re: Homes in upper middle class neighborhoods going up for rent

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drive by a new neighborhood being constructed. These are nice houses which would sell for the low 300s. They are renting every house in that neighborhood.

Pretty large neighborhood as well about 250 houses.

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There's one of these in BR. Brand new homes. 370K-450K, Large investor bought and continues to buy up just about every home as soon as they get finished.

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Seems to be happening a lot in the Austin area, even in the suburbs. Nearly half the homes I save on Zillow sell and are up for rent a week later. You'll own nothing and be happy

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Keep in mind that one of the big reasons for this could be that they're underwater on the place and don't want to lower the price to where the market is. So they're trying to generate some cash flow in the meantime. This could be an indicator that the market is correcting and people need to readjust their expectations for what their house is worth.

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Homeowners can’t compete with cash offers from investors.

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Maybe not, but those corporations are subject to the effects of a market correction just like the Average Joe would be.

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Only way to stop this shite is through legislation. It's not a good thing for society.

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Neither is legislation.

The market is still correcting to account for the population shift that occurred. Let it.

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This melt about BlackRock owning ALL the sfrs is insane

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Does Blackrock Buy Houses?

If you were to believe everything that you see on social media you would think Blackrock has bought all of the houses in the US. Or at least most of the houses that have sold in the last few years. The truth is that Blackrock has not bought one house. They do not buy houses but there is a similar fund that does buy houses by the name of Blackstone. These are not the same funds nor are they controlled by the same people. While many people feel funds like Blackstone are buying all the houses that is not true either.

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I don't understand why people will pay $2K a month rent instead of buying.

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Because buying would require you to pay 2-3x that per month. I'm one of those people right now. Just waiting it out. Though I'm paying a lot more than $2k per month in rent

I have been hearing commercial frequently about some company that will be your home and rent it back to you. Their pitch is that your home is worth more now that ever, and you can cash out! You'll get a great lease, and they'll take care of maintenance for you.

Most existing neighborhoods have rules about % or a flat number of homes that can be rentals. I am sure lawyers are hard at work to get these stricken.

Friends of ours house had a fire, and they had to move for several months. Rental homes for a family here are $4k per month (and up)! (insurance paid for theirs). Even stupid townhomes in the downtown area are that high. There's one house near us that I had no idea was "for rent" that is $15k per month.

Granted, those are rental neighbors I'd be okay with most likely, but good grief that's insane.

I was thinking the other day how much rental rates must be going up because of HO insurance rates going up. I'm not sure but I'd think that premiums for a rental home are even higher than permanent residence.

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This bothers me a lot and I wish average people would worry about this more than hot button social justice issues

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We do worry about it. But when it's brought up, older folks tell us we're lying or that we're just not working hard enough.

I swear there was a thread here a few weeks ago about how 20-25% of all new home sales in America were to corporations.

I guess posting that "BlackRock" isn't buying these houses gives some of you retards a boner, but you surely get the point, right?

Or are you suggesting that corporations buying single family homes to rent is a conspiracy?