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SFR: How Does it Affect Homebuyers?

first_img in Daily Dose, Featured, News, Secondary Market Sign up for DS News Daily SFR: How Does it Affect Homebuyers? The Best Markets For Residential Property Investors 2 days ago Single Family Rental 2017-08-15 Brianna Gilpin Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Home / Daily Dose / SFR: How Does it Affect Homebuyers? Tagged with: Single Family Rental Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Previous: NAR CEO Talks Innovation Next: Out of Their Reach Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save By now you’ve probably heard of the huge business deal that closed in the single-family rental (SFR) market last week. If not—Invitation Homes and Starwood Waypoint Homes, two of the largest SFR landlords merged. It was a $4.3 billion dollar deal with a combined 82,000 homes in 17 metro areas. Pocket change, right?The merger brought up important questions among homebuyers and renters, especially considering the Wall Street Journal described the deal as one that will no longer make homeownership essential to the American dream as more consumers choose to rent. According to the Urban Institute, the trend of consumers switching to renting will continue as more people delay marriage and children until their thirties, but that doesn’t mean that Americans no longer wish to own homes nor that there’s reason to think renters will be worse off under new landlords who don’t “care about the carpet or paint color”.In fact, SFR owned by institutional investors only make up 17.5 million single-family rentals in the U.S., or 40 percent of the country’s rental housing stock. That means the results of this merger will own, at most, 0.7 percent of the 17.5 million units. That equates to 300,000 units.According to Urban Institute, the SFR market grew quickly in just a few years, but that growth has evened out. At the peak of the crisis, prices were down and SFR investors flocked to the market due to the amount of foreclosed homes. The purchases stabilized the market. It’s almost 10 years later—home prices are back within 1.5 percent of their pre-crisis numbers. Investors want economies of scale to cushion falls in profitability and likely will lead to consolidation of the SFR market.On average, institutional investors are buying homes that need $20,000 worth of repair due to their more affordable purchase price. They have teams and investors readily available and can buy appliances at bulk prices. First time homebuyers aren’t in that same position. First of all, they likely don’t have $20,000 on hand to make the repairs and secondly, they wouldn’t be able to do it for $20,000 like institutional investors. According to Urban Institute, this means that even though institutional investors may have the cash advantage, they aren’t competing for the same properties as first time homebuyers.The fourth point Urban Institute makes is they just don’t see a cause for alarm in the new landlords. Rent wont go higher due to these investments—rent is a product of supply and demand, there is no evidence that institutions are worse landlords than more mom-and-pop companies, and the ownership by an institution will likely bring standards and methods to managing the properties—making them, “more like their larger apartment building brethren.”The SFR market could ease America’s housing shortage, and Urban Institute said the government could encourage that sector to help address it.“In the meantime, we should remember that although homeownership remains the best way for most Americans to build wealth, there is no “ideal” homeownership rate,” the article said. “Most families cycle through homeownership and home rental as their situation changes. And as our country’s demographics, economics (the ease with which one can save for a down payment or have the income stability to buy a home), and the timing of major life events (marriage and child bearing) change, the homeownership rate will change accordingly.” Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] August 15, 2017 1,733 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post About Author: Brianna Gilpin The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

IOG to award North Sea rig contract in coming weeks

first_imgThe first of these contract awards was to Subsea 7, who will handle the project management, engineering, procurement, construction and installation of the SURF scope. Categories: Business & Finance With Petrofac’s assistance, IOG has been progressing further tendering processes for the jack-up drilling rig and numerous other offshore drilling services and tangibles for the five-well Phase 1 development drilling campaign. In an update on Thursday, IOG said that the award of a jack-up rig contract for the five-well Phase 1 development drilling campaign is “expected in the coming weeks”. For Phase 1 well management services, a competitive tendering process led to the signing of a contract in early June with Petrofac. Detailed well planning, design, and relevant regulatory processes are also making good progress. In addition, IOG in early August awarded the EPCI platform contract to Dutch contractor HSM, covering the design, engineering, procurement, construction and installation of the Southwark and Blythe normally unmanned installation platforms. IOG also acquired two unused subsea trees and wellheads which have undergone extensive testing. One of these is intended for use at the Elgood field with the other reserved for a future subsea tie-back development. Posted: 4 months ago The Core Project comprises 410 BCF of 2P+2C reserves and resources across six discovered UK SNS gas fields.center_img Posted: 4 months ago UK approves IOG’s plan for North Sea development Independent Oil and Gas (IOG) expects to award a contract for a drilling rig for its Core Project located in the Southern North Sea (SNS) soon. The drilling campaign is due to start in the first half of 2021. The Phase 1 FDP was approved by the OGA at the end of April 2020, representing a clear government endorsement of the plans. Furthermore, key contracts have been awarded for the Phase 1 project’s subsea infrastructure, platform fabrication and installation, and well management. Phase 1 comprises the development of the Southwark, Blythe, and Elgood fields through a total of five wells, and the recommissioning of the Thames Pipeline and onshore TRF. IOG said that HSM is making steady progress with procurement and fabrication activities despite the challenges of Covid-19 restrictions. IOG made the final investment decision (FID) on Phase 1 of its Core Project back in October 2019. last_img read more