DBRS Morningstar Releases April Single-Family Rental Performance Summary for Rated Securitizations

DBRS Morningstar released its monthly report for April on the performance of rated single-family rental securitizations. DBRS Morningstar continues to be in contact with single-family rental issuers regarding their responses to the Coronavirus Disease (COVID-19) pandemic and to monitor its impact on company operations and transaction performance. In general, the companies have set up task forces to monitor the situation, instructed employees who can work from home to do so, and enabled employees to work with tenants who are affected by the coronavirus pandemic. The companies have continued to focus on maintaining a higher tenant retention rate for both tenants with expiring leases and month-to-month leases. The retention rate for expiring leases increased to 84.4% from 82.8%, and the retention rate for month-to-month leases decreased to 91.4% from 93.1%. While the average tenant delinquency rate on single-borrower transactions increased five times in the past 11 months to some of the highest level ever observed, the rate for the month of March remains low at 5.5%. The vacancy rate remained unchanged at 2.9% in March.

The monthly Performance Summary report provides property-level performance information for all DBRS Morningstar-rated single-family rental transactions as of the April 2021 distribution date.

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The report is available at www.dbrsmorningstar.com.

For more information, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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