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The Single-Family Rental Market, and What’s to Come!

Paving the Way Forward, Part 2

In Part 1, I looked at build-to-rent and how purpose-built rental communities are helping address housing supply. Build-to-rent, though, is only one slice of a much larger asset class. In Part 2, I turn to the broader single-family rental (SFR) market: what the new ROAD to Housing legislation means for single-family investors, where SFR stands today, the outlook for 2027, and the strategies investors are using to stay ahead. 

What the ROAD to Housing Act means for single-family investors 

The biggest change to the SFR playbook in a decade is now law. The ROAD to Housing Act bars large institutional investors from buying existing single-family homes, starting January 7, 2027. 

The key rules. The ban applies to anyone controlling 350 or more single-family homes, including affiliates acting together. No one is forced to sell homes they already own. Violations carry penalties of up to $1 million or three times the purchase price, and the ban sunsets in 2042. 

The exceptions matter just as much. Large investors can still build or buy new build-to-rent homes, renovate code-deficient homes (investing at least 15% of the price), run rent-to-own programs and buy from other large investors. A separate, temporary exception lets them buy from investors not covered by the Act (those below the 350-home threshold) for two years, through January 7, 2029. It is not a deadline for smaller investors themselves, who can keep buying.

Source: 21st Century ROAD to Housing Act, per Latham & Watkins and Goodwin 
Source: 21st Century ROAD to Housing Act, per Latham & Watkins and Goodwin 

What it means for investors: 

  • Build-to-rent becomes the main growth path for large operators, reinforcing the case I made in Part 1. 
  • Smaller investors gain an edge in the resale market, with less institutional competition for existing homes. 
  • Existing institutional portfolios become more valuable, since they are now harder to replace. 
  • Treasury may issue additional guidance, but investors approaching the 350-home threshold should review their ownership structures and growth plans now. 

Where SFR stands today 

Single-family rentals remain one of the steadiest corners of real estate: occupancy is strong, rent growth is modest but improving, and the cost of owning keeps renters renting longer.

SFR fundamentals hold steady as borrowing costs climb

A few themes stand out: 

  • Renting still beats buying on monthly cost. Buying cost roughly 35% more per month than renting in early 2026. With rates close to 7% this fall, that gap keeps families in rentals longer and supports retention. 
  • The lock-in effect is limiting resale supply. About 70% of homeowners hold mortgages at 5% or below, so fewer existing homes come to market. 
  • Growth has shifted to the Midwest and Northeast. Chicago, Detroit and Philadelphia are among the markets leading rent growth, reflecting a broader shift toward the Midwest and Northeast 
  • The high end is outperforming. High-end single-family rents rose 2.4% year over year in June, while low-end rents rose just 0.4%, a sign of affordability strain at the bottom of the market. 
  • Institutions are a small slice of the market. Investors with 350+ homes own about 5% of the nation’s 14 million single-family rentals and made about 1% of 2025 home purchases, down from a 4% peak in 2022. The rest of the market belongs to small and mid-size owners. 

The 2027 outlook 

2027 looks like a year of higher-for-longer rates, thinner new supply and a new rule book, a mix that favors owners of well-located rental homes and challenges anyone relying on cheap debt. 

  • Rates stay elevated. Higher rates keep would-be buyers renting, but they also raise borrowing costs and put pressure on cap rates. 
  • Home price growth cools. The MBA expects national price growth of roughly 2% to slow further in 2027 before picking up in 2028. That means less appreciation upside, so returns lean more on rental income and operations. 
  • New construction slows. Fewer single-family and multifamily starts are expected in 2027. That pullback in new supply gives oversupplied markets time to absorb recent deliveries and get rent growth back on track. 
  • The shortage persists. Realtor.com estimates the U.S. is about 4 million homes short. Rental demand has a structural floor that rate cycles do not erase. 
  • The ROAD Act goes live. The purchase ban starts January 7, 2027. Expect Treasury’s proposed rules, the first HUD ownership reports, and repositioning by large operators toward build-to-rent, renovate-to-rent and rent-to-own programs. 

My take: rent growth should stay positive and modest nationally, with leadership in supply-constrained Midwest and Northeast markets and a gradual recovery in the Sun Belt as deliveries fall. The biggest change will be in who is buying, not whether people are renting. 

Strategies investors are using to stay ahead 

Against this backdrop, the investors best positioned for 2027 are rethinking how they acquire properties, structure capital and manage operations. 

  1. Leaning into build-to-rent. BTR is now the clearest legal growth path for scale operators, and it delivers new, low-maintenance homes that command premium rents. Partnerships with builders, including forward purchases of new communities and scattered new lots, are becoming a core sourcing channel. 
  1. Adding value through renovation. The renovate-to-rent exception rewards investors who take on homes that need real work. Buying distressed or code-deficient homes and investing 15% or more of the price brings older housing stock back into service and creates value through the rehab. 
  1. Building rent-to-own and homeownership pathways. Qualifying homeownership programs can create pathways for renters to become buyers, while offering investors a way to differentiate themselves with residents and policymakers. 
  1. Buying where supply is tight. Midwest and Northeast metros with little new construction are leading rent growth. In the Sun Belt, patient investors are buying at today’s softer pricing ahead of the supply slowdown. 
  1. Staying below the threshold, deliberately. Small and mid-size investors now have an edge in the resale market. Those approaching 350 homes are reviewing ownership structures, affiliate relationships and growth plans with counsel before the rules take effect. 
  1. Underwriting for 7% money. Investors are stress-testing deals at today’s rates, using assumable or seller-financed debt where possible, keeping leverage moderate and building returns on cash flow rather than appreciation. 
  1. Running tighter operations. With rent growth modest, net operating income comes from retention, expense control and technology: smart-home features, self-guided tours, data-driven pricing and preventive maintenance. Keeping a good resident is the cheapest way to grow NOI. 
  1. Watching the portfolio trade market. Purchases between large investors remain permitted, and large investors can buy from sellers not covered by the Act until January 7, 2029. Portfolios that come to market in this window may be among the best opportunities of the cycle. 

Paving the way forward with SFR 

The ROAD to Housing Act does not end single-family rental investing. It redirects it.  

Large capital is being steered toward building, renovating and creating paths to ownership, while the existing-home market opens up for smaller investors. Add higher rates, slowing construction and a persistent housing shortage, and 2027 rewards investors who are disciplined, local and focused on adding supply. 

Together with Part 1, the message is the same: the future of single-family rental belongs to investors who add to the housing supply, not just trade it.

I’d love to hear how you’re adjusting your strategy for 2027. Connect with Auben, or find me at the next IMN event!  

Kristen Brady, Auben

Sources: 

This article is for informational purposes and is not legal or financial advice. Investors should review the Act’s requirements with their own counsel. 

The Value We Found in Dallas-Fort Worth

Market momentum is creating an opportunity to strengthen our presence, grow the Auben brand and build the team for what comes next.

A recent GlobeSt article examined how technology talent is expanding beyond the markets that have traditionally dominated the sector. Dallas-Fort Worth stands out in that shift.

CBRE now ranks Dallas-Fort Worth No. 8 among North America’s tech talent markets. GlobeSt also reports that the region added 37,230 tech workers between 2022 and 2025, an 18.7% increase and the largest gain among U.S. markets included in the report.

Those numbers are about technology, but the signal is broader. Companies are investing in Dallas-Fort Worth, skilled workers are choosing the region and the market is gaining depth.

That matters to Auben because Dallas-Fort Worth is not a future market for us. It is our primary operational market and Regional Operating Center. Charleston remains our Corporate Headquarters.

Building more than a presence

Auben has always believed that real estate investors should benefit from local market expertise without giving up the advantages of a broader operating platform. Our integrated approach brings property management, project management, investment sales and an asset management mindset together around the owner and the performance of the property.

Dallas-Fort Worth gives us an opportunity to put that model to work at a greater scale. Being close to the market helps our teams understand what owners are experiencing, see changes as they happen and build stronger relationships with investors, developers, brokers and industry partners.

Presence alone does not build a brand. Performance does.

From a marketing perspective, our responsibility is to make the value of that performance clear. We need to show what Auben does differently, share useful local insight and make sure the right people understand how our teams help owners operate and grow their portfolios. We also need to be active in the relationships and conversations shaping the Dallas-Fort Worth real estate market.

The goal is not awareness for its own sake. It is trust, relevance and business growth supported by a reputation Auben has earned.

Building the team to support the opportunity

None of this happens without the right people.

Our recruiting approach is intentional because the work demands it. We do not want to hire our way out of a crisis or fill a seat simply because it is open. We want to build ahead of the work and bring in people who can contribute to Auben’s long-term success.

Experience matters, but it is not enough on its own. We look for people who reflect Auben’s six core characteristics:

  • Team Oriented: They work toward shared success and support the people around them.
  • Direct and Communicative: They communicate clearly, respectfully and early.
  • Solution Oriented: They bring answers, not just problems.
  • Always Accountable: They take ownership of their work and its outcome.
  • Sense of Urgency: They understand what needs to move and act on it.
  • Underdog DNA: They are resourceful, resilient and willing to earn the result.

These are not recruiting slogans. They are operating expectations. They help us identify people who can accept

feedback, solve problems, follow through and continue learning as the company grows.

Dallas-Fort Worth’s expanding talent base gives Auben access to people with a wide range of experience and perspective. Our job is to identify those who can succeed within our culture, serve our clients well and help strengthen the organization over time. We want to build real estate careers, not simply staff positions.

What comes next

Dallas-Fort Worth offers Auben a meaningful opportunity, but taking advantage of it will require discipline. We need strong local operations, integrated services, a clear and credible brand, productive industry relationships and people who know how to execute.

When those pieces work together, growth can create better outcomes for owners, residents, employees and the communities we serve. Locally, our Dallas property management team is a big part of how we deliver on that promise for investors every day.

This week’s blog comes to us from our Director of Marketing and Training, Lakyn Samaniego, and our Corporate Recruiter, Holly Moncibaiz!

The Garage Premium in Build-to-Rent Townhomes

Walk through almost any American neighborhood and you’ll notice something interesting: Many garages aren’t filled with cars—they’re filled with everything else that makes up our daily lives. Whether it’s because we’re collectors, hobbyists, or simply like having extra storage, one thing is clear: 

Americans love their stuff. 

For build-to-rent developers and investors, that’s more than an interesting observation—it’s a business opportunity. 

A recent study from Yardi Matrix and Hunter Housing Economics analyzed more than 1,500 rental townhome communities representing over 238,000 units to answer a question many developers have only loosely considered: 

What is a garage really worth? 

The answer surprised even seasoned industry professionals. 

More Than a Place to Park 

According to the research, a one-car garage generated approximately $1,680–$2,580 in additional annual rent, while a two-car garage produced $2,940–$4,440 per year in additional rental income. At a 6% exit cap rate, that translates to approximately $37,850 in additional implied value per unit—often exceeding the additional construction cost.  

As the authors conclude, ”The headline findings are unambiguous.” Garages are proving to be much more than an amenity. They’re a measurable value driver for modern build-to-rent communities.  

If you’d like to dive deeper into the research, you can read Brad Hunter’s full white paper and article here.

You can also watch Brad Hunter discuss the findings in this video:

The Hidden Value Isn’t Just Rent 

Here’s where the research becomes even more compelling. 

Communities with garages don’t simply collect higher rents—they tend to perform better operationally. Residents with garages move less frequently, resulting in lower turnover, reduced make-ready expenses, fewer leasing commissions, and less vacancy loss. The study estimates these operational advantages contribute an additional $350–$650 per unit annually in effective NOI. 

In other words, the garage continues producing value long after the lease is signed. 

Auben Sees It Every Day 

The national research aligns with what our leasing teams experience across our portfolio. 

Prospective residents regularly ask one of the first questions before scheduling a tour: 

“Does it have a garage?” 

Storage has become one of today’s most desired amenities. Whether it’s seasonal decorations, lawn equipment, bicycles, strollers, or simply a place to keep life’s extras, residents consistently place a premium on having additional enclosed space. 

“We’ve found that garages do more than provide parking—they give residents the extra storage they’re looking for. The added space is something people are willing to pay for.” -Auben Team Member 

These conversations reinforce something the data confirms: garages aren’t just appreciated—they influence leasing decisions. 

Cedar Creek Put the Theory Into Practice 

At Auben Realty, we’ve had the opportunity to see these findings play out in real time. 

During the lease-up of Cedar Creek, homes with attached garages consistently outperformed nearby comparable communities by supporting stronger rental rates while maintaining excellent leasing momentum. 

Cedar Creek Results 

  • Average Rent: $2150 
  • Comparable Communities: $1950 
  • Monthly Rent Premium: $250 
  • Lease-Up Timeline:8 months 
  • Occupancy: 100% 

Those results mirror the national research and reinforce what we’ve experienced firsthand: residents recognize the value of garages and are willing to pay for them. 

A Down Side… The downsides point to dense urban markets and legacy stock-heavy markets where transit and urban density limit the need for garages or “no garage” is often well-established.  These markets have the smallest garage premium (4%-7%) as compared to markets where car dependency is great, demand for enclosed parking, or markets accustomed to garage living have garage premiums of (8-18%). 

A Different Way to Think About Garages 

Developers have traditionally viewed garages as another line item in the construction budget. 

But perhaps that’s the wrong way to look at them. 

National research, combined with our own experience leasing build-to-rent communities, suggests that garages do far more than provide a place to park a vehicle. They create additional storage, support today’s renter lifestyle, differentiate communities from nearby competition, and contribute to stronger financial performance. 

That doesn’t mean every market is the same. 

In dense urban environments and legacy markets where public transit is widely available—or where older housing stock has historically been built without garages—the premium tends to be much smaller. In these locations, the value of enclosed parking is often outweighed by walkability and established housing patterns, resulting in garage premiums of approximately 4%–7%. By contrast, suburban markets where residents rely heavily on personal vehicles and have come to expect attached garages routinely see premiums ranging from 8%–18%.  

For Auben’s markets across the Southeast, that distinction is especially meaningful. Many of the communities we serve are suburban, vehicle-dependent, and attract residents who value both convenience and additional storage. Our leasing teams hear it every day, and our experience at Cedar Creek reinforces what the national research demonstrates: garages consistently help homes stand out in the marketplace. 

The garage isn’t simply another amenity to list in a marketing brochure. It’s becoming a structural driver of rental income, resident retention, and long-term asset value. Developers who evaluate garages solely as a construction expense may be overlooking one of the most impactful investments they can make in a build-to-rent community. 

Sometimes the highest return on investment isn’t found inside the home. 

It’s waiting just beyond the garage door. 

This week’s blog post comes to us from Ivan Jenkins!

Augusta: Off the Radar to On the Rise

Augusta gets a bad rap. 

Aside from the not-so-small golf tournament that happens every spring, Augusta is rarely on the radar for many people not from Georgia. Even for those from Augusta or within close proximity, the city’s reputation often takes a serious beating. 

I have witnessed locals and non-locals referring to it as Disgusta, Atlanta’s Red-Headed Stepchild, Little Chicago (because of historical corruption), close to everything, an epicenter for brain drain and many more unflattering things.

I think Augusta is an incredible place to work and also to live. Apparently so do a lot of other people according to a recent LinkedIn study.

I am not native to Augusta and prior to moving to the city in 2006, if you mentioned Augusta, I would have been as likely to head to Maine as I would have been to head to Georgia.

In 2006, as an aspiring real estate investor, I found myself loading my U-Haul in New York City with books and CDs and moving to the second biggest city in Georgia with a desire to begin my investing career in earnest.

There were several things that caused me to move to Augusta including 

  • Being home to my first mentor
  • Having a network of other real estate acquaintances
  • Having an abundance of aged inventory of scatter-site single family homes

But what really stood out about Augusta then and still now, is its affordability. As GlobeSt said in its summary of the recent LinkedIn article: 

The metro’s labor market and housing data point to a region trying to balance growth with affordability. LinkedIn reports that 11.9 percent of jobs in Richmond are remote and 11.4 percent hybrid, with a median income of $64,585 and an average home listing price of $553,215.

What Augusta was for me, and what I think it can be for many professionals, is a very reasonably-priced, high-quality-of-life place to earn and learn.  

Augusta’s real estate market is affordable now and was even more affordable in 2006. The low price of entry and reasonably-priced labor market proved to be very accommodating of the many mistakes I would make, especially early in my career.

It was much easier to bounce back from losing 10% on the flip of a 150k home than it would be on a million dollar home. As the entire world of real estate imploded several years later, I would also learn how resilient the Augusta market was. 

One of the things that I did not realize until many years later was how beneficial Augusta was for setting conservative and practical cash flow expectations. 

In my early days in Augusta, it was very common to find cashflowing real estate so I assumed all real estate should cashflow. This thesis allowed me to navigate the GFC with investments intact, bruised and beaten, but not defeated.

As my investments have expanded to other markets, this conservative cashflow philosophy has been tremendously beneficial to ensuring my investments weathered many other tumultuous market shifts consistently prioritizing yield over speculative equity plays. 


It’s been 12 years since I lived in Augusta but whenever I go back it still feels like home. It’s where I became a husband, a father and was the perfect environment to build Auben from the ground up. Today, our Augusta property management team continues that work, helping investors build long-term value in the market where it all started.

This week’s blog post comes to us from our Founder, Tyson Schuetze!

Be sure to listen to the latest episode of Real Estate Rewind to hear about what Augusta was like in the early days of Auben Realty and listen to Tyson reminisce on the early days with his father, Bill Schuetze, and Natalie Walls!

Listen now and be sure to leave a review, subscribe, and share it with your friends!

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American Homeownership: Does our population actually own 65% of their homes? Not Exactly.

For decades, homeownership has been hovering around 65%.  However, this closely monitored statistic may have a glaring flaw that The Federal Reserve Bank of Minneapolis just uncovered.  The flaw being counting legal adults that still live at home with their parents, as part of the general population that actually own their own home.  Naturally, this inclusion is inflating American homeownership by approximately 12%, or millions of people.  The Minneapolis Fed developed a new way, a more accurate way in my opinion, to calculate homeownership in America.  They dubbed it the Homeowners-To-Population Ratio, or HPOP. 

How does HPOP affect the numbers?
  • It removes the obvious flaw from this decades old calculation and gives us a much more accurate percentage of homeownership, which is actually hovering around 53%.
  • This statistic worsens as you further fragment the population, i.e. HPOP for 35 years of age and younger hovers around 22%. 
  • If traditionally calculated, homeownership is represented as 37%, a swing of 15 points! 

This new statistic negatively impacts the optics surrounding American homeownership and, more crucially, elevates the issue of housing affordability to new heights.  It raises the obvious question, why is true homeownership so low in the largest, most robust, most diverse economy in the world?

A silver lining surrounding this topic, until affordability is addressed at a federal level, is individuals seeking homeownership that have some degree of means and/or the opportunity to move states, can find housing that truly fits their needs and their budget.  For example, Hawaii, New Mexico, Delaware, California, and New Jersey have some of the worst percentage drops in homeownership between the traditional calculation and HPOP, while other states like North Dakota, South Carolina, West Virginia, Kentucky and Alabama have less of a percentage drop between the calculations.

Looking Ahead

In conclusion, HPOP is a much more accurate way to calculate American homeownership, and it negatively impacts the optics and the realities surrounding homeownership and housing affordability.  Armed with this new statistic, hopefully the public and private sectors can continue to work and collaborate together and increase American homeownership overall, and at a minimum, provide enough high quality, affordable rental housing to bridge the gap.

This week’s blog post comes to us from Blake Collier!

Connect with our Houston team to learn more about how build-to-rent homes offer an alternative route!

Building Communities, Not Just Homes

Auben Realty’s Partnership with Ellavoz Impact Capital at Cedar Creek Estates

As Jacksonville continues to experience rapid growth, the demand for quality housing options has never been greater. Cedar Creek Estates, a Build-to-Rent (BTR) community located on Jacksonville’s Westside, was created to help meet that need by offering residents the comfort and privacy of a single-family home with the flexibility and convenience of renting. 

Owned by Ellavoz Impact Capital and professionally managed by Auben Realty, Cedar Creek Estates represents more than just a new housing development. It reflects a shared commitment to providing attainable and high-quality housing opportunities for individuals and families in Jacksonville. 

The Rise of Build-to-Rent Communities 

Build-to-Rent communities have grown in popularity as housing needs continue to evolve. Designed specifically as rental communities, BTR developments offer many of the benefits traditionally associated with homeownership,while maintaining the flexibility that renting provides. 

For many residents, a Build-to-Rent home serves as the perfect middle ground between apartment living and homeownership. Whether someone is relocating to a new city, prefers not to take on the responsibilities of homeownership, or simply values the convenience of professional property management, BTR communities provide an attractive alternative. 

Residents at Cedar Creek Estates enjoy features such as private fenced yards, attached garages, modern floorplans, and the added privacy that comes with living in a detached single-family home, rather than sharing walls with neighboring apartments. Professionally managed maintenance services also provide peace of mind, allowing residents to focus on enjoying their home and community. 

For some, Build-to-Rent communities can even serve as a steppingstone toward future homeownership by offering the experience of living in a single-family home while maintaining rental flexibility. 

Introducing Cedar Creek Estates 

Cedar Creek Estates consists of 45 newly constructed single-family homes designed to accommodate a variety of lifestyles and household needs. Featuring three thoughtfully designed floor plans, the community appeals to families, working professionals, retirees, and anyone seeking a high-quality rental experience. 

Located on Jacksonville’s growing Westside, Cedar Creek Estates offers residents the opportunity to enjoy modern living in a professionally managed community while remaining conveniently connected to employment centers, schools, shopping, dining, and recreational opportunities throughout the city. 

In recognition of those who serve our communities, Cedar Creek Estates proudly offers discounts for active and retired military members, educators, and first responders. 

A Partnership Focused on Quality Housing 

The partnership between Ellavoz Impact Capital and Auben Realty combines investment and development expertise with comprehensive property management services. 

Ellavoz Impact Capital has built its mission around creating workforce and attainable housing opportunities that positively impact communities. Through developments like Cedar Creek Estates, Ellavoz continues to invest in communities that provide long-term value for both residents and the surrounding area. 

As Chris Ferry, VP of Ellavoz Impact Capital, shared in Auben Realty’s most recent Investor Newsletter, Cedar Creek Estates was developed as a thoughtful response to Jacksonville’s growing housing needs. The community was designed to provide high-quality housing while supporting responsible growth and long-term community investment. 

Auben Realty supports that vision by providing full-service property management, overseeing leasing operations, maintenance coordination, resident relations, and the overall resident experience. Together, Auben and Ellavoz are committed to creating a community that extends beyond simply providing housing. 

This partnership reflects a shared belief that successful communities are built through thoughtful development, responsive management, and a commitment to the people who call these communities home. 

Looking Ahead 

Jacksonville remains one of Florida’s fastest-growing markets, creating exciting opportunities for continued investment and housing development throughout the region. 

For Auben Realty, Cedar Creek Estates represents an important milestone as the company expands its presence in Jacksonville. We are excited to serve Jacksonville residents, build lasting relationships within the community, and support the city’s continued growth through exceptional property management and resident experiences. 

At Cedar Creek Estates, the focus extends beyond building houses. It is about creating a place where residents can feel at home and enjoy a high-quality living experience. 

Cedar Creek Estates represents what can happen when thoughtful development and dedicated property management come together with a shared purpose. As Auben Realty continues to expand throughout Jacksonville, we remain committed to building communities, creating exceptional resident experiences, and partnering with organizations like Ellavoz Impact Capital that share our vision for the future of housing. 

To learn more about Cedar Creek Estates, visit: www.cedarcreekrentalhomes.com

This week’s blog post comes to us from Taylor Moore!

To learn more about our partnership with Ellavoz Impact Capital, check out the latest episode of Real Estate Rewind with Tyson Schuetze!

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Chattanooga Isn’t the Same City I Grew Up In — And It’s a Good Thing

I was born and raised in Chattanooga, and if you’ve lived here for any length of time, you’ve seen the transformation firsthand.

The Chattanooga I remember growing up in is very different from the Chattanooga we see today. What was once viewed as a small city tucked between Nashville and Atlanta has become a destination in its own right. Over the years I’ve watched new businesses move in, tourism explode, outdoor recreation become part of the city’s identity, and investment pour into neighborhoods that many people overlooked for decades.

As someone who works in property management and real estate every day with Auben Realty, I have also had a front-row seat to how those changes have impacted housing.

When people ask me if Chattanooga is still growing, my answer is simple: just look around.

Look at the development taking place downtown. Look at the restaurants opening across the city. Look at the investment along the riverfront. Look at the number of people moving here from larger markets looking for a better quality of life. Chattanooga is no longer a city people pass through. It is increasingly becoming a city people intentionally choose.

One of the most interesting things I’ve witnessed is how many different types of people are arriving here. Young professionals are attracted by remote work opportunities and the outdoor lifestyle. Families appreciate the affordability compared to larger metropolitan areas. Retirees are discovering they can enjoy four seasons, access quality healthcare, avoid a state income tax, and still maintain a lower cost of living than many traditional retirement destinations.

The numbers support what many of us have been seeing with our own eyes. Over the past decade, household growth in the Chattanooga area has significantly outpaced new housing inventory. More people are moving here than the market has been able to accommodate with new housing construction. Vacancy rates have tightened, and demand for both rental housing and homeownership remains strong.

For those of us in property management, this creates both opportunities and challenges. 

The opportunity is obvious. Demand remains healthy. People want to live here. Investors continue to recognize Chattanooga as one of the most attractive secondary markets in the Southeast.

The challenge is ensuring that housing supply keeps pace with growth while maintaining the character that makes Chattanooga special in the first place.

What excites me most about Chattanooga’s future is that many of the factors driving growth today are not temporary trends. The outdoor amenities aren’t going anywhere. The mountain views aren’t going anywhere. The Tennessee River isn’t going anywhere. The investments being made in infrastructure, economic development, healthcare, and tourism continue to strengthen the city’s foundation for long-term growth. 

At Auben Realty, we see this every day through the investors, residents, and property owners we work with throughout the region. Demand for well-managed housing continues to grow, and I believe Chattanooga remains in the early stages of what could be another decade of meaningful expansion.

No one can predict the future perfectly, but after spending most of my life here and watching Chattanooga reinvent itself over the years, I remain optimistic about where we’re headed. 

The Chattanooga of today is stronger than the Chattanooga I grew up in, and the Chattanooga of ten years from now may be even better.

This week’s blog is brought to us by Jason Weathers!

Hear more about Jason’s insights on upcoming episodes of Real Estate Rewind with Tyson Schuetze, available on Spotify, Apple Podcasts, and YouTube!

Reflecting on the 2026 IMN Conference in Miami

The past several conferences have been dominated by the uncertainty of the housing affordability bill, something that is very much still on the minds of all of the participants. Instead of focusing on that since we still do not know what that will bring, I’d like to focus on some other themes that stood out.  What stood out to me most from this IMN conference wasn’t any single statistic or prediction, it was the realization that the housing industry is adapting to a completely different type of consumer than it was built for twenty years ago. The American Dream hasn’t disappeared, but it has definitely evolved. Ownership used to be the end goal for almost everyone. Now, flexibility, convenience, and optionality are becoming just as important as equity. 

That shift is influencing everything from development trends to operations to investment strategy. More people are renting by choice, not necessarily because they’re financially incapable of buying. Younger generations especially view ownership differently. This is a generation comfortable renting cars, clothes, music, movies, and even software. Housing is naturally moving in that same direction. The urgency to acquire a home simply isn’t what it once was, and I think the industry is finally starting to accept that reality instead of fighting it. 

What’s interesting is that this doesn’t necessarily signal weakness in housing. In many ways, it is creating opportunity. Build-to-rent is a perfect example. For years, people associated build-to-rent with massive suburban communities containing hundreds of homes. Now, operators are realizing it can work at a much smaller scale. A scattered infill property or townhome development can fit the same model if the operations and resident experience are executed correctly. One speaker mentioned that nearly their entire pipeline is townhomes because density and infill have become such an important part of the equation. 

At the same time, operators are being forced to become more sophisticated. Single-family rental owners especially have had to embrace technology faster than many traditional multifamily groups simply because scattered-site portfolios demand it. You can’t efficiently manage homes spread across a market without systems, automation, and data. Smart home technology, utility monitoring, maintenance tracking, and operational analytics are now necessities.

What I found particularly interesting was how much emphasis there was on customer experience. Real estate companies are starting to behave more like service platforms than traditional landlords. The focus is shifting toward resident retention, convenience, and lifetime value. People value time just as much as money now, and operators are trying to create ecosystems around that idea. Whether it’s smart home integrations, optional resident services, or cashback incentives for on-time rent payments, the industry is clearly experimenting with ways to make renting feel less transactional and more customized. 

The word “optional” came up repeatedly, and I think that matters. Consumers today don’t want rigid systems. They want flexibility and personalization. The operators who understand how to present services correctly seem to be having the most success. 

Another major takeaway was that technology and information are no longer reserved for institutional players. There’s a democratization of data happening right now. Smaller operators have access to analytics and tools that would have cost millions of dollars not that long ago. In many ways, the advantage gap between institutional capital and entrepreneurial investors is shrinking. That doesn’t mean scale doesn’t matter, but it does mean smaller groups can compete far more effectively than they could in previous cycles. 

What also gave me confidence about the broader housing market was the economic discussion. There’s still a lot of fear online about an impending foreclosure wave or housing collapse, but the underlying fundamentals today are completely different than 2008. The speakers made the point that we’ve had many recessions throughout history, but only one true foreclosure crisis driven by reckless credit expansion. Today’s homeowners are simply in a much stronger position financially. 

The numbers support that argument. Roughly 40% of homes in America have no mortgage at all. Current LTV ratios across the market are dramatically lower than they were leading into the financial crisis. Homeowners have equity. Credit quality is significantly better. And the 30 year fixed mortgage continues to be one of the greatest financial hedges against inflation ever created. When you lock in a payment for three decades while everything else rises around you, that becomes an incredibly valuable asset over time. 

To me, the overall theme of the session was adaptation. Consumer behavior is changing, and the real estate industry is changing with it. The companies that succeed moving forward will probably be the ones that stop thinking purely in terms of units and transactions and start thinking more about experience, efficiency, flexibility, and long-term customer relationships. Housing is still fundamentally strong, but the way people interact with housing is evolving rapidly. The operators who recognize that shift early will likely have a major advantage over the next decade.

Arriving in Miami, FL for the IMN Conference

This week’s blog was brought to us by Chris de Treville.

South Carolina Hit Pause on Affordable Housing–Here’s How

South Carolina is in the middle of an affordable housing crisis. Rents are maxed. Working families are being stretched thin. And the state just quietly passed a bill that makes it harder to build the housing those families need. 

It’s called S.853. It passed on May 14, 2026. Most people haven’t heard of it because it was sold as a bill about abandoned buildings. And most of it is exactly that. But Section 5 is different. 

Section 5 freezes a property tax exemption that affordable housing developers depend on. For the next two years, if you file an application for that exemption after June 30, 2026, the state won’t even look at it. They’ll hold it in a drawer until 2027. 

Why does a property tax exemption matter? Because property taxes are a real expense. When that exemption disappears, the cost of operating an affordable housing project goes up. When costs go up, rents go up or the project doesn’t get built at all. 

Here’s an analogy. Remember when Spirit Airlines shut down? One of the only carriers keeping ticket prices genuinely low was gone, and without that competition, the bigger airlines had less reason to stay affordable. Housing works the same way. When the incentives that make below-market housing pencil out financially are stripped away, fewer developers can afford to build it and everyone else pays the price in higher rents. 

The law has one exception: nonprofits that own their properties 100% on their own, no private investment involved. That sounds reasonable until you realize almost no affordable housing gets built that way. The model that works, and that has been working, is a partnership between nonprofits and private developers. The nonprofit provides the mission and the structure. The developer provides the money, the construction team, and the risk. The tax exemption makes the whole thing viable. 

That partnership model is exactly what this freeze leaves out in the cold.

As of March 18, 2026, Governor McMaster hasn’t signed it yet. If you want to do something, call your South Carolina state representative. Ask them to amend Section 5. The window is narrow, but it’s still open.

This week’s blog was brought to us by Ivan Jenkins!

What South Carolina’s Population Boom Means for Real Estate

This week’s blog is brought to us by Market Director Claudia Gibson!

South Carolina is experiencing a population boom unlike anything seen in decades—and it’s not slowing down anytime soon. According to recent data highlighted by Fox News, the Palmetto State has officially become the fastest-growing state in the nation, driven largely by an influx of people relocating from other parts of the United States.  

A Record-Breaking Surge 

Between July 2024 and July 2025, South Carolina’s population grew by 1.5%, outpacing every other state in the country.  
Even more telling is how that growth is happening: 

  • Over 66,000 new residents moved into the state from elsewhere in the U.S. in just one year  
  • Nearly 80,000 total new residents were added during that same period  
  • A previous spike saw 100,000+ new residents in a single year (2022–2023)  

This surge is not being driven by international migration or birth rates—it’s people choosing South Carolina on purpose. 

Why Everyone Is Moving to South Carolina 

So what’s fueling this migration wave? 

1. Affordability & Cost of Living 
Compared to states like New York and California, South Carolina offers significantly lower housing costs and taxes, making it attractive for both families and retirees. 

2. Job Growth & Economic Expansion 
Cities like Columbia and Greenville are seeing growth in healthcare, manufacturing, and tech industries, creating new opportunities for workers.  

3. Lifestyle & Climate 
From coastal living in Charleston to quieter suburban and rural communities, the state offers a mix of lifestyle options with a generally mild climate. 

4. Remote Work Shift 
The post-pandemic workforce has changed where people choose to live—many are leaving expensive urban centers for more space and value in states like South Carolina. 

Growth Isn’t Even—It’s Concentrated 

While the entire state is growing, the majority of that growth is happening in key areas. More than 80% of population gains since 2020 have been concentrated in just ten counties, including: 

  • Charleston  
  • Greenville  
  • Lexington  
  • Richland  
  • Horry  
  • York  

This means urban and suburban hubs are expanding rapidly, while some rural areas are seeing slower growth. 

A Bigger National Trend 

South Carolina’s rise is part of a larger shift happening across the U.S. 

While overall U.S. population growth slowed to just 0.5% between 2024 and 2025, southern states continue to dominate growth due to domestic migration.  

Americans are increasingly “voting with their feet,” leaving higher-cost states and relocating to more affordable regions in the Southeast.  

What This Means for Real Estate & Communities 

For someone like you—deep in property management and real estate—this trend is huge. 

1. Increased Housing Demand 
More people moving in = more demand for rentals and home purchases. Expect continued pressure on inventory and pricing. 

2. Rising Property Values 
Growing populations often drive appreciation, especially in high-demand counties. 

3. Infrastructure Pressure 
Rapid growth can strain roads, schools, and utilities—creating both challenges and opportunities for development. 

4. Shifts in Tenant Demographics 
With newcomers arriving from higher-cost states, expectations around service, amenities, and pricing may evolve. 

The Bottom Line 

South Carolina isn’t just growing, it’s transforming. 

With strong domestic migration, expanding job markets, and an attractive cost of living, the state has positioned itself as a top destination for Americans seeking opportunity and lifestyle. But with that growth comes responsibility: managing infrastructure, housing supply, and community development will be key to sustaining this momentum. 

For real estate professionals, investors, and business owners, one thing is clear: 

South Carolina isn’t just on the map—it’s becoming the destination.