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

DBRS Morningstar released its monthly report for March 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 tenants with both expiring leases and month-to-month leases. The retention rate for expiring leases increased to 86.9% from 86.4%, and the retention rate for month-to-month leases increased to 93.2% from 91.5%. While the average tenant delinquency rate on single-borrower transactions increased four times in the past 22 months to some of the highest levels ever observed, the rate for the month of February remains low at 7.0%. The vacancy rate increased to 3.4% in February from 3.2% in January.

The monthly Performance Summary report provides property-level performance information for all DBRS Morningstar-rated single-family rental transactions as of the March 2022 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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