Ryan Dezember

speaker

644 appearances 11 recordings 1 series first heard May 2018 last heard Jun 2024

Ryan Dezember’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · You Make $100,000? It Might Not Be Enough to Buy a Home · 16 Oct 2019 podcast

Well, they can charge more rent, frankly. matched

We quote Dallas Tanner, who's the 39-year-old CEO of Invitation Homes, which is the biggest rental company in the country. matched

They emerged from the housing crash. matched

And he said very early on, they realized that it was about the same expense for them to maintain a house that they could rent for, say, $2,000 as it was for a house that they could rent for $1,300. matched

So they skewed higher. matched

They wanted people with children to matched

who would be more willing to accept rent increases to stay in a home and thus not disrupt their children's social lives or education. matched

And so that was sort of their target when they started buying up homes after the foreclosure crisis last decade, was to be in these neighborhoods and attract that type of tenant, the family. matched

Yeah, what they found is that, you know, unlike apartments where the churn is very high, people moving out almost every year on average or, you know, every two years, people that are renting houses, you know, the data set's not really complete because it's a relatively new thing for big companies to manage a lot, like tens of thousands of people. matched

far-flung homes. matched

But what they're finding is these people stay in their houses longer. matched

And that's great for investors because every time someone moves out, it's cost to repair, to paint, to put in new carpet. matched

It's weeks or months off of the market where they're not earning rent. matched

And so the longer they can keep someone in, the better it is for the investors. matched

Well, investors bought the largest portion of the homes for sale that they've ever bought last year. matched

And that was more than 11%, according to CoreLogic, which is a data firm that tracks this sort of thing. matched

And what that tells us is, you know, it's hard to say exactly what the people are buying the homes for, but it's sort of a mixed bag of people who are buying them to rent and those who are buying them to flip, you know, to fix up and resell or just simply sell into a rising market. matched

So it's hard to tell exactly how many are becoming rentals, but a good number of those are becoming rentals. matched

A lot of people, you know, renting homes has always been a mom and pop business. matched

It's always been something that people with means do as an investment. matched

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