The single-family rental (SFR) market has evolved from an opportunistic market to a long-lived, professionally managed part of the US housing ecosystem, shaped by affordability pressures, financial constraints, and the need for new supply. Few leaders have had a closer view of that evolution than Tim Reilly, Senior Vice President, Radian Real Estate Management LLC, who brings more than 30 years of experience in all real estate and real estate services and is widely considered a pioneer in institutional SFR. In this interview, Reilly reflects on the tipping points that helped reshape SFR and build-to-rent (BTR), the importance of independent due diligence and measurement in gaining institutional trust, and why discipline, transparency, and technology can help define the next era of housing.
HousingWire: What were the key moments over the past 20+ years at SFR and BTR that pushed you to rethink the design of self-supporting solutions?
Tim Reilly: The single-family rental industry emerged from the Great Financial Crisis, when large investors began acquiring distressed homes in a market with few buyers. In many ways, these big investors were buyers of last resort in a free-falling housing market. Over time, mortgages to buy and rehabilitate distressed properties have evolved into their own asset class with the first single borrower, single-family rental financing markets offering IH-2013-1. Today, according to a recent article in the Wall Street Journal, SFR owners nationally make up less than 2%-3% of the total housing market and represent less than 1 million homes in more than 14 million+ rental properties nationwide. These properties have become an integral part of the real estate ecosystem, providing professionally managed independent single-family homes while helping to address housing choices for buyers. The main challenges facing housing today include limited access to finance for first-time home owners or potential buyers with credit-dents, as well as insufficient availability, all of which contribute to the stress of affordability. The Urban Institute, in its January 2024 research report on the rise of housing costs, emphasized the idea that the owners of institutions are an easy target for those who want to solve the national complex of housing supply. The report concluded, in part, by saying investors only buy houses because there is a rental family willing to live in the home (as opposed to an apartment). In short, the chronic undersupply of single-family homes is the real cause of high housing prices and rents.
Over the past 18 to 24 months, the market has shifted towards rentals, reflecting the focus of SFR stakeholders on adding new housing supply rather than acquiring existing housing. Single-family rentals are increasingly helping families who are looking for a home but aren’t ready or able to buy, for example millennials who are facing high rates and tight credit ratings. Renting a single-family home can be less expensive than owning while providing flexibility and professional property management. Viewed from a practical perspective, SFR and BTR may actually be part of a comprehensive housing solution that expands choice and supply rather than competition for home ownership.
HW: As a long-time SFR institutional real estate service provider, how has third-party validation helped you and your team gain trust and lead change instead of the status quo?
TR: This is still a relatively young asset class, making reliability and process discipline very important. The first SFR Securitization, Invitation Homes 2013-1, relied on us for a complete range of services, and since then, we have supported many lines of warehouse, storage, and related products. Having reliable, independent partners with clearly defined processes and controls helps lenders to confidently deploy funds across geographically diverse portfolios.
Our role grew as the market grew. We have been deeply involved in several pilot projects and have emerged as trusted advisors over the past decade, helping potential stakeholders better understand due diligence and asset class valuation change. We also worked closely with rating agencies as asset sales expanded into new and higher markets, helping them get comfortable with asset quality, market characteristics, and operational risk. That consistency has positioned us as a trusted service provider to investors, sponsors, lenders, and rating agencies, and we intend to maintain that role in all other investor-owned products, such as Debt Service Coverage Ratio and Residential Transition loan products, as those markets continue to develop.
HW: He said the biggest advantage of your team is its people. How is the team structured today, and how does your team and culture support hard work at scale?
TR: The business I lead is made up of four integrated skills. First, we provide business loan due diligence services. Second, we work closely with a team that provides access to a full suite of valuation solutions including FIRREA- and other USPAP-compliant valuation products, including ARBPOs and hybrid assessments. Third, the Pyramid Platform, a SaaS-based REO and workflow solution provided by Radian REM LLC includes due diligence, access to pricing, and a market dashboard for large institutional clients. Finally, we offer an end-to-end REO service supported by a national, unaffiliated network of over 43,000 agents, access to over 100,000 buyer agents through the Pyramid Platform, and an extensive seller ecosystem for preparation, maintenance, and evaluation.
HW: With RTL and DSCR lending accelerating, how are changing risk profiles shaping your approach to solutions?
TR: RTL has become an important way to deal with aging housing. As high prices and limited inventory persist, investors are increasingly finding money to fix up older homes, a trend that started on the east and west coasts and has spread across the country. Once developed, these houses are sold or kept as rentals. What was once a processing and browsing plant is now institutionalized, with high-quality processes and controls, and its first scaled validation received Morningstar approval within the last 18 to 20 months.
We expect to play an important role in RTL and DSCR by applying the same robustness that we applied to SFR. DSCR loans, in particular, help small investors who have difficulty accessing agency financing, for various reasons, and are written on the investor’s ability to cover his debt with rental income instead of using only the investor’s credit factors. As demand for leases continues throughout the cycle, these products will likely continue to require third-party professional validation.
HW: What problems does the Capital Markets Dashboard help solve, and how does it replace the disparate tools that investors and lenders have come to rely on?
TR: Being early adopters at SFR gave us a deep understanding of technology gaps in the market. The Capital Markets Dashboard, built on Radian REM’s Pyramid Platform, creates a centralized, two-way communication channel where all transaction participants can see progress in real time. Users can order estimates, track fulfillment, access completed reports and perform calculations directly within the platform.
We used a similar structure for the SFR dynamics, which are complex in nature. The dashboard centralizes document review, problem resolution, and upload therapy, replacing separate emails and manual workflows with a single, transparent system. It reflects more than ten years of process development directly embedded in the technology.
HW: Looking ahead to 2026, what do you think will define the next generation of leaders in residential areas?
TR: Discipline is probably what sets it apart. Successful firms will have proven track records, well-defined controls, long-standing relationships, and the ability to leverage technology in emerging markets such as RTL and DSCR. We are still early in institutionalizing these products, and consistency and transparency will be critical to their credibility.
At the same time, housing availability remains a pressing issue. I hope there will be increasing recognition that single borrower, single family rentals play a small, but positive role in increasing the housing stock. We have been in this segment for a long time and we see it as part of the real estate solution.
To learn more about Radian Real Estate Management
© 2026 Radian Group Inc. All rights reserved. 550 East Swedesford Road, Suite 350, Wayne, PA 19087. Pyramid Platform and Prop Offers provided by Radian REM LLC. FL License #- CQ1072653. Single family rental services are provided by Radian Real Estate Management LLC. Phone: 877.707.1415. Asset Management Company Licensed in UT (License # – 9172198-MN00) and NV (License #- ASM.0000217). Both have offices at 6330 South 3000 East, Suite 600, Salt Lake City, UT 84121. Appraisal services provided by homegenius Real Estate LLC and homegenius Real Estate Inc. (collectively dba homegenius Real Estate). 6330 South 3000 East, Suite 600, Salt Lake City, UT 84121. Phone: 877-500-1415. homegenius Real Estate LLC and all of its subsidiaries are licensed in all states and the District of Columbia. This communication is provided for the use of business professionals only and is not intended for distribution to consumers or other third parties. This is not an advertisement as defined in Section 1026.2(a)(2) of Regulation Z.
