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REIA 165 Jonathan O’Kane: The Economics of Mom-and Pop Housing

Jonathan O’Kane is Vice President and Head of Research at Chandan Economics. At Chandan, he blends data with storytelling, bringing forward unique coverage of all things related to mom-and-pop rental housing.

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Main Points:

  • Mom-and-Pop operations proved significantly more sensitive to the pandemic than professional managers
  • As of March 2022, rent collections in independent operated rentals has recovered back to pre-pandemic levels
  • Renters moving to more affordable metros is a double-edged sword, potentially exporting affordability concerns to new parts of the country
  • Despite rapid institutionalization, the single-family rental sector remains dominated by mom-and-pop operators
  • New multifamily debt has far outpaced new multifamily supply since the end of the Great Finical Crisis. In a rising interest rate environment, small operators could run into trouble if rent-rolls are unable to adjust quickly enough to rising debt servicing costs
  • The role of cities is evolving, though they have many times throughout history. Gateway markets may continue to struggle over the medium term, though we should bet on their long-term resiliency

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Biography of Jonathan O’Kane:

Jonathan is Chandan Economics’ Vice President and Head of Research. He has overall responsibility for the day-to-day operation of the firm and management of all partnerships. Jonathan works closely with Dr. Sam Chandan in charting the firm’s long-term strategy. In December 2021, Jonathan and the Chandan Economics research team launched the Independent Landlord Rental Performance report— a real-time tracking of the health and performance of the independently operated rental housing market. He is also a contributing author on all Arbor Realty Trust-Chandan Economics report series, including the Small Multifamily Investment Trends Report and Single-Family Investment Trends Report. Jonathan received his Master of Science in Real Estate from the NYU Schack Institute of Real Estate, where he was a Hirsh Fellow. He received his Bachelor of Arts in Economics from Pace University. He joined Chandan Economics in 2014