Caitlin Gorbach

Got it.

If those renters look very different from the incumbent homeowners and they value different local goods and services, then you end up seeing outmigration of some of the incumbent homeowners as well.

Housing markets went crazy during COVID.

That's one of the technical ways that we would describe it, yes.

They just have a better finger on the pulse of what the renters are willing to pay than the mom and pops.

And so they're going to get a lot closer to my high rent than maybe a mom and pop landlord would, right?

I don't think they're using mortgages nearly as often as you or I would or as often as small mom and pops.

It's just, I just, they're not a big enough share of the market to really move the needle for most Americans.

They may move the needle if these companies take this executive order really seriously, especially like we talked about the FTC request.

There might be some neighborhoods in Charlotte, Atlanta, Phoenix that do see some price relief.

There you have it.