Justin Lahart

speaker

1,185 appearances 22 recordings 1 series first heard Jul 2017 last heard Dec 2024

Justin Lahart’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Will the Rental Industry Survive an Economic Downturn? · 7 Nov 2019 podcast

It's not just houses that people are effectively renting. matched

People are renting cars. matched

We don't call it renting. matched

We call it leasing. matched

And if you look at something like nearly a third of new cars now are leased, and that's double the rate of a decade ago. matched

Auto leases were one of the many problems that car companies ran into in the Great Recession. matched

So that lesson seems like it may have been matched

unlearned to a point. matched

And listen, renting, if you're a business in the business or you are a company in the business of renting or leasing, there are advantages to this. matched

You get this nice, smooth income stream. matched

And investors really like that. matched

It's a much more predictable or seemingly predictable business. matched

and one that you can value and one that ultimately should fetch a higher valuation than if you had really lumpy earnings. matched

Yeah, exactly. matched

So the way leasing works, they have an assumption about what the resale value of the car is going to be. matched

And all of a sudden, in that horrible downturn, those resale values plummeted. matched

People weren't re-upping leases. matched

So the whole model kind of fell apart. matched

Right. matched

So there are a lot of large private equity investors and also smaller investors who went in and bought up – have bought up single-family houses and are renting them now. matched

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