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