My salary didn't change at all, but homes went up 82%. The money I saved for a down payment and my salary no longer are good enough for this home and many others. This ain't even a "good" home either. It was a 200k meh average ok home before. Now it's simply unaffordable
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Private equity is already gobbling up the houses. Boomers are cashing in to finance extravagant retirement. Those who are not, are leaving it to their children who will then sell to private equity groups.
Eventually supply will catch up with demand which will supress rent (if we do something about the price fixing) and it will no longer be a viable investment. They're probably losing a lot to management costs and capital expenses already.
Narrator voice: they didnt
Single-family rental is also a huge thing now.
I work in municipal development, and since 2021, 100% of single-family subdivision developments that have approached the city have been for rental-only neighborhoods.
And they want to put all the homes on a single shared commercial water meter on a single piece of property instead of extending public lines, so they can't even be converted later without massive infrastructure projects and replatting.
Not if NIMBYs have their way. We have a MASSIVE supply problem already, and it's getting worse.
Where I am it's more profitable to let it sit empty and make a Tax write of than lowering the asking rent.
Not exactly a good business strategy. You can deduct the taxes, insurance, management costs, but you have to amoratize depreciation of the building over 28 years. Not to mention that an empty house is going to start developing problems fairly quickly.