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SFR Vacancy Rate Stays Flat While Delinquency Rate Rises Slightly

first_img About Author: Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Vacancy rates among single-family rental securitizations remained relatively flat month-over-month despite a general trend of a rising number of lease expirations,  according to data reported by Morningstar Credit Ratings in its June 2015 Single-Family Research: Performance Summary Covering All Morningstar Rated Securitizations released Monday.The Morningstar data found that delinquency rates rose slightly across all transactions even though the number of tenants late on their rent payments remained low. The transaction with the highest number of tenants with delinquent payments (out of the 17 single-borrower, single-family rental securitizations covered in the report) was ARP 2014-SFR1 (American Residential Properties), which increased from 2.3 percent in April to 2.4 percent in May. The vacancy rate on the ARP transaction dropped from 8.0 percent in April to 7.3 percent in May and is way down from its peak of 10.0 percent reached in February.However, whereas the ARP transaction was the only one out of 17 securitizations that reported a delinquency rate of 1 percent of higher in April, the number increased to six out of 17 securitizations with a delinquency rate above the 1 percent level in May.The ARP 2014-SFR 1 and SBY 2014-1 (Silver Bay Realty) reported an elevated number of month-to-month (MTM) leases compared to the other 15 securitizations, according to Morningstar. The ARP and SBY transactions reported 10.8 percent and 7.4 percent of properties with MTM leases in May, respectively (down from 11.0 percent and 8.4 percent in April), but still remained higher than other single-family securitizations, which generally reported MTM shares of lower than 5 percent.”Not surprisingly, these two securitizations report higher retention rates for their MTM leases,” the report said. “MTM tenants are usually subject to a monthly fee, which may encourage MTM tenants to eventually sign full-time leases.”Overall, monthly retention rates remained in the mid-70s to low-80s range, according to Morningstar.”Vacancy rates generally remain low, cash flows remain sufficient to cover bond obligations, and the asset class mostly shows performance in line with its recent history,” Morningstar said in the report.Click here to see the complete Single-Family Rental Research: Performance Summary Covering All Morningstar-Rated Securitizations for June 2015. Morningstar Credit Ratings Single-Family Rental Securitizations 2015-06-29 Brian Honea Subscribe  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Morningstar Credit Ratings Single-Family Rental Securitizations June 29, 2015 1,279 Views Previous: Counsel’s Corner: Redemption Period Has Benefits For All Parties In a Foreclosure Next: GSEs Combine for Q1 Net Income of $2.4 Billioncenter_img SFR Vacancy Rate Stays Flat While Delinquency Rate Rises Slightly Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / SFR Vacancy Rate Stays Flat While Delinquency Rate Rises Slightly in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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