaporator coil Indoor coils should be cleaned and inspected for damage every year, especially in advance of the summer months when air conditioners will be doing the most work. Condensing system When an air conditioning system pulls heat and moisture from the air, that condensate must be drained outside. The condensing system should be flushed during an A/C maintenance check to prevent or remove any clogs and allow for proper drainage. Electrical components During this A/C maintenance visit, the tech will confirm that all electrical components are firmly connected and tighten them if needed. In addition, they should test all motors, contactors and capacitors and recommend replacing any that are underperforming. This step can help you avoid bigger and more expensive repairs. Ductwork The A/C maintenance visit should also include a test for air leaks, paying close attention to any gaps or loose ductwork and sealing them as leaks or blockages can reduce efficiency and cause uneven cooling. Cleaning the ducts can also keep pollutants like dust and mold from being circulated inside the home, a benefit your renters will appreciate. Additional items During regular inspections, other items that should be addressed include inspecting and tightening electrical components, lubricating moving parts, checking insulation, testing capacitors and relays, and inspecting thermostats and controls. Remember, while you can perform some tasks yourself, it is crucial to have a professional HVAC technician perform a thorough inspection and maintenance annually to keep your A/C system in optimal condition. Plan your A/C maintenance check today Keeping up with routine A/C maintenance can help you maximize your SFR investment by potentially avoiding expensive repairs and even the premature replacement of your unit. Plus, your renters may be able to enjoy the benefits of lower energy bills and improved indoor air quality, contributing to overall renter satisfaction. Property service companies like MCS can help SFR owners and operators build and manage an effective A/C maintenance program.

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Aligning the Real Estate Industry to a Tech-Savvy Generation of Renters

What’s Next for Asset and Property Managers By Sarah Lange The property management landscape is undergoing a profound transformation driven by the rising economic influence of Generation Z. Recognizing the rapid shift toward technology post-COVID and its effects on the asset and property management industry helps to predict and navigate future changes. The New Age of Rentership The property management landscape has undergone a significant transformation as Gen Z takes the reins as the primary demographic of renters in the United States, comprising over one-third of all renters. Individuals in this age range are accustomed to an on-demand lifestyle and they seek seamless, user-friendly tools that simplify everything from searching for property listings, signing leases, managing rent payments, and requesting maintenance. But, how can you cater to the new tech-savvy generation without alienating renters that remember searching for listings in the newspaper? The pool of renters may share more similarities than you think. The Industry’s Rapid Shift and the Effects of Overnight Digitization Despite the seemingly sudden boom of all tech-suffixed sectors within the past decade, proptech has been evolving since the 1980s, per Forbes. Prior to the COVID-19 pandemic, nearly all industries had begun digitizing operations, and the real estate industry, particularly the property management subset, was no different. However, COVID-19 exacerbated the need for streamlined operations as property managers scrambled to adopt virtual and self-showings to comply with local lockdown regulations. The first consequence of a rapidly-adopted hands-off approach to property showings was a dramatic spike in rental scams. During the pandemic, these types of housing scams became so prevalent that consumers lost over $350 million in 2021. With housing insecurity on a steady rise and more people turning to online marketplaces like Facebook and Craigslist to find rental homes, the problem is only getting worse. Moreover, instant payment apps like Venmo and Cash App, coupled with increasingly convincing fake property listings, make it easier for prospective tenants to fall victim to rental scams, and harder to get their money back. Given the variation in squatters’ rights and eviction laws across states, this sudden and dramatic rise in rental scams ushered in costly and time-consuming processes for landlords and property managers everywhere. However, the effects of this seemingly overnight shift toward digitization within the property management sphere are not overwhelmingly negative, as this industry was previously antiquated. Early proptech software proved to be costly and difficult to integrate into existing operations, leaving smaller property management companies unsure of how to progress. Thus, manual processes and leasing inefficiencies remained the standard. However, as B2B SaaS platforms dominated the technology landscape, they were competing with each other, lowering software prices and becoming more accessible to property management companies of all sizes. The abundance of these platforms has made leasing operations flow smoother for property managers while improving the accessibility of housing for renters. Amidst mass layoffs and inflation, many have turned to self-employment, freelance work, or the gig economy. To increase accessibility of housing to these renters, there has been a shift toward open banking, utilizing fintech platforms to provide a more comprehensive view of a prospective tenant’s financial data that traditional screening methods would miss. Showdigs has found that after-hours and weekends make up over 60% of all in-person tour inquiries. Property managers working a traditional nine-to-five schedule are missing out on valuable leads, and renters unable to tour during the workday have a difficult time finding housing quickly. Many proptech platforms have made an effort to crack down on property security to make self-showings and virtual tours safer for property owners and managers, while making property showings more accessible to renters. Following in the Footsteps of Revolutionized Industries You can draw countless parallels when considering the factors that contributed to the digital revolution of the property management industry. However, the rise of e-commerce in recent years bears remarkable similarities. Before the age of at-home TV shopping, commerce remained relatively unchanged. Prior to that, the last major shift occurred in the early 1900s when chain department stores and shopping malls began to replace small mom-and-pop shops. It is not until the launch of Amazon Prime 2-day delivery in 2005 that consumer behavior patterns changed forever. While Amazon is the catalyst that sparked a change in the way you shop for goods, COVID-19 was the event that sparked a tech-forward mindset in the property management industry. Shifting consumer demands as Gen Z aged into the rental market, alongside a need for automation in the leasing process, ushered in the adoption of leasing software. Another parallel lies in consolidation. The property management landscape has seen an uptick in acquisitions. Instead of catering directly to property owners, large institutional property management companies have started to absorb the portfolios of smaller, family-owned businesses. With more capital to spend, these institutional portfolios have spurred a trend of renovating to include smart home devices and other features that tech-savvy young renters seek out. With renting gaining popularity in recent years, coliving, specifically in the single-family rental market, has seen a modern emergence as more renters are opting to live with roommates. According to Common, a coliving unit costs, on average, 15% to 20% less than renting a studio unit in the same market. Companies like Bungalow are converting much of their single-family portfolio into shared homes. The Resilience of the Industry Compared to the beginning of the last decade, property and asset management operations are unrecognizable. The adoption of new technologies has streamlined leasing operations and has led to the consolidation of smaller, family-owned companies, into institutional portfolios. Fundamental changes to the leasing process has made the housing search easier to navigate, while technologies like self-showings have made housing more accessible. As the industry looks toward the future, proptech is constantly innovating to provide owners, managers, and renters with a seamless leasing and tenancy experience.

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Utilize Modular-Built Assets for Higher Returns

Modular Housing is Gearing Up to be the Future of Real Estate By Amy Martinson Institutional investors play a critical role in the real estate market, constantly seeking innovative strategies to maximize returns in a market that is marked by complexity and rapid change. The United States real estate market, in particular, presents a complex tapestry of contradictions that demand a fresh perspective and novel approaches. On one hand, residential single-family properties are experiencing a remarkable surge in valuation, as confirmed by recent data from the S&P CoreLogic Case-Shiller Home Price Index. This index meticulously monitors fluctuations in the value of residential real estate on a national scale, and its findings reveal the significant increase in home values. This rise in valuation has naturally piqued the interest of investors, especially institutional ones, who are always on the lookout for opportunities to capitalize on market trends. However, on the flip side of this coin, the behavior of Wall Street paints a different picture. Prominent Real Estate Investment Trusts (REITs), which have traditionally been buyers in the real estate market, are increasingly becoming sellers. This shift in strategy by the corporate giants in the real estate world underscores a growing sentiment: building new homes seems more advantageous than buying existing ones. The proof is in the numbers; U.S. single-family housing REITs are trading at a 20% discount to their gross asset value, making this an opportunity too crucial to overlook. So, what are the potential resolutions for institutional investors in this evolving landscape? Let’s take a deep dive into the options available. Navigating Real Estate Investment in Changing Times The traditional approaches to real estate investment are undergoing rapid changes, driven by pressing challenges and evolving financial conditions. One alarming statistic that underscores the urgency for change is the fact that monthly mortgage costs now consume a significant 42% of the U.S. median household income. This calls for an immediate paradigm shift in how we approach real estate investing. These challenges compel us to explore alternative avenues, including innovative financial models such as modular bridge financing, and consider building rather than buying. Addressing the Housing Crisis Adding complexity to the financial landscape is the ongoing housing crisis in the United States. According to Fannie Mae, the overall housing stock falls significantly below what long-run demographic trends suggest is needed. Their estimates indicate a cumulative shortage of approximately 4.4 million housing units across the country’s top 75 metropolitan areas. Policy group Up for Growth offers a similar assessment, pegging the shortfall at around 3.8 million units. David Howard, CEO at the National Rental Home Council (NRHC), also emphasizes the urgency of this housing shortage, which spans all housing types. Shifting Focus: Building vs. Acquiring Dallas Tanner, the CEO of Invitation Homes Inc., which manages a substantial portfolio of over 83,000 homes for lease, sheds light on the changing landscape of SFR investments. He notes that the focus has shifted away from primarily acquiring existing housing stock towards the development of new homes. Tanner reveals that over the past five years, Invitation Homes has acquired slightly over 12,000 homes while divesting nearly 10,000 homes. Notably, the company is actively engaged in development activities, with the number of homes in its development pipeline growing significantly. Embracing a New Strategy: Build-for-Rent (BFR) Large corporate landlords are adapting to the changing landscape, opting to build rental homes rather than acquiring existing ones. This shift aligns with the rise of the Build-for-Rent (BFR) model, especially in high-demand states like Texas and California. Despite challenges like high borrowing costs, BFR communities are expanding their appeal beyond seniors and are attracting a wider demographic, including young families. Navigating Market Dynamics The aftermath of the pandemic has ushered in remarkable shifts in the real estate sector. Factors like inflated currencies leading to higher interest rates and a significant property inventory shortage have created a volatile market. However, despite these challenges, the sector remains dynamic. Reports from organizations like the California Association of Realtors indicate sustained interest from potential buyers, hinting at an active market. Modular Bridge Financing In this evolving marketplace, modular housing stands out as a viable solution, offering substantial benefits like affordability, speed, and sustainability. Several compelling financial metrics validate the investment potential of these homes, including around 20% cost savings on construction compared to traditional homes, and eligibility for tax credits due to eco-friendly construction methods. Additionally, the quick return on investment and immediate occupancy make modular homes a lucrative investment opportunity. What Makes Modular Housing Enticing? Cost Efficiency // One of the most significant advantages of modular housing is its cost efficiency. Compared to traditional construction methods, modular homes can offer substantial savings, up to 20% or more on construction costs. For institutional investors, this translates into a lower upfront investment and the potential for quicker returns. Speed of Construction // Modular homes are known for their rapid construction. Factory-built modules can be produced simultaneously while site preparation is underway, significantly reducing construction timelines. Sustainability // In an era marked by increasing environmental consciousness, modular housing is emerging as an environmentally friendly option. Many modular homes are built using sustainable materials, and their construction processes generate less waste compared to traditional construction. Tax Incentives // Modular construction often qualifies for tax incentives due to its eco-friendly construction methods. Reduced Labor Dependency // Modular construction relies less on skilled labor compared to traditional construction methods, thus reducing the dependence on scarce labor resources. Market Growth // The expected growth from $32.49 billion in 2023 to $40.70 billion by 2028 represents not just a numerical increase but a testament to the growing recognition of modular housing’s potential. The Bottom Line Modular housing is proving to be more than just an alternative; it is gearing up to be the future of real estate. With its numerous advantages, it offers solutions to many of the current housing challenges. However, realizing the full potential of modular housing requires a collective effort from government agencies, investors, and homebuyers alike.

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Why You Should Go Green with your SFR Properties

Renters Will Pay a Premium By Anthony Scotese The benefit of “going green” with your single-family rental (SFR) properties does not stop with the environmental impact alone (although that is certainly cause for celebration). Investors have also enjoyed financial benefits as well, such as improving property value, minimizing tenant complaints and improving tenant retention. Plus, studies show that renters favor living in energy-efficient buildings and will pay a premium to live in these spaces. The Benefit of Going Green Many of us have spent time thinking about our environmental impact and ways to minimize our carbon footprint. From eliminating single-use plastics from our lives to carpooling with co-workers, there are many ways — big and small — to live a little “greener” and be kinder to mother earth. Living greener and healthier lives starts in the home. Renters are increasingly taking green living into consideration when searching for places to live. What once may have been considered a passing fad is now quickly becoming table stakes for many would be renters. According to a recent survey of more than 2,000 U.S. renters from MRI Software, 40% of respondents stated they would not rent a property that did not include green practices. So, What is at Stake? Residential and commercial buildings accounted for 13% of greenhouse gas emissions in 2021, according to data from the Environmental Protection Agency. Fossil fuels that are used to provide heating and cooling to residential homes and apartment buildings are all contributing to these emissions. And adjusting residential properties is not just a recommendation in some states and cities, it is mandated. For example, owners of apartment buildings in New York City must get their buildings in compliance with Local Law 97 by 2024, a part of the city’s Climate Mobilization Act of 2019, or face millions of dollars in fines per year. On the west coast, the California Green Building Standards Code provides guidance on the mandatory and voluntary sustainable construction practices for residential and commercial buildings in California. And while some of these considerations are more geared toward multifamily dwellings, if state and local mandates such as these continue to be a trend, it would behoove landlords to start making these green adjustments to their investment and SFR properties sooner, rather than later. Aside from reducing harmful emissions, making green enhancements to SFR investment properties can pay off — literally and figuratively — in the long run. Making adjustments that can minimize drafts – like new weatherstripping, insulation and energy efficient heating and cooling systems — can cut back on energy bills, tenant complaints and maintenance costs. Other small to mid-level enhancements like installing energy-efficient lighting and smart thermostats could help save hundreds of dollars per year, while larger projects like installing energy efficient heat pumps could potentially yield savings in the thousands annually per household. What’s more, making green updates to a home can help increase its property value. And, if you are ever considering selling off some of the properties you have made green enhancements to, you could pocket more. Freddie Mac research shows that homes that had high-efficiency ratings sold more on average than homes that did not — 2.7% more, in fact. Four Improvements to Consider Going green seems like a big undertaking — whether you have five or 500 SFR properties. So, how can you start on the smaller scale, while still making a big impact on your carbon footprint and your wallet? Here are four areas to consider: Replacing windows Say goodbye to those thin, drafty windows and say hello to new, ENERGY STAR qualified windows. With features such as invisible glass coatings, multiple panes and stronger weather stripping, you are able to better control heat gain and loss. Another bonus: According to ENERGY STAR, installing these qualified windows can lead to reduced energy bills by “about 7-24% compared to non-qualified windows.” Installing insulation Installing or improving insulation is another option to consider in helping to reduce energy bills. According to the U.S. Department of Energy, adding insulation to spaces like attics, crawl spaces, floors and more, can help save, on average, up to 20% on a home’s heating and cooling costs. Updating appliances Consider swapping in new, ENERGY STAR label appliances that use less energy to run. For example, an ENERGY STAR label washing machine uses less energy and water than agitator washing machines – 25% less energy and 70-75% less water, respectively. Faucets and showerheads Leaky old faucets and showerheads in your rental properties could mean you are leaking money. According to energy.gov, one drip per second from a single leaking faucet wastes 1,661 gallons a year, which translates to around $35. And while $35 is nothing too concerning, for an investor with several hundred properties in their portfolio, that figure can grow exponentially. Consider installing faucet aerators and low-flow showerheads in your properties to ensure maximum water efficiency. WaterSense labeled faucets and aerators — that can even be installed onto existing faucets — are more efficient than standard models. How efficient? Models that bear the WaterSense label can save around 700 gallons of water a year, according to epa.gov. Outsourcing to Save Time You do not have to go it alone. Working with a trusted partner, who specializes in the management of rehab projects and can oversee the project from start to finish by sourcing local contractors, can take the burden off your plate and provide you with the peace of mind that the job will be done right. Consider if outsourcing these enhancements at-scale makes sense for you.

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Embracing the Change in Eras

Utilizing Advanced Technology in Asset Management By Katherine Baunach We seem to have found ourselves at an “era crossroad,” and no, I am not referring to Taylor Swift’s tour and the struggle to find tickets. There appears to be a consensus that we are exiting the Information Age, once defined as the ability to generate, access, and control information, which occurred after shifting away from more traditional industries and practices established during the Industrial Revolution. With this change, the Age of Artificial Intelligence, Machine Learning, and Data Creation is very much present in our daily lives. However, we are at the very infancy of these technological advancements. This then begs the question: how can we implement and weave this new technology within the asset management lifecycle and our subsequent decisioning practices to drive efficiency and execution? Evolution of Technology The evolution of technology is well documented within the asset sector. The use of proprietary and third-party property management and disposition platforms have been a best practice for 25+ years. As we migrated to cloud-hosted, web-based applications, we saw developments to stimulate operational efficiency via the implementation of integration capabilities between systems via methods like APIs (application programing interface). Additionally, stronger rules engines were introduced to assist in automated workflow through a series of “if, then” scenarios to further staff capacity and support portfolio scalability. As these operational concepts were well past their implementation phase, the next advancement focal point surrounding third-party data integration was to strengthen analytics. The ability to interface with or aggregate market and multiple listing service (MLS) data, home price forecasting data, and various key municipal data came to the forefront. Subsequently, this led to normalizing these data points and presenting them in a way to help make the decisioning process more streamlined when determining optimal performance on executing an investment or management strategy across a portfolio or at an asset-level. What’s Next? Tying back to the original proposition, where and how can we layer in newer forms of technology — specifically, machine learning and artificial intelligence — and who will create this standard? Embedded within Guardian Asset Management’s ecosystem is a successful marriage of its various service pillars, including asset disposition, property management, renovation, maintenance, preservation, evaluation, and title services. The two former pillars – asset disposition and property management – have tremendously benefited from Guardian forging deep partnerships with leading machine learning and artificial intelligence firms to not only support several operational initiatives, but to layer various proprietary developments into its technology infrastructure designed to support strategic decisioning. Many assets under management face simple strategic questions, such as, “Is this part of a long-term strategy via a rent and hold management path, or is this part of short-term strategy by leveraging a strategic disposition management path?” While this decision is often made during due diligence, circumstances can often subsequently change due to various factors such as the aggregation of additional data. Layered under the broad management path decision are complex methodologies and critical data points that will help asset managers arrive at what drives optimal execution. For example, the decision to liquidate might be easy to determine based on the asset’s characteristics or due to the lack of additional velocity in a given market. Should the decision be made to liquidate, critical data must be obtained and analyzed to determine how to best execute the plan since various disposition options are available. There are a few avenues that one can evaluate as the conveyance strategy once liquidation is the determined route. These options include As-Is, Repaired, Auction, Deed-Away, Donation, and Occupied Sale. Historically, the determination of which path to choose required a seasoned asset manager with access to several data points. Today, the use of modern technological concepts layered upon years of experience and data analytics, will drive asset owners to make faster, logical, and more optimal decisions. The following are several key developments Guardian has made in the asset management sector: AI-Driven Apps // As we have progressed through developments in technology, Guardian has been able to better aggregate data on assets. A constant variable has always been a property’s true condition as that is often subjectively interpreted. Guardian, through proprietary developments, has application technology that helps close this data gap, turning photographs of a subject into data points, which is then layered by artificial intelligence. This allows us to better identify risks, flaws, and opportunities associated with a property that can be addressed through renovation or repair practices, while also directly tying costs and timeline projections to the analysis. Asset managers are now provided with more data in real-time and with less resources to make critical decisions instantaneously. Integrated rule engines within management platforms can then drive subsequent tasks and directives, creating more capacity for each asset manager. Decisioning Tools // Complementing the above, Guardian has critical-decisioning tools layered within its operations to better assist its clients and investors on generating optimal results. Properties are analyzed either from a risk perspective or opportunity perspective. However, the data and analytics reviewed are often the same for each perspective. By integrating decisioning points from various sectors of our industry, ranging from approaches utilized by private lenders, mortgage servicers, and investors, we’ve been able to better apply this advanced technology to help identify the best execution plan faster and with higher confidence. As asset owners, sensitivity to time is critical, which is a driving initiative behind these applications. Strategic Integration // The heartbeat of our ecosystem that ties our diverse services together is technology and the ability to integrate our various applications and platforms. Through strategic dashboards and interfacing, we’ve studied the critical data that drive asset decisioning and present our analytics to the decisionmakers, be they internal associates or external clients, effectively offering streamlined transparency without overstimulation. Guardian continues to not only embrace technology but is a leader in its application as we head into a new era. By helping support technology’s development and implementation, we are able to drive continued advancement within the

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An Introduction to “From the Hill”

Providing Insight and Perspective to the Real Estate Investor By David Howard The National Rental Home Council (NRHC) is proud to have been invited by REI INK to write a column focused on relevant policy issues and developments on a federal, state, and local level impacting the single-family rental home industry. Each month we’ll endeavor to provide insight and perspective on both the opportunities and challenges shaping the industry’s policy agenda, and we’ll attempt to do so in a way that is useful and actionable for you. The quality of REI INK’s readership and breadth of coverage offer NRHC a compelling opportunity to share information concerning regulatory and legislative happenings affecting the course of the industry. And when I say affecting the course of the industry, what I mean is the decision-making impacting your business and your investment. Single-family rental homes play a critical role in the U.S. housing market, accounting for 40% of all the rental housing in the country. Housing touches on every aspect of people’s lives and is central to creating strong communities and vibrant neighborhoods. Because housing is such a central part of lives, we believe all Americans should be supported by policies that provide access to quality housing, no matter where they are on the continuum of renting or owning. This is only possible when industry and policymakers work collaboratively to create the best mix of housing possible. NRHC’s policy agenda is focused squarely on the effort to encourage and incentivize responsible development and investment. Specifically, our platform encompasses the following priorities:  »         Addressing the housing supply crisis by investing in communities and neighborhoods to support a housing market that can meet the needs of all Americans and their families  »         Enhancing the diversity of housing opportunities by creating and delivering a greater range of choice for housing consumers  »         Advocating for common sense regulation governing housing development, specifically reducing NIMBYism at the local level  »         Creating policy that allows builders to do what they do best — build more housing, both ‘for sale’ and ‘for rent’  »         Opposing efforts to bottleneck the flow of capital and investment into local housing markets Additionally, NRHC firmly believes in the importance of fostering public policies that support homeownership and provide Americans with the opportunity to become homeowners. But, we also recognize that homeownership may not be the right option for everyone at every point in their lives. For this reason, we encourage the development of policies that accommodate the diversity of needs facing housing consumers, policies that are meant to expand the range of options available for all Americans in the pursuit of quality housing. The ongoing development and maturation of the single-family rental home industry is focused on providing a viable source of stabilized long-term rental housing responsive to the needs and lifestyle preferences of today’s housing consumers. To the extent that we are able to provide more housing, we are better positioned to meet those needs. We believe this to be the most effective way to alleviate current and future housing supply challenges and to address the needs of residents. Additional oversight initiatives and regulatory barriers only serve to limit the ability of rental housing providers to do what they do best — provide more housing. Further, expanded regulatory and oversight measures are especially concerning for the individuals and small local businesses who collectively account for over 85% of the market for single-family rental homes. Thanks again to REI INK for the opportunity to share with you news and insight on the policy issues I find most pressing for the industry. I hope you find this column to be helpful, or at least an interesting read. I am always anxious for feedback, input, and occasional criticism so be sure to email me at dhoward@rentalhomecouncil.org with any comments or thoughts you may have.

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