KBRA releases research that gives an overview of the single-family rental (SFR) securitization sector.

Since the inaugural transaction in November 2013, the sector has generated $76.1 billion of securitization issuance across 135 transactions backed by approximately 414,000 properties through August 2022.

Transaction structures and waterfalls have since been largely standardized, although some new structural features have been occasionally introduced. Performance data is now available across many of these properties in various markets across the U.S., along with data surrounding the resiliency of hundreds of credit ratings.

The report discusses the sector’s evolution, transaction types, volume, and issuing sponsors. It also examines commonly found loan and securitization structural features, new issuance credit metrics and trends, as well as property, loan, and ratings performance trends post issuance.

Click here to view the report.

Related Reports

• Single-Borrower SFR Comprehensive Surveillance Report (September 2022)
• Single-Borrower SFR Comprehensive Surveillance Report (September 2021)
• CoreVest American Finance SFR Comprehensive Surveillance Report (October 2021)

About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

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