{'fraction_non_alphanumeric': 0.017437452615617893, 'fraction_numerical': 0.003032600454890068, 'mean_word_length': 5.226415094339623, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
Single-Family Rental Securitization: Where are We and Where Will We Be?

The fledgling single-family rental (SFR) market — formed in the wake of the financial crisis as institutional investors amassed large portfolios from foreclosure auctions and short sales — is on the verge of some major developments. Deals securitized since the first-ever SFR securitization by Invitation Homes in November 2013 have been substantially alike, with investors primarily being large institutions. But that is about to change as new lending programs alter the profile of the collateral and the investor base expands. The SFR market has expanded substantially in the past few years and will continue to do so as demands for SFR homes and rents are expected to continue to increase, property management becomes more efficient and historical performances have demonstrated generally low rental vacancy and delinquency rates. With housing prices rising, institutional investors will seek to cash out their SFR portfolios and, together with heightened demand for SFR houses from millennials and availability of new lending programs for retail SFR investors, SFR market is likely to shift from large institutional players to smaller individual investors. What is more, a new asset class — landlord loans — is expected to grow substantially.