Investors Bought a Quarter of Homes Sold Last Year, Driving Up Rents

[OfTheCross]

Investors Bought a Quarter of Homes Sold Last Year, Driving Up Rents

The issue is especially acute in some Sun Belt states.

www.pewtrusts.org

Investors bought 24% of all single-family houses sold nationwide last year, up from 15% to 16% annually going back to 2012, according to a Stateline analysis of data provided by CoreLogic, a California-based data analytics firm. That share dipped only slightly in the first five months of 2022 to 22%.

Investor purchases doubled or more in Florida, Nevada, Vermont and Washington state from 2020 to 2021. In Vermont, they grew from 7% of sales in 2020 to 17% last year and in Nevada from 18% to 30%.

Five states saw the highest share of investor purchases. Investors bought a third of single-family homes sold in Georgia (33%) last year, with Arizona (31%), Nevada (30%), California and Texas (both 29%) not far behind.

Investor ownership began to grow after the Great Recession of 2008-2009, when large swaths of overbuilt Sun Belt homes went into foreclosure, and investors snapped them up. Investor ownership grew again last year as pandemic-related demand for suburban housing rose, and investors saw a chance to win bidding wars with cash offers.

 

[DEAD7]

 

[Json]

Basically they are driving up prices in high demand areas which causes people in less in-demand areas to try and raise their prices just because.

Rising tide philosophy

 

[ADevilYouKhow]

Basically they are driving up prices in high demand areas which causes people in less in-demand areas to try and raise their prices just because.

Rising tide philosophy

Can’t explain that

 

[General Mills]

And they are shytty landlords. I rented a house from one of these big companies. They bought 500 plus houses in the Pittsburgh area alone. They are based out of Atlanta.

They have NO maintenance team. They have nobody local to even talk to. You put in a maintenance tickets and they just close them. You call the emergency maintenance line and it goes to a outsourced call center. They can't do anything.

I have a serious sewage issue in my basement. Made the whole finished basement unusable. Put in my first ticket for it on 06/01. They flat out ignored me for 2 months. I kept putting in multiple tickets with no response. So I called the Health Dept on 08/01 They came out and saw it. Threatened them with a 10,000 fine. The company does not give a solitary fukk. Finally last week they hired their FIRST maintenance guy He came out and was like oh shyt. Literally.

He got plumbers to come out. Long story short they have to actually dig up the sewage line in my basement and garage. Do I think they will do it? Nah.

The Health Dept threatened them 3 times with a fine if they did not fix the issue. They basically told them to fukk themselves

 

[Geek Nasty]

I’d stay on their asses. Make sure you keep records too and learn your local rights. Might be a way to finesse the fukk out of them.

 

[hashmander]

@cyndaquil and @Regular_P i know the landlord's behavior is what made you angry, but with the new update it acts as a negative dap.

 

[cyndaquil]

@cyndaquil and @Regular_P i know the landlord's behavior is what made you angry, but with the new update it acts as a negative dap.

That's stupid...

 

[Rice N Beans]

And they are shytty landlords. I rented a house from one of these big companies. They bought 500 plus houses in the Pittsburgh area alone. They are based out of Atlanta.

They have NO maintenance team. They have nobody local to even talk to. You put in a maintenance tickets and they just close them. You call the emergency maintenance line and it goes to a outsourced call center. They can't do anything.

I have a serious sewage issue in my basement. Made the whole finished basement unusable. Put in my first ticket for it on 06/01. They flat out ignored me for 2 months. I kept putting in multiple tickets with no response. So I called the Health Dept on 08/01 They came out and saw it. Threatened them with a 10,000 fine. The company does not give a solitary fukk. Finally last week they hired their FIRST maintenance guy He came out and was like oh shyt. Literally.

He got plumbers to come out. Long story short they have to actually dig up the sewage line in my basement and garage. Do I think they will do it? Nah.

The Health Dept threatened them 3 times with a fine if they did not fix the issue. They basically told them to fukk themselves

It's a painful experience with these corps buying up multi-units or complexes and they just want a zero-maintenance money scheme.

My GF's parents had their place bought by a realty corp, and they instantly raised rents $400 and actually decreased maintenance. Previous owner was a Polish refugee, knew almost zero English, but kept the building up to par. New corp can't even get the wheel-broken dumpsters replaced or touch up paint, fix the peeling wooden door, etc. Old owner had no problems getting that done.

Your post gave me the idea I should start filing complaints. Be an a$$hole in the rafters like Sting. I'd like to add to the karma since units are being freed from people leaving and nobody is renting in that building that's clearly being mishandled.