After collecting single-family homes all around the country during the Global Financial Crisis, large institutions figured out how to manage these scattered-site properties.
That process of collecting and managing those assets is Michael Carey, Senior Director at Altus Group, calls SFR 1.0. In that period, he says a lot of investors were buying homes one at a time "on the courthouse steps."
"The ability to manage the space, which you couldn't do at the initial phases post-GFC, has led to an institutional asset class," Carey says. "The evolution of this asset class has happened a lot faster than anyone predicted, and it's just accelerated with COVID."
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