Chief Executive Officer & Chairman, Independence Realty
Search every verified Scott Schaeffer interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In a September 2018 interview, Scott Schaeffer, chairman and CEO of Independence Realty Trust, stated that he believes the shift toward renting has long-term staying power. He attributed this to tenants seeking flexibility and affordability, citing a Freddie Mac survey in which 70% of respondents said renting was more affordable than owning. Schaeffer also noted that changes to tax law, including potential limits on mortgage interest and real estate tax deductions, could affect the rent-versus-buy decision. Schaeffer described the company's strategy as owning B-class assets in non-gateway markets with supply-demand imbalances driven by population and job growth. He said a recent acquisition fit this strategy, adding that the portfolio was "under-managed" and offered opportunities for improved operational performance. Schaeffer also discussed the company's internalization of management earlier that year, saying it was done once the company reached sufficient size. He said the move saved approximately $2.5 million in general and administrative expenses and aligned management with shareholders, and noted that the stock had risen about 30% since the announcement.
“I think this one's a little bit different. There's a couple of reasons I think that this one has real staying power. First, today's tenant is a little different; they want flexibility and the ability to move if they're changing a job without having to sell a home or just pick up and move for other reasons.”
“In a recent Freddie Mac survey, 7 out of 10 people said that they felt that renting was much more affordable than owning.”
“The whole Tax Act that's coming down the pike, is there going to be a limitation on mortgage interest deductions or real estate tax deductions? That really will impact people's view of the rent versus buy analysis.”
“Our strategy is to own B Class assets in non-gateway markets where there is a supply-demand imbalance, driven by population growth, job growth, some wage growth, all with limited additions to new supply.”
CEO Scott Schaeffer sees better access to capital since management internalized. To learn more about Independence Realty ...
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