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 · Rental-Home Companies Are Building Houses to Meet Demand · 4 Jan 2019 podcast

And it turns out the rental business has been so good, they got enough scale that they could build companies to manage these sort of far-flung assets.

And now they're trying to buy more, and they've realized –

You know, maybe there's not enough bargains out here to keep going, but we can just build houses to rent.

So it shows sort of a shift in strategy where they're not trying as much to get that home, that appreciation on the value of the home.

They're trying to get a nice house that they can get somebody who wants to live in a nice neighborhood, who's willing to pay for a new house and pay like a premium rent.

And they're trying to capture that.

Well, there was an annual conference among single-family rental investors in Phoenix recently, and it was a big topic.

And some of the things that they said is that they get a higher rent for their new homes than they do for even totally gut-renovated older homes.

The tenants that move into them, they're finding they tend to stay longer in those homes, which saves a lot on turnaround costs, you know, repainting, recarpeting, if they can keep people in the houses for several, you know, year-long leases instead of one or two.

And they're having, obviously, less maintenance costs because the houses are brand new.

They're under warranty.

So they came out of – they were one of the early companies to go around and realize we could buy a lot of houses very cheap.

And we can probably buy enough of them that we can build sort of the corporate infrastructure to manage and maintain these homes, which had always been a hurdle before.

They basically – they're in several markets across the country.

They target homes where –

you know, for the sort of homes that a first-time buyer, a young family might have.

Or older people who don't want to lock into a place but maybe want to follow the grandkids around, you know, as their parents change jobs.

That's sort of their target market.

And they, you know, buy.

Generally they buy, renovate a house to their finishes and fixtures so they can maintain them easily.

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