The Real Deal Miami

In South Florida, single-family rentals here to stay

Lack of job security deterring younger buyers
May 27, 2014 04:30PM

Single-family homes

Single-family homes

A single-family home rental industry run by Wall Street and hedge funds is a trend that is hear to stay, according to executives at a conference this month in Boca Raton.

“We love Palm Beach County,” said Jonathan Shechtman, portfolio manager for the Naples, Fla.-based Axonic Capital. “We really believe in the market and we think it’s stronger than other Florida counties.”

Many had speculated that home rentals would die off as values increased, but that’s not in the business plan, said speakers at the second annual Single Family Aggregation, REO to Rental Forum held at the Boca Raton Resort and Club, according to the Palm Beach Post.

“It used to be you get married, have kids, buy a house,” said Walter Charnoff, founder of Colorado-based RentRange, which provides information on the rental market. “But there was job security then. Now people are concerned they can’t keep their job and can’t sell their home if they have to move.” [Palm Beach Post] Christopher Cameron