2018 U.S. Housing Fundamentals and Single-Family Rental Outlook

Similar to 2017, we expect a tightening in housing supply / demand fundamentals driven by above-average housing demand from long-term population shifts (i.e. the aging Millennials) relative to low inventories of existing homes for sale and an undersupply of new home construction.
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Impact of Trump on Housing

Following the election of Donald Trump, we considered several areas where a dramatic change in policy would impact the housing market and residential and related credit investments. More than a year later, the Republican pro-growth fiscal policy (tax cuts and budget deficit) has supported increasing economic activity and higher bond yields. There has been little news on infrastructure and deregulation / mortgage finance policy impacting housing supply or credit.
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