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Principal Asset Management - Tue, 04/30/2024 - 00:29

Can single-family rentals help bridge the affordability gap

In the third part of our Living Sector Series, we focus our attention on single-family rentals, which is one of our highest conviction strategies within the real estate asset class today. Once synonymous with home ownership, the single-family market underwent an evolution following the Global Financial Crisis (GFC) due to shifts in economic and demographic dynamics, which changed the way individuals and households think about housing.

In the decade following the GFC, it also became apparent that younger generations of would-be homebuyers did not have the financial wherewithal to purchase homes as prior generations. As institutional investors have increasingly taken note and expanded their focus on the residential sector, single-family rental homes have become more prominent within the U.S. housing landscape and offer several interesting tactical and strategic opportunities for investors.

In this paper, we will focus on the dynamics of the U.S. housing market as it relates to the single-family rental sector, with an emphasis on the shift in housing affordability, which we believe is a key to sustained and broad-based demand.

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Principal Asset Management

With public and private market capabilities across all asset classes, Principal Asset ManagementSM and its specialist investment teams are focused on harnessing the potential of every opportunity to secure an advantage for its clients.  
The 23rd largest manager of worldwide institutional assets, Principal Asset Management applies local insights with global perspectives to identify compelling investment opportunities and deliver distinctive solutions aligned with client objectives.1  
Principal Asset Management is the global investment management business for Principal Financial Group® (Nasdaq: PFG), managing $501.5 billion in assets and recognized as a Top 10 “Best Places to Work in Money Management” for 11 consecutive years.2,3  
1 Managers ranked by total worldwide institutional assets as of 31 December 2021. Pensions & Investments, “Largest Money Managers,” December 2021.  
2 Principal Asset Management AUM as of December 31, 2022.  
3 Pensions & Investments, “Best Places to Work in Money Management” among companies with 1,000 or more employees, December 2022.  
Principal Asset ManagementSM is a trade name of Principal Global Investors, LLC.

Edward Kakenmaster  
Managing Director, Insurance Sales & Relationship Management  
Kekenmaster.Edward@principal.com  
+1.515.878.1334

www.PrincipalAM.com  
711 High Street  
Des Moines, Iowa 50392

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