BY BRAD BECKETT ON NOVEMBER 4, 2020
The Business Insider says some apartment owners have been able to collect rents as usual, despite the pandemic, shaky economy, and rising unemployment. Other owners have been working with tenants who can't pay their rent. Click here to read more.
“Owning rental property these days is a “mixed bag,” said Charles Tassell, chief operating officer of the National Real Estate Investor Association.”
“That has caused a lot of our longtime holders of property to say, ‘You know what? … I think it’s time for me to exit,’” Tassell said. “‘I’m not sure where this is going, and I’m ready to step away.’”
[Existing home sales were up 10.5% in August compared to a year ago, reaching the highest level since December 2006, according to the National Association of Realtors. Median existing home prices also grew in August, reaching $310,600, 11.4% higher than one year ago, and housing inventory was down 18.6%.]
According to Tassell, “That’s been a real catalyst for change in ownership.” He said he’s had conversations with real estate brokers who are seeing more rental property owners expressing interest in selling their homes. They’re inspired by the low interest rates and premium home prices, especially if they have non-paying tenants.