The Spruce team had another great year as a gold sponsor at IMN SFR East 2023 in Miami, Florida. The event, hosted at the Loews Hotel, witnessed a record number of attendees, exhibitors and industry enthusiasts - with nearly 2,000 industry professionals congregating to discuss the latest trends and developments in the single-family rental (SFR) market. Spruce caught up with both long-standing partners and new faces and had the opportunity to play a key role in industry panels.
Our CEO & co-founder was invited to speak on two panels:
Spruce takeaway: There will be a day when rates stabilize and inflation comes under control, but trying to time the market is not advisable. Instead, focus on what’s within your control: your team, attainable KPI’s, and implementing efficient technology. By doing so, when the clouds clear - you’ll be in a far better place than before.
Spruce takeaway: For the future of title, we can expect to see a decrease in friction costs through the introduction of technology, data models, API integrations, and AI. These advancements will lead to improved efficiencies, cost reductions, shorter timelines, and less coordination overhead.
We left Miami with valuable takeaways that not only impact our future strategies but also solidify why we’re committed to this space.
An emphasis on operational efficiency and NOI: Regardless of future interest rates, market stabilization, and supply, focusing on operational efficiency and the controllable aspects of your company is crucial. By optimizing operations and setting realistic KPIs, investors, vendors, and other real estate professionals can position themselves for long-term success.
At Spruce, we work with investors to streamline their operations by:
Strong industry sentiment: Spruce left IMN SFR East with an overwhelmingly positive sentiment. The remarkable turnout of attendees and exhibitors at this year's conference further reinforces the growing interest and long-term viability of the SFR market, even in the face of current market conditions.
In the short term, investors are keeping a constant eye on rates and supply. The demand for single-family rentals is still outpacing inventory. According to a HouseCanary analysis, the median national rent for single-family detached rentals at the close of the quarter was $2,395, a 20% increase since the same period in 2021 and a 6% increase since the same period in 2022. The knowledge that demand is stronger than ever keeps us all on our toes, anticipating what it means for the long term.
Regarding the long term, the groundwork is already being laid for future success. According to a report by Moody's Analytics, some metropolitan areas are feeling the presence of institutional investors more than others. For example, in Phoenix, big investors own just over 14,000 properties, accounting for 8.8% of the country's single-family inventory.
Although some may see a gridlock, there is a strong undercurrent well underway.
The Spruce commitment: Each year of IMN (East & West) attendance reinforces our support for the SFR industry. Spruce is dedicated to being at the forefront of industry advancements, building relationships, and contributing to the sector's growth.
Now, more than ever, it's important to keep our eyes and ears open to investor needs. Being on the ground at IMN allows us to listen, adapt, and create products based on real-time research and insights from real people. This year, our team launched SpruceProtect, the first and only HOA rental coverage policy, a product we developed based on the insightful conversations we've had at previous conferences. Without these instrumental opportunities to learn and connect - we wouldn't be able to identify gaps in the market and develop forward-thinking solutions that directly address investor needs.
A big thank you to the Information Management Network and everyone involved in creating yet another fantastic event. See you at SFR West!
If you didn't have a chance to meet our team on the ground, click here to schedule a time with us.
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