NEW YORK CITY—In the past month, the single-family rental market has seen its 11th and 12th securitizations since the first one was issued last November, with the two newest offerings totaling about $1.3 billion. With yields rising on both the senior and junior portions of the issues, some experts are wondering whether it’s too much, too fast for a still-young asset class.

Citing a note from Bank of America, Bloomberg reported this past Friday that yields on the riskiest portion of the securitizations climbed earlier this month to 5.3 percentage points over benchmark rates, from 4 percentage points in early August. Further, on the most recent securitization, a $528.4-million package from American Homes 4 Rent that priced this past Thursday, Bloomberg reported that “both the safest and riskiest of the securities pay a higher yield above the benchmark” than the Agoura Hills, CA-based REIT’s previous deal in September. “The junior portion pays a 4 percentage point spread, compared with 3.6 percentage points two months ago.”

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