While CMBS lending is cooling on some fronts, single-family rental issuance is "about as hot as Stephen Curry in an NBA 3-point shooting contest," says Trepp's Jack LaForge.

Trepp data reveals that the market has seen $73.53 billion of total issuance since 2013, with a small number of players — including Progressive Residential, CoreVest American Finance, Invitation Homes and Tricon — comprising more than half of all SFR issuance.  SFR issuance had a banner year in 2021, nearly doubling from the prior year's amount, and has grown to be a larger share than ever of the overall CMBS market. SFRs accounted for nearly 14% of all CMBS issuance through the first nine months of the year, excluding agency issuance.

"With steeper borrowing rates and high prices in the housing market prevailing, many prospective homeowners are opting to rent, making investments in single-family rentals even more enticing," LaForge says.