Single-Family Rentals Well-Positioned for Rebound Post-Coronavirus
Though the single-family rental sector is hurting now due to late rent payments, industry experts believe that the sector will be ripe for a rebound when the economy begins rebuilding. Because economic uncertainty often drives an increase in renters, post-COVID-19 America may rely more on single-family rentals. But before any growth can begin, the sector must first weather possible drops in occupancy and late payments as many Americans struggle to get by due to unemployment.
The single-family rental (SFR) sector is well-positioned for a rebound once widespread economic activity resumes, according to industry experts.
“In the post-COVID-19 future, I think we will see even more people opt to rent homes instead of buying,” says Doug Brien, CEO and co-founder of Mynd Property Management, a property management firm serving the small residential sector. “In times of financial and healthcare crises, which may become more frequent, people tend to struggle paying their mortgages, making their car payments, etc. Renting is a simpler, more desirable option for many people.”