• Millennials - the largest generation in American history - are coming full-steam into the single-family housing markets over the next decade amid a period of historically low housing supply.
• For the "Renter Nation" generation, single-family rentals have become the new "starter homes." Technology and scale have enabled single-family rental REITs to crack the code to profitably manage rental homes.
• Happy residents, happy investors. Single-family rental REITs have surged more than 40% in 2019 as turnover continues to reach new historic lows even as rent growth reaccelerates.
• Rising property taxes, however, continue to pressure margins. Moderating home price appreciation has been welcome news from both an expense and acquisition standpoint.
• Homebuilder or REIT? SFR REITs have turned to internal development as a channel to fuel external growth as the lines between homebuilder and single-family rental operator get increasingly blurred.

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