Roofstock Continues Market Expansion with Investment Homes in Southern California Region
Addition of Inland Empire market supports continuing growth in Southern California
Oakland, CA – June 13, 2016 – RoofstockTM, the first dedicated online marketplace for investing in leased single-family rental (SFR) homes, today announced its expansion into the Inland Empire region of the greater Los Angeles area.
Launched in March with an exclusive, curated inventory of certified, cash flowing rental homes in Tampa, Orlando and Jacksonville, the Roofstock marketplace represents an entirely new, more efficient way to buy and sell investment homes. For sellers, properties can be sold without having to wait until tenants move out, avoiding the lost income while marketing a vacant home and the significant selling costs associated with traditional channels. For buyers, Roofstock offers a proprietary inventory of leased, certified, professionally managed homes that generate immediate cash flow and future home price appreciation potential. Homes can be virtually toured and purchased on-line, without the buyer having to be in the same geography, leveraging the extensive property diligence available pre-purchase.
“We are pleased to begin operations in Southern California with our launch in the Inland Empire, which has been one of the most active single-family rental markets in the country over the past five years,” said Roofstock’s CEO and co-founder Gary Beasley. “What makes Roofstock unique is we are separating the investing and operational elements, so investors anywhere in the world can now diversify their portfolios with U.S. rental homes without worrying about the day-to-day management responsibilities.”
The SFR sector is now worth $2 trillion and growing. One in 10 U.S. households rent a single-family home today, and rents have begun to rise sharply as the economy improves, according to the latest Fair Market Rents set by the U.S. Department of Housing and Urban Development. Rents for homes with three bedrooms, for example – which represent a large segment of rental houses – grew 3.4 percent in 2016. That’s up from 2.2 percent in 2015 and 1.0 percent in 2014.
SFR industry pioneers Gary Beasley, Gregor Watson, Rich Ford and Devin Wade launched Roofstock this past March on the belief that investing in SFR properties should be as easy and transparent as investing in the stock market.
Beasley is the former CEO of Waypoint Homes and co-CEO of public SFR REIT Starwood Waypoint Residential Trust. Watson is the founder of SFR investment firm 643 Capital Management. Ford, as managing director at Jefferies, was widely regarded as one of the leading investment bankers in the SFR industry. And Wade is a payments and secure processing serial entrepreneur.
Roofstock is the first online marketplace and community created exclusively for investing in leased single-family rental homes that generate cash flow day one. Created by investors for investors, Roofstock provides research, analytics and insights to evaluate and purchase independently certified properties at prices that reflect both market and property conditions. From viewing the homes and their diligence documents to analyzing potential returns and selecting one of our certified local property managers, Roofstock’s mission is to make real estate investing stock market simple. Roofstock headquarters are in the San Francisco Bay Area. Whether you’re looking to make your first rental property investment or building a property portfolio, make your next investment today at roofstock.com.
Senior Communications Manager, Roofstock