Explore the latest investment insights, news, and press releases from Pretium.

Pretium, a specialized investment firm with approximately $50 billion in assets under management, today congratulated Roberta Goss, Senior Managing Director and Head of the Bank Loan and CLO Platform, for being named one of the “Most Notable Women on Wall Street” by Crain’s New York Business.

The US is already underbuilding housing again, worsening the long-term supply shortage. Single-family housing construction has fallen meaningfully below long-term averages.

Pretium, a specialized investment firm with approximately $50 billion in assets under management, today announced that Rune Sanbeck has joined the firm as Managing Director, Business Development.

CLO equity delivered strong returns through the financial crisis period.

Pretium, a specialized investment firm with approximately $50 billion in assets under management, today announced, in a joint press release with Progress Residential, the next steps in its plans to increase access to affordable single family rental housing.

One of the more persistent housing narratives to emerge during the pandemic is that a dramatic increase in investor activity has limited the ability of aspiring homeowners to purchase single-family homes.

This September, we hosted nearly 300 investors at our 2022 Investor Symposium in New York City. Leading experts in real estate, residential debt, and credit discussed industry trends as well as the global economic landscape. The headline: there are a number of forces at play in the global real estate and credit markets that are relevant to investors now and as we head into 2023.

Crescent Communities and Pretium are pleased to celebrate the groundbreakings of HARMON Ballantyne and HARMON Five Points, two build-to-rent (BTR) communities under construction in Charlotte as part of the companies’ joint venture and commitment to invest $1 billion in new single-family build-to-rent communities across 14 key strategic growth markets. The groundbreakings took place on September 28.

Pretium, a specialized investment firm with approximately $50 billion in assets under management, today announced that Frank Garcia has joined the firm as Managing Director and Head of Fund Portfolio Management for Pretium’s real estate platform, effective October 17, 2022. In this role, Mr. Garcia will spearhead portfolio management for Pretium’s single-family rental (SFR) fund strategy while engaging and informing the firm’s global client relationships.

In forecasting home prices, the last housing cycle is a poor guide for this one. The post-pandemic demand and supply backdrop has strong and stable underpinnings.

Pretium Partners, a specialized investment firm with approximately $50 billion in assets under management, today announced an expansion of its business development capabilities and commitment to Asia and Australia with two senior hires. Jayme Han, based in Seoul, Korea, and Craig Matthew, based in Sydney, Australia, join Pretium as Managing Directors for Asia and the Australia & New Zealand region, respectively. With these hires, Pretium is establishing its first offices in Asia and Australia to further the goal of becoming a partner of choice for investors worldwide.

Housing’s slowdown is likely to be felt more acutely in the new home market vs. the resale market. Pandemic supply chain issues increase inventory risk in the new home market.

Pretium, a specialized investment firm with approximately $50 billion in assets under management, today announced the addition of Lauren Cipicchio as Senior Managing Director and Head of Central Quantitative Strategies, effective immediately. In this role, Ms. Cipicchio will lead the teams focused on designing, developing, and enhancing the analytics and models used to make investment and operating decisions to advance Pretium’s investment strategies. She will be a member of the firm’s Executive Committee.

Onyx+East, an award-winning homebuilder headquartered in Indianapolis and known for its modern and functional home designs, and Pretium, a specialized investment firm with approximately $50 billion in assets, today announced the start of construction of Marea, the second build-to-rent (“BTR”) community under development through their previously announced joint venture. As part of the joint venture, Onyx+East and Pretium are committed to investing approximately $600 million to develop, build, and operate new single-family, BTR communities across key Midwestern markets and along Florida’s West Coast.

Jocelyn Moore, Pretium’s Senior Managing Director, Corporate Affairs, has been named as one of Savoy magazine’s 2022 Most Influential Black Executives in Corporate America. This defining listing honors top African American executives, influencers, and achievers making a positive impact in corporate America and demonstrating leadership and influence within the community.

Pretium, a specialized investment firm with over $45 billion in assets under management, today announced the appointment of Ramki Ramaswamy as Chief Digital and Technology Officer, effective immediately. In this role, Mr. Ramaswamy will leverage technology across Pretium’s operating and portfolio companies to maintain the firm’s industry-leading competitive advantage and to drive additional business value as Pretium scales. He will be a member of the firm’s Executive Committee.

Environmental, Social, and Governance (ESG) principles and practices have positive impact on our investments and stakeholders, from our investors to our employees, residents and the communities in which we operate. As we enter our second decade, we are focused on institutionalizing our founding ESG principles throughout our platform.

INSIGHTS ESG Policy June 13, 2022 The Firm believes systematic integration of ESG considerations into investment and ownership is the next step and that this will help the Firm’s decision-making and ultimately enhance value for our investors. We believe developing ESG systems around our investments and adjacent strategies will be key to navigating existing and […]

INSIGHTS DEI Statement June 13, 2022 Pretium strives to have a diverse workforce reflective of the communities in which we operate. We believe this driving principle will make us a better Firm, one more able to deliver value to our investors. We are committed to embracing and developing Diversity, Equity, and Inclusion (“DEI”) best practices […]

PRESS RELEASE Crescent Communities and Pretium Announce Second HARMON Build-to-Rent Community in Growing Charlotte Market May 25, 2022 HARMON Five Points Offers New Approach to Single-Family Living in Historic Charlotte Neighborhood Fourth BTR Community Under Development as Part of Joint Venture CHARLOTTE, N.C. and NEW YORK, May 25, 2022 /PRNewswire/ — Crescent Communities and Pretium […]

PRESS RELEASE Adolfo Villagómez, Ejecutivo de Transformación Digital, se une a Progress Residencial como CEO May 17, 2022 Ex ejecutivo de Home Depot dirigirá la próxima fase de crecimiento de la Plataforma Pretium SCOTTSDALE, Ariz. – 17 de mayo de 2022 – Progress Residential, la plataforma líder de servicios de administración de arrendamientos para viviendas […]

PRESS RELEASE Digital Transformation Executive Adolfo Villagomez Joins Progress Residential as CEO May 17, 2022 Former Home Depot Executive to Lead Pretium Platform’s Next Phase of Growth SCOTTSDALE, Ariz. – May 17, 2022 – Progress Residential, the leading single-family rental management services platform, today announced that it has named Adolfo Villagomez as Chief Executive Officer, […]

INSIGHTS Crescent Communities and Pretium Announce New HARMON Build-to-Rent Community in Growing Gulf Coast Market March 28, 2022 HARMON Legacy Trail in Metro Sarasota, FL Offers New Approach to Single-Family Living CHARLOTTE, N.C. and NEW YORK, March 28, 2022 /PRNewswire/ – Crescent Communities and Pretium today announced the closing of land for the development of […]

HARLEM, N.Y. and SCOTTSDALE, Ariz., March 21, 2022 /PRNewswire/ — Esusu, the leading financial technology company advancing rent reporting and data solutions for credit building, and Progress Residential, the market leader in single-family rental management services, today announced a new partnership to make Esusu’s platform for financial health solutions available to Progress Residential’s more than 250,000 residents across approximately 80,000 homes
nationwide.

Pretium and Progress Residential are committed to conducting business ethically and making investment decisions in a manner that is fiscally, socially, and environmentally responsible. The goal of both organizations is to provide residents with renovated, well-maintained, and affordable rental homes by making significant investments in residents, homes, and communities within the Pretium SFR Portfolio. This Environmental Report provides a high-level overview of Pretium’s and Progress Residential’s “Social” and “Governance” strategies but mainly focuses on our “Environmental” impacts. Additional details on Pretium Social and Governance strategies will be included as part of our upcoming State of ESG publication

PRESS RELEASE Pretium Expands Real Estate Team with Addition of Josh Pristaw as Senior Managing Director and Co-Head of Real Estate Brings Diverse Experience and Perspective to Leading Real Estate Investment Platform February 24, 2022 NEW YORK, Feb. 24, 2022 /PRNewswire/ — Pretium, a specialized investment firm with $40 billion in assets, today announced that […]

INSIGHTS CLOs: Success Drives Growth February 16, 2022 Download Executive Summary The strong growth of the CLO market over the past decade owed its success to numerous factors — the durability of term leverage structures, the up-in-quality bias of CLO loan portfolios, the demand for high-rated fixed income securities, and the growth of private credit […]

PRESS RELEASE Joins as Senior Managing Director with Over Two Decades of Corporate Advisory, Strategic Communications, and Public Policy Experience February 03, 2022 NEW YORK, Feb. 3, 2022 /PRNewswire/ — Pretium, a specialized investment firm with approximately $40 billion in assets, today announced the appointment of Jocelyn Moore as a Senior Managing Director to lead […]

PRESS RELEASE Onyx+East and Pretium Form Joint Venture to Build New Single-Family Build-to-Rent Communities January 20, 2022 Joint Venture Expected to Build Over 2,000 New Single-Family Homes Indianapolis and New York – (January 20, 2022) – Onyx+East, an award-winning homebuilder headquartered in Indianapolis and known for its modern and functional home designs, and Pretium, a […]

PRESS RELEASE Pretium Appoints George Lane as Managing Director, Real Estate December 8, 2021 NEW YORK – December 8, 2021 – Pretium, a specialized investment management firm with approximately $30 billion in assets, today announced that George Lane has joined the firm as Managing Director and Portfolio Manager, on the Real Estate team. He is […]

PRESS RELEASE Crescent Communities and Pretium Announce Start of Construction for Build-to-Rent Community HARMON Ballantyne December 6, 2021 Furthers Commitment to Invest $1 Billion in Key Sunbelt Markets with Second Community Under Development by Joint Venture First Charlotte Community HARMON Ballantyne to Offer Benefits of Single-Family Living; Available to Rent Summer 2023 CHARLOTTE, NC and […]

PRESS RELEASE Pretium Acquires Anchor Loans to Deliver Enhanced Capital Solutions for Homebuyers November 2, 2021 Furthers Pretium’s Mission to Provide Solutions for U.S. Housing Market Through Diversified Platform. Meets Growing Residential Real Estate Needs by Providing Loans to Upgrade Aging Homes. Positions Anchor to Drive Innovation and Enhance Service Capabilities NEW YORK, Nov. 2, 2021 /PRNewswire/ […]

Investment firm Pretium Partners is acquiring home-flipping lender Anchor Loans for $1.5 billion, the latest sign that big investors believe the record-setting housing boom has more room to run. The deal gives Pretium, one of the country’s largest owners and managers of rental houses, a large new revenue stream in the hot business of turning homes into […]

INSIGHTS The U.S. Housing Shortage October 26, 2021 Download Summary The COVID-19 pandemic laid bare the severity of the U.S. housing shortage – surging demand met limited supply, driving home prices, as well as multi-family and single-family rents, to record increases. The pressure on suburban housing supply is only likely to grow as Millennials start […]

PRESS RELEASE Pretium Announces Closing of Reset Crown Point CLO 8, Ltd. October 25, 2021 New York, October 25, 2021 – Pretium, a specialized investment management firm with $30 billion in assets, today announced the closing of a reset of $454.6 million collateralized loan obligation (“CLO”), Crown Point CLO 8, with Pretium Credit CLO Management, […]

The bank loan market is in the process of scrapping Libor, the benchmark rate that it’s used seemingly forever. That process was moving along pretty slowly — until now. Pretium’s Roberta Goss weighs in on a new deal from JPMorgan that moves the transition away from Libor forward.

INSIGHTS Structured Credit October 20, 2021 Large investors will have an edge as RMBS loan volumes pick up The rebound in the real estate market following the worst of the covid-19 pandemic has led to a brighter outlook for investors in residential mortgage-backed securities (RMBS) going into the fourth quarter. Pretium’s Kong says she is […]

INSIGHTS Pretium is a Pioneer and Long-Term Owner-Operator in Single-Family Rental Housing October 20, 2021 Download Executive Summary As a pioneer and long-term owner-operator in single-family rental housing, pretium invests heavily in its residents, homes and communities. Pretium’s industry-leading rental and financial assistance demonstrates unmatched commitment to keep residents in their homes. Back to insights

PRESS RELEASE Pretium Expands Global Capabilities into Middle East with Launch of Regional Office October 18, 2021 Industry Veteran Jamal Saab Joins as Managing Director to Lead Initiative Dubai-UAE – October 18, 2021 – Pretium, an innovative investment management firm focused on real estate, residential credit and corporate credit with more than $26 billion in […]

PRESS RELEASE Pretium Expands Senior Team with Addition of Two Managing Directors October 5, 2021 Tatiana Gutierrez’s Unique Skillset Expands Pretium’s Growing Affordable Housing Team; Furthers Commitment to Advancing Social Impact Goals. Jeannette Arazi’s Significant Expertise Enhances Pretium’s Capital Markets Capabilities. NEW YORK, Oct. 5, 2021 /PRNewswire/ — Pretium, a specialized investment management firm with […]

Video: Carlyle Group’s Lauren Basmadjian and Pretium Partners’ Roberta Goss talk about the strength of the credit market during a leveraged loans event hosted by Bloomberg.

Ultra low interest rates globally have sparked a new credit cycle for the leveraged loan market with little expected to bog it down any time soon. Pretium’s Roberta Goss spoke at a Bloomberg News leveraged loan conference on Tuesday.

Wall Street syndicate desks are expecting around $20 billion of investment-grade bond supply next week, according to an informal survey of debt underwriters.

PRESS RELEASE Crescent Communities and Pretium Announce Joint Venture for Single-Family Build-to-Rent Platform September 16, 2021 Partnership Expects to Invest $1 Billion in Key Sunbelt Markets HARMON Brand to Offer Benefits of Single-Family Living; First Community HARMON Foxbank Available to Rent in Early 2022 CHARLOTTE, N.C. and NEW YORK, Sept. 16, 2021 (GLOBE NEWSWIRE) — […]

New York-based Pretium Partners has secured more than $1.5 billion for its Pretium Single-Family Rental Fund III, according to a recent filing with the SEC.

Alternative investment management firm Pretium is launching a litigation finance unit led by a former Kirkland & Ellis partner, providing more evidence that the litigation funding industry continues to exert an appeal to players from the wider investment world.

Reuters highlights Pretium’s new strategy in legal finance with team members Matthew Cantor, previously general counsel for Lehman Brothers and Charles (Chad) Schmerler, previously CEO of litigation finance firm Yorkside Capital LLC.

PRESS RELEASE Pretium Launches Legal Investment Group September 13, 2021 Industry veteran Matthew Cantor will lead new team with support from team of specialized financial and legal professionals NEW YORK, Sept. 13, 2021 /PRNewswire/ — Pretium, a specialized investment management firm with more than $26 billion in assets, today announced that it has established a […]

INSIGHTS Pretium plans fundraising blitz following hiring spree August 31, 2021 Download Private Credit Fund Intelligence: Pretium plans fundraising blitz following hiring spree $26bn manager opens Dubai office and adds two senior US investor relations pros Pretium Partners has added three senior investor relations pros as it looks to capitalise on recent hiring activity in […]

Structured Credit Investor highlights Pretium’s new talent within the Residential Credit business, Sarah Kong, Andrew Miller, and Peter Morreale.    

Bloomberg’s Lisa Lee highlights insights from Pretium’s Roberta Goss for Credit Investing.  

INSIGHTS Pretium Sets the Standard for Professional Single-Family Rental Ownership​ July 30, 2021 Download Executive Summary Pretium has provided unmatched support to its residents during the COVID-19 crisis, facilitating and providing over $50 million in assistance for thousands of residents – and continuing to do more every day. We are dedicated to working with residents […]

PRESS RELEASE Pretium Grows Senior Investment Team with Addition of Two Managing Directors August 2, 2021 NEW YORK, Aug. 2, 2021 /PRNewswire/ — Pretium, a specialized investment management firm focused on residential real estate, residential credit and corporate credit with $26 billion in assets, today announced that Sarah Kong, Andrew Miller and Peter Morreale have […]

INSIGHTS 2021 U.S. Housing Market Outlook April 6, 2021 Download Executive Summary Housing Was the Top Macro Surprise of 2020 • CoreLogic’s National Home Price Index rose 9.2% YoY, a remarkable performance given the severity of job losses and incomplete recovery of pre-pandemic employment levels. • As the pandemic began to restrict social interaction, households […]

INSIGHTS 2021 U.S. Credit Outlook April 6, 2021 Download Executive Summary A Pandemic of Disruption • The COVID-19 pandemic arguably catalyzed at least three major paradigm shifts of importance to credit markets. • For one, the birth of “Corporate QE” represents a new market structure for corporate spreads, one that aided dramatic reversal of spreads […]

PRESS RELEASE Pretium Grows Senior Investment Team with Addition of Two Managing Directors March 16, 2021 Additions of Matt Johnston and Kyle Mitts will further expand Pretium’s capabilities in single-family rental and build-to-rent industries NEW YORK –March 16, 2021 – Pretium, a specialized investment management firm focused on housing and credit with more than $20 […]

PRESS RELEASE PSP Investments and Pretium Announce Joint Venture to Invest in Single-Family Rentals January 28, 2021 January 28, 2021 – The Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, and Pretium, a specialized alternative investment management firm, today announced the launch of a joint venture that will initially […]

PRESS RELEASE Pretium, Ares Management and Front Yard Residential Complete First-Ever Single-Family Rental Take-Private Transaction January 11, 2021 NEW YORK and LOS ANGELES, Jan. 11, 2021 — Pretium and a group of its investors, and funds managed by the Real Estate Equity and Alternative Credit strategies of Ares Management Corporation (NYSE: ARES) (“Ares”) today announced […]

INSIGHTS 2020 Milken Institute Global Conference November 6, 2020 Pretium Founder and CEO, Don Mullen participated in the discussion “Credit is a Cycle: Finding Opportunity in Turmoil” alongside other industry experts at the 2020 Milken Institute Global Conference. View highlights from Don’s panel. What is unique about this credit cycle? https://pretium.com/wp-content/uploads/2020/11/Pretium-Video3-Whats-Unique-1-1.mp4 What are the opportunities? […]

PRESS RELEASE Pretium and American Equity Announce Strategic Partnership October 29, 2020 New York  – October 29, 2020 – Pretium today announced it entered into an expanded strategic partnership with American Equity Investment Life Insurance Company (“AEL”).  The transaction builds upon AEL’s prior investment commitments with Pretium, increasing total commitments to $1 billion with pre-agreed […]

PRESS RELEASE Pretium and Ares Management Announce $2.4-Billion Take-Private Transaction with Front Yard Residential October 19, 2021 New York and Los Angeles – October 19, 2020 – Pretium and a group of its investors and funds managed by the Real Estate Equity and Alternative Credit strategies of Ares Management Corporation (NYSE: ARES) today announced a […]

Pretium Portfolio Manager, Roberta Goss, was featured in the Creditflux quarterly report where she explained why opportunities in credit and loans are currently unparalleled.

PRESS RELEASE Trans-Canada Capital Expands Relationship with Pretium via USD$110 Million Opportunistic Corporate and Structured Credit Mandate October 6, 2020 October 6, 2020 – Trans-Canada Capital Inc. (“TCC”) and Pretium, a specialized alternative investment management firm, are pleased to announce that TCC has committed to invest USD$110 million in opportunistic corporate and structured credit strategies […]

INSIGHTS Pretium 2020 Mid-Year Housing Outlook September 1, 2020 Download Executive Summary We expect the housing market to remain resilient to the “Covid-19” recession While economic damage from COVID-19 is often attributed to combination of government-enforced lockdowns and consumer risk aversion, research shows over 90% of the declines in economic activity has been driven by […]

PRESS RELEASE PR3 to Manage 4,000 New Build-for-Rent Homes June, 18, 2020 SCOTTSDALE — June, 18, 2020 — PR3 Management by Progress Residential® (PR3), a national single-family rental property management provider, today announced it has signed a three-year multi-state property management agreement with SVN | SFR Capital Fund I, LP (the “Fund”) to manage approximately […]

PRESS RELEASE Veteran Economist Charles Himmelberg Joins Pretium June 17, 2020 New York – June 17, 2020 – Pretium, a leading investment firm with $14 billion of managed assets, today announced that Charlie Himmelberg has joined the firm as a Senior Managing Director and Head of Macro Research. Mr. Himmelberg brings more than 25 years […]

PRESS RELEASE Pretium Taps Former Lehman Legal Head for Bankruptcy Expertise June 3, 2020 (Bloomberg) June 3, 2020 — Pretium Partners hired former Lehman Brothers Holdings Inc. general counsel Matthew Cantor as the hedge fund seeks to expand its capabilities in bankruptcy and distressed debt investing. Cantor will be a senior managing director at the […]

PRESS RELEASE Pretium Builds on Growth with New Hires April 8, 2020 New York – April 8, 2020 – Pretium, a leading investment firm with $14 billion of managed assets, today announced that Jennifer Strickland has joined the firm as Co-Head of Business Development.  Ms. Strickland joins Pretium with two decades of business development experience, […]

PRESS RELEASE Pretium Acquires Investment Management Business of Latigo February 27, 2020 NEW YORK–(BUSINESS WIRE)–Pretium Partners, LLC (“Pretium”) and Latigo Partners, L.P. (“Latigo”) today announced that Pretium has acquired the investment management business of Latigo. Latigo co-founders David Ford and David Sabath are joining Pretium as Senior Managing Directors, members of the Executive Committee and […]

INSIGHTS 2020 U.S. Housing Market Outlook February 13, 2020 Download Executive Summary In 2019, residential real estate market fundamentals tightened further driven by steady and above-trend demand for housing and a persistent undersupply of new housing The vacancy rate of for-sale and for-rent housing averaged 3.1% in 2019 (-10bp Y/Y), the lowest level since 1984. […]

INSIGHTS 2020 Credit Outlook February 13, 2020 Download Executive Summary Our 2020 Credit Market Outlook details weak and challenged corporate profitability, disruptive threats across industries, above-average debt burdens and poor loan underwriting since 2016 will in combination lead to a surge of downgrades and negative price actions. Pretium’s baseline credit outlook is that we are in […]

INSIGHTS Deephaven and Selene Complete Residential Credit Ecosystem February 7, 2020 Download In late 2019, Pretium closed on the acquisition of Deephaven Mortgage (“Deephaven”), a market leading non-QM mortgage originator, and Selene Finance (“Selene”), a premier mortgage servicer. The addition of these businesses to our existing asset management and investment platform provides significant scale and […]

Pretium announced it has successfully completed a transaction for its 2013 single-family rental (“SFR”) fund.

Over the past 10 years, U.S. households have significantly de-levered and de-risked their balance sheets, standing in sharp contrast to the incremental leverage and risk added by U.S. corporate borrowers and the federal government.

Post-crisis mortgage regulation created two classes of mortgage loans, “qualified mortgages” and “non-qualified mortgages,” based on certain loan characteristics including income verification and debt to income ratios.

Joe Davila named Chief Executive Officer and President

Pretium and Värde Partners today confirmed the completion of their previously announced agreement for Pretium to acquire Deephaven Mortgage LLC (“Deephaven”) from Värde Partners.

Home prices exhibit a stronger correlation to GDP growth and employment growth than interest rates due to the generally pro-cyclical nature of housing values.

Pretium and Värde Partners announced that they have entered into a definitive agreement for Pretium to acquire Deephaven Mortgage LLC from Värde Partners.

We expect structural imbalances in the U.S. housing market will continue, leading to further tightening of fundamentals and higher shelter costs.

Pretium is constructive on the near-term credit market outlook for the U.S. economy, but risks to forward growth are mounting from late-cycle headwinds and potential downside risks from domestic and global policy.

In our view, the sharp change in homeowner affordability, coupled with strong housing demand and tight supply, is likely to drive significant rental demand from households priced out of homeownership due to cost or credit.

Pretium Partners, LLC (“Pretium”), an investment management firm focused on real estate, mortgage finance and corporate credit with over $10 billion in assets under management, today announced that it has entered into a definitive agreement to acquire Selene Holdings LLC (“Selene”) from funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and Ranieri Partners LLC (“Ranieri”).

To compare credit cycles, we look at three critical factors including the length of a default cycle, its magnitude, and severity of loss.

The U.S. economy is performing well, supported by healthy job growth, corporate tax reform and elevated consumer and business confidence.

Total equity capital committed during the fundraising period exceeded $1 billion, including SFR Fund II and targeted commitments from separately managed accounts pursuing SFR strategies.

Progress Residential, a leading owner and operator of high-quality single-family homes for rent, formed by alternative investment manager Pretium Partners, LLC, today announced that Chaz Mueller has joined Progress Residential as Chief Executive Officer.

Last week, Pretium reached an agreement to assume management of two CLOs that are currently managed by NewMark Capital LLC. NewMark Capital Funding 2013-1 CLO Ltd and NewMark Capital Funding 2014-2 CLO Ltd currently hold approximately US$750 million in assets.

The compression in housing availability during a period of improving economic growth and sustained housing demand drove another year of rental rate and home price growth.