Tricon Residential seems to be proving in the age of the coronavirus that renters would prefer to come home through the front door of a house rather than a tightly packed high-rise apartment building accessed via elevators and narrow hallways.

Toronto-based Tricon, which owns more than 21,000 single-family rental houses in the U.S. Sun Belt, has tapped into the cheapest financing in the history of the sector as homeownership has steadily declined for more than a decade.

The company raised 553 million U.S. dollars with a weighted average interest rate of 2.3% for six years. The financing was also done with a high debt-to-equity ratio. The transaction proceeds represent 72.5% of the value of the securitized portfolio of 3,540 single-family rental properties held in a joint venture with two sovereign wealth funds.

CEO Gary Berman told CoStar it’s a record rate for the asset class borne out of the Great Recession, when housing prices plummeted. He said the sector is winning now during the pandemic because vacancy rates are not dropping and rents are nudging up, creating higher net operating income.

“It is an incredible rate. I think, all in, it’s the lowest rate by far. There is nothing close to it,” said Berman.

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