David Singelyn on housing development
From AMH CEO & CFO talk about the role it will play in America's housing landscape over the next 10 years · · New York Stock Exchange
“We have built a foundation to take what we have started and expand upon that. Today we own 60,000 homes and we are building 2,200 to 2,300 homes this year. We are going to be part of the solution of housing in this country going forward.”
On , David Singelyn, Advisor at AMERICAN HOMES 4 RENT, spoke about housing development during AMH CEO & CFO talk about the role it will play in America's housing landscape over the next 10 years on New York Stock Exchange.
About David Singelyn
David Singelyn, CEO of American Homes 4 Rent, has stated that the company prioritizes the "human aspect" of natural disasters over assets, citing preparations for Hurricane Ian such as boarding up homes and creating safe places for employees. He said that for impacted tenants, the company would look for alternative housing or cancel their lease and return 100% of their security deposit. Singelyn also noted that the company assesses climate risk when acquiring properties and that it is "much better prepared" than it was five or ten years ago. Singelyn has described the single-family rental industry as "revolutionized" by professional management and said the company is "part of the solution" to the housing shortage by building homes that are "meaningfully less expensive to rent compared to homeownership." He attributed rising demand for rentals to factors including remote work and a desire for mobility, and stated that COVID-19 "accelerated" a pre-existing trend. Regarding interest rates, Singelyn said they impact the company's cost of capital but noted the firm has "tremendous liquidity" and an in-house development program. He described evictions as a "last resort" and said the company saw "relatively favorable collection results" during the pandemic.