DBRS Morningstar Releases August Single-Family Rental Performance Summary For Rated Securitizations

DBRS Morningstar released its monthly report for August 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 increasing the tenant retention rate for both tenants with expiring leases and month-to-month leases. The retention rate for expiring leases increased to 86.0% from 83.2%, and the retention rate for month-to-month leases increased to 89.5% from 88.7%. While the average tenant delinquency rate on single-borrower transactions increased five times in the last four months to the highest level ever observed, the rate for the month of July remains low at 3.6%. The vacancy rate decreased by 30 basis points, which is the eighth consecutive month of declines.

The monthly Performance Summary report provides property-level performance information for all Morningstar-rated single-family rental transactions as of the August 2020 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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