Carrington Property Services Expands Management Capabilities
Carrington Property Services, a national asset and property management company, has increased its ability to manage and rent single-family residential homes that are owned by financial institutions.
The Santa Ana, Calif.-based company has opened two new offices in the Golden State in Ontario and Santa Fe Springs. The company also expanded two existing offices in Las Vegas and Miami.
Steve Ozonian, chief real estate officer of Carrington Holding Co., said more than 8,000 single-family and REO properties are managed by the business, including 4,000 single-family rental residences. With the increase in national infrastructure, the company has more management capabilities to conduct its business.
“These new and expanded offices, combined with our local network of carefully selected property managers, firmly position us as one of the only companies with the infrastructure necessary to manage a national portfolio of single-family residential rental properties,” Ozonian said.
Within the last decade, there have been nearly 1.6 million homes that went from being owner-occupied homes to single-family rentals, according to a recent study from the Joint Center for Housing Studies at Harvard University called “America’s Rental Housing: Meeting Challenges, Building on Opportunities.”
The study noted the “vital role that the rental sector plays in providing affordable homes on flexible terms.” JCHS managing director Eric Belsky said to this publication that he expects housing conversions to continue to surge towards rentals.
According to Experian Hitwise, an online metrics firm, traffic to real estate search sites increased 27% last year—driven primarily by searches associated with renting. Seven of the top 10 searches included the term “rent,” with five of 10 specifically referring to renting single-family homes.
“We see tremendous demand for quality rental homes as people nationwide, for lifestyle or financial reasons, are choosing to rent rather than own,” Ozonian said. “Transitioning the backlog of housing stock into a rental strategy represents one way to meet this rising rental demand and to ensure there is an adequate supply of quality, affordable rental options for consumers. Carrington Property Services is uniquely positioned to implement this strategy.”