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.

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Lynn Pollack



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