Single-Family Rentals, A Trend to be Reckoned With - Jay L. Moss
As someone who has been marketing homes to owners for over 30 years, Jay Moss recently made a major shift of focus. A progressive thinker, Jay has always stayed ahead of the curve with his intricate understanding of real estate trends. With various factors affecting people’s preference whether to buy or to rent, Jay saw that single-family rentals were going to be the next big thing.
We are in conversation with Jay to discuss his insights into the homebuilding industry, and where he saw new opportunities arise.
Jay, you have lived through quite some challenging periods during your career. The 2008 crisis being a huge one, as is the current global pandemic. These events have a profound impact on real estate, can you talk to us about that?
“Covid-19 has brought uncertainty in many aspects of our lives. However the pandemic has also re-ordered the real estate market, big time. The changes caused by the current pandemic aren’t based on political unrest like for example the 1979 oil embargo. Nor on financial speculation like the dot.com bubble or the 2008 financial crisis. After these events there was confidence that things would return to normal.”
A new normal
“Covid-19 has caused families to ask more deeply rooted questions, beyond markets and interest rates. Questions like what if companies let workers work remotely going forward? What is the point of living in the city if I don’t feel comfortable in bars, restaurants and museums? There are suddenly many additional factors to consider.
“A trend that has emerged, and I think will sustain, is single-family rentals (SFR). Instead of choosing standard apartment units, renters are now leaning toward a single-family residential experience. These homes offer the benefits of a professionally managed amenitized community.”
Freedom over ownership
“Renting a home is ideal for those who want more flexibility and less responsibility. Renting can help aid the lifestyle that the pandemic has made possible — working from anywhere, at any time.”
The next big thing
“Single-family rentals are extremely well-positioned for success in the post-pandemic world. Apartment renters from the city have been driven to the suburbs. According to an UpWork survey, as many as 23 million people in the U.S. are planning on moving away from large metro areas to suburban areas with lower costs of living because they can now work remotely. These options are more spacious and offer a comfortable living experience and hence are extremely appealing to potential renters.
“Especially the Millennial Generation is embracing the benefits of SFRs. This new generation of home dwellers are much more likely to rent than buy, according to Pew Research.
“I recently read the phrase “Rents like an apartment, lives like a home” to describe single-family rentals — and it is spot-on. SFRs offer every benefit of buying a home without the hassle of a down payment and long-term commitment. It is every millennial’s dream!”
Thanks for sharing your vision, Jay.
