BY BRAD BECKETT ON NOVEMBER 18, 2020
The Wall Street Journal says big companies that own single-family homes are raising rent at the fastest rate since they emerged from the foreclosure crisis, capitalizing on high demand for suburban housing.Click here to read more.
Interestingly, the WSJ says that while mom & pop landlords and individual investors own most of the country’s 16 million rental houses are also raising rents, they’re not raising them as aggressively as the mega landlords – which reportedly increased 7.5% on average in October.
“The demand we see today is totally insatiable, and it’s growing,” said David Singelyn, chief executive of American Homes 4 Rent, which owns more than 53,000 houses in 22 states and collects an average monthly rent of $1,686.
“Landlords are able to raise rents right now at a rate that is high in normal times,” said Rick Palacios Jr., John Burns’s head of research. “It’s ridiculously high when you put it in a backdrop of a recession”