The single-family rental (SFR) market has evolved from an opportunistic trade into a durable, professionally managed segment of the U.S. housing ecosystem, shaped by affordability pressures, capital constraints, and the need for new supply. Few leaders have had a closer view of that evolution than Tim Reilly, Executive Vice President, Radian Real Estate Management LLC, who brings more than 30 years of experience across mortgage and real estate services and is widely regarded as a pioneer in institutional SFR. In this interview, Reilly reflects on the inflection points that helped reshape SFR and build-to-rent (BTR), the importance of independent diligence and valuation in earning institutional trust, and why discipline, transparency, and technology may help define the next era of residential real estate.
HousingWire: What key moments over the past 20+ years in SFR and BTR pushed you to rethink the structure of solutions that help support them?
Tim Reilly: The single-family rental industry emerged out of the Great Financial Crisis, when large-sized investors began acquiring distressed homes in a market with few buyers. In many ways, these larger investors were the buyers of last resort in a free-falling housing market. In time, borrowing capital to purchase and repxr distressed properties evolved into its own asset class with the first single-borrower, single family rental capital markets offering known as IH-2013-1. Today, according to a recent article in the Wall Street Journal, institutional SFR owners account nationally for less than 2%-3% of the total housing market and represent fewer than 1 million homes out of more than 14+ million rental properties nationwide. These properties have become an important part of the housing ecosystem, providing professionally managed single-family detached housing while helping to address housing optionality for consumers. The primary challenges facing housing today include limited access to capital for first time homeowners or potential buyers with credit-dents, and insufficient supply, all of which contribute to affordability pressures. The Urban Institute, in their January 2024 research report on rising housing cost, underscored the idea that institutional owners are an easy scapegoat for those looking to solve a complex national housing supply conundrum. The report concluded, in part, that investors buy houses only because there is renter household willing to live in a home (vs an apartment). In short, a chronic undersupply of single-family houses is the real culprit underlying high home prices and rents.
Over the past 18 to 24 months, the market has shifted further toward build-to-rent, reflecting a focus on SFR stakeholders adding new housing supply rather than acquiring existing homes. Single-family rentals increasingly serve households that want a home but are not yet ready or able to buy, for example millennials facing higher rates and tighter credit standards. Renting a single-family home may cost less than owning while offering flexibility and professional property management. Viewed pragmatically, SFR and BTR may actually be part of a broader housing solution that expands choice and supply rather than competing with homeownership.
HW: As a long-standing real estate services provider in institutional SFR, how has third-party validation helped you and your team earn trust and lead change rather than maintain the status quo?
TR: This remains a relatively young asset class, which makes credibility and process discipline critical. The first SFR securitization, Invitation Homes 2013-1, relied on us for a full suite of services, and since then, we have supported most warehouse lines, securitizations, and related products. Having trusted, independent counterparties with clearly defined processes and controls helps lenders confidently deploy capital across geographically diverse portfolios.
Our role expanded as the market matured. We were deeply involved in several pilot programs and were seen as trusted advisors throughout the last decade, helping potential stakeholders better understand the diligence and valuation dynamics of the asset class. We also worked closely with rating agencies as securitizations expanded into new and tertiary markets, helping them gain comfort with asset quality, market characteristics, and operational risks. That consistency has positioned us as a trusted service provider to investors, sponsors, lenders, and rating agencies, and we intend to maintain that role across other investor-owned products, like Debt Service Coverage Ratio and Residential Transition Lending products, as those markets continue to develop.
HW: You’ve said the major advantage of your team is its people. How is the team structured today, and how does your team and culture support complex work at scale?
TR: The business I lead is built around four integrated capabilities. First, we provide diligence services for business-purpose lending. Second, we work closely with the team that provides access to a full suite of valuation solutions that include FIRREA- and USPAP-compliant alternative valuation products, including ARBPOs and hybrid appraisals. Third, the Pyramid Platform, a SaaS-based REO disposition and workflow solution provided by Radian REM LLC integrates diligence, valuation access, and a capital markets dashboard for large institutional clients. Finally, we provide end-to-end REO servicing supported by a national, unaffiliated network of more than 43,000 agents, access to over 100,000 buyer agents through Pyramid Platform, and a broad vendor ecosystem for repairs, preservation, and inspections.
HW: With RTL and DSCR lending accelerating, how are shifting risk profiles shaping your approach to the solutions provided?
TR: RTL has become an important mechanism for addressing aging housing stock. As high rates and limited inventory persist, investors are increasingly accessing capital to rehabilitate older homes, a trend that began on the east and west coasts and has since become national. Once improved, these homes are either sold or retained as rentals. What was once a fix-and-flip cottage industry is now institutionalizing, with more standardized processes and controls, and its first-rated securitizations received Morningstar approval over the past 18 to 20 months.
We expect to play a significant role in RTL and DSCR by applying the same rigor we have applied to SFR. DSCR loans, in particular, serve smaller investors who have difficulty accessing agency financing, for a variety of reasons, and are written on an investor’s ability to cover his/her debt with their rental income rather than solely on the investor’s credit characteristics. As rental demand persists across cycles, these products will likely continue to require professional third-party validation.
HW: What problems did the Capital Markets Dashboard help solve, and how does it help replace the fragmented tools investors and lenders once relied on?
TR: Being first movers in SFR gave us deep insight into the technology gaps in the market. The Capital Markets Dashboard, built on Radian REM’s Pyramid Platform, creates a centralized, bilateral communication channel where all transaction participants can see progress in real time. Users can order valuations, track fulfillment, access completed reports and run analytics directly within the platform.
We applied the same structure to SFR diligence, which is inherently complex. The dashboard centralizes document review, issue resolution, and cure uploads, replacing fragmented emails and manual workflows with a single, transparent system. It reflects more than a decade of process development embedded directly into the technology.
HW: Looking ahead to 2026, what do you think will define the next generation of leaders in residential real estate?
TR: Discipline will likely be the differentiator. Firms that thrive will have proven track records, well-defined controls, long-standing relationships, and the ability to leverage technology in still-maturing markets like RTL and DSCR. We are still early in institutionalizing these products, and consistency and transparency will be essential to their credibility.
At the same time, housing affordability remains a pressing issue. I hope there will be increasing recognition that single-borrower, single-family rentals play a small, yet constructive role in expanding the housing stock. We are long on this segment and see it as part of the housing 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 provided by Radian Real Estate Management LLC. Tel: 877.707.1415. Licensed Property Management Company in UT (License # – 9172198-MN00) and NV (License #- ASM.0000217). Both with offices at 6330 South 3000 East, Suite 600, Salt Lake City, UT 84121. Valuation 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. Tel: 877-500-1415. homegenius Real Estate LLC and its wholly owned subsidiary are licensed in every state and the District of Columbia. This communication is provided for use by business professionals only and is not intended for distribution to consumers or other third parties. This does not constitute an advertisement as defined by Section 1026.2(a)(2) of Regulation Z.
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