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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Leslie Shaver

Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to and Real Estate Forum.