Single Family Rental Market during COVID-19 Pandemic

Share on facebook
Share on twitter
Share on linkedin
Share on email

 “Many people are sick of their tiny apartments. Many more hate the décor of their home. ‘House arrest’ gives people plenty of time to dream about a better place to live. We should see a surge in the demand of single family after ‘stay-at-home’ order is removed”

– John Burns Real Estate Consulting

Quick facts

  • April month-to-date, 95%-96% of historical rent collections in the single-family and multi-family rental portfolios, respectively.
  • Less than 1% of single-family rental renters and 3% of multi-family renters have requested a rent deferral plan.
  • Record single-family rental same home occupancy of 97% and stable U.S. multi-family rental occupancy of 94% at the end of March
  • We’ve seen a 40% increase in searches for single-family homes and an 18% decrease in searches for apartments

On a national level, single-family rents have historically weathered economic storms quite well. However, every market varies.

2020 Q1 Progress at WB

In March, Mr. James Harrison joined WB as Senior Vice President of Construction. With decades of experience in executive roles with multiple nationally recognized homebuilding companies, Jim brings the leadership and foresight needed to help WB grow quickly and expand into new markets. We are very excited to have Jim positively impacting WB’s level of quality and pace of new home deliveries.

The pandemic hasn’tstopped us from working hard. In the first quarter of 2020, a total of 42 new homes were completed and 53 families moved into our three build-for-rent communities. In April, we continuedto deliver another 8 homes and we had 19 more move-ins. Currently, we have 43 qualified tenants on waiting lists while their homes are being completed. Also, inthe first quarter, we broke ground on two new developments: the 280-lot Residences at RayzorRanch in Denton, TX and the 800-lot PraderaOaks in Brazoria County, TX.

We’ve been able to share a substantial amount of PPE with our partners and friends. We’ve also donated PPE to several first responder groups including Memorial Hermann Hospital, Houston Methodist Hospital, Texas Orthopedic Hospital, Pearland Fire Department and the Harris CountySheriff’s Office.

Our first 10 villas (patio homes) in the Villas at Kings Harbor (Kingwood, TX) are now available. Spread the word! When you bring a new tenant, you will receive a referral bonus and the new tenant you bring will  receive 1-month’s 

free rent!

More information at 

www.VillasatKingsHarbor.com.