The winning formula: from the SFR Awards mainstage to the market's wider horizon

Returning for the fourth year as head judge, Rick Sharga, Founder & CEO of CJ Patrick Company reveals what makes an SFR award entry exceptional, mistakes to avoid, and opportunities ahead for the wider single-family-rental market.

Don't miss your moment - submit nomination(s) for the SFR Awards by Friday, September 26! Immediately preceding the largest SFR gathering, make the most of the awards + conference discounted combo pass.

1. As the returning head judge for IMN's SFR Awards for the fourth consecutive year, what evolution have you observed in the quality and innovation of submissions over the years, and how does this reflect the maturing of the single-family rental industry?

It's been amazing to witness how dramatically the quality of submissions has improved in such a short period of time, and this reflects the incredibly high caliber of the companies competing for these awards. As the SFR market has matured over the past decade and become a more professionally-run industry rather than a discordant group of millions of individual investors, highly innovative companies have sprung up to offer products and services that enhance productivity and operational efficiency for today's more sophisticated operators.

2. What specific qualities or elements make an award entry truly stand out to you, and what common mistakes do you see companies make when showcasing their achievements in the SFR space?

The most common mistake - albeit one we don't see as often now as we did in the first year or two of the awards - is to underestimate the caliber of the competition, and submit applications that are little more than a cut-and-paste rendition of a company's website. Winning participants clearly spend a lot of time on their submissions, answering questions with specific and thoughtful responses, and providing supporting materials as appropriate. What often separates one strong submission from another is a company's ability to demonstrate results in a quantifiable (or even qualitative) way; or to explain why their particular product or service is truly innovative compared to current industry practices.

3. With economic conditions and housing market dynamics constantly shifting, what emerging trends or strategies are you most excited to see highlighted in this year's award submissions?

Affordability for prospective homebuyers is at its worst level in the past 40 years, so millions of would-be buyers are likely to rent instead until market conditions improve for owner-occupancy. Many of these renters are going to be slightly older than typical tenants, married, and have families. So I'm interested to see what kinds of products and services have been developed to meet the needs of this new generation of renters. And equally curious to learn how operators have adjusted their business models - and possibly even their rental units - to accommodate this cohort. Finally, I'm wondering how companies in this industry are utilizing AI in their businesses - from sales and marketing to operations to new business and product strategy. We're seeing a rapid deployment of AI in other industries - will we see it in SFR as well?

4. Looking ahead to 2026, what challenges and opportunities do you anticipate for the SFR industry, and how might the innovations being recognized at these awards help position companies for success in that landscape?

I think the biggest opportunity is something I mentioned above: millions of prospective homebuyers opting to rent due to affordability issues with home purchases. How well SFR operators targeting and reel in those tenants with a differentiated offering that meets their needs will define how successful they are - and how much the SFR industry grows.

There are definitely some challenges, however. The soaring cost and declining availability of hazard insurance is a growing concern. It's an increasing cost burden (up 27% in the past two years); and sometimes an operational issue, when policies are cancelled by carriers due to excessive risk. Operators will need to find a way to offset those costs other than simply raising rents, and it will be interesting to see if vendors come up with products and services that reduce operating costs to offset these rising insurance premiums, or perhaps come up with ways to make SFR properties more resilient in the face of extreme weather events. There's also almost an over-supply of apartments in some markets, leading to year-over-year rent rates to decline; while SFR renter profiles tend to differ from those of apartment renters, there's still some overlap, and SFR operators could lose out to tenants opting for apartments with more favorable monthly payments. Will we see innovative ways to secure and satisfy these tenants to avoid that scenario?>>

5. From your unique perspective as both an industry veteran and awards judge, how do you feel IMN's SFR Awards and Conference contribute to advancing best practices and fostering innovation within the single-family rental sector?

A lot of industry awards events are mostly fluff - and often not-so-subtly dominated by event sponsors. The IMN SFR Awards are judged independently, and awards are based on the quality of submissions and the innovative nature of the product or service under consideration. Because of that, the Awards are held in high regard by many of the leading companies in the industry - and many of the leading executives at those companies. Rather than being "eye candy," these awards showcase true innovation and progress, and serve as a call to action for companies competing for business in this thriving industry. So the Awards, by recognizing innovation and excellence, are helping to create innovation and excellence in the future, which helps move the industry forward.

Showcase your SFR excellence - submit your nomination(s) for the SFR Awards by Friday, September 26: SUBMIT NOMINATION.

Register for SFR West + Awards discounted combo pass.