From January through July, U.S. residential rental rates shot up 13 percent, more than double the rate of inflation and the greatest jump in five years, according to Yardi Matrix, which collects and analyzes real estate data. Rents have been pushed up, in no small measure, because investors ranging from private individuals to private equity...
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RESIDENTIAL RENTAL RATES SKYROCKETING
Rents for houses and apartments have shot up an average of 10 percent since July 2020, with the median rate reaching $1,244, a 9.4-percent increase since March 2020, just before the COVID War began, according to the website Apartment List. Share prices of companies owning rental homes and flats have risen in tandem. FTSE’s Nareit...
PRIVATE EQUITY PARTNERS TARGET $5 BILLION IN RENTAL HOUSES
Toronto-based Tricon Residential Inc., which owns apartment buildings and about 25,000 rental houses across North America, has partnered with Pacific Life Insurance, the Teacher Retirement System of Texas, and an unnamed foreign investor to buy even more houses. The three will contribute as much as $1.55 billion to the new effort, which will combine with...
BLACKSTONE PAYS $5.1 BILLION TO BUY RENT-CONTROLLED APARTMENTS
Blackstone, one of the world’s largest investment managers, has bought 678 rent-controlled apartment buildings around the U.S. from insurance giant AIG for $5.1 billion, the Financial Times reported. The apartments are covered by the federal Low Income Housing Tax Credit program, which gives developers tax breaks if they limit rents to no more than 20...
BLACKSTONE EXTENDS REACH INTO HOUSING MARKET
Blackstone, the world’s richest asset management company, has agreed to pay $6 billion to buy Home Partners of America, a company that owns about 17,000 rental houses across the U.S., The Wall Street Journal reported. Blackstone entered the rental housing business after the Great Recession, forming Invitation Homes as a subsidiary that bought tens of...
FRENZIED HOUSING MARKET BECOMES EVEN MORE INTENSE
A Florida real estate agent received 36 offers on a home recently. Among the offers, 13 were for more than the asking price, 12 were at least $15,000 above the asking price, six waived home inspections, four offered to rent the house back to the current owners until they moved, and 11 agreed that even...
START-UP TURNS SMALL INVESTORS INTO LANDLORDS
Fundrise, a new fund that has just secured $300 million in credit from Goldman Sachs, is putting investors with as little as $500 to spend into the real estate business. The overheated, overpriced housing market is shutting out more and more buyers who want to live in single-family homes with yards, especially now that more...
HOMEOWNERS CASH IN ALMOST $50 BILLION IN HOME EQUITY
U.S. homeowners took $49.6 billion in equity from their homes during the first quarter of this year, according to data from the Federal Home Loan Mortgage Corporation reported by the Wall Street Journal. The total cashed out was the most since 2007, but short of the $84 billion owners extracted from their homes in 2006,...
MORE LOCKDOWNS & PROTESTS, NO EASTER CELEBRATIONS
France: Despite the empty bluster by French President Emmanuel Macron to resist ordering new lockdowns due to rising coronavirus cases, the country said Paris and other regions have been ordered to close up. The Financial Times reported that the newly announced measures went into effect on Friday and are expected to last at least four weeks. The...
TRENDS IN REAL ESTATE
REAL ESTATE INVESTORS CHOOSING SINGLE-FAMILY RENTAL HOMES. Invitation Homes, the largest owner of U.S. rental houses, has formed a joint venture with Rockpoint Group, a Boston-based property investor, to spend about $1 billion to buy another 3,500 rental properties. Invitation owns about 80,000 houses and has been spending an average of $200 million a quarter...