Will Parker

speaker

780 appearances 18 recordings 1 series first heard May 2019 last heard Nov 2024

Will Parker’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · More Homeowners Are Renting Out Their Homes Instead of Selling Them · 20 Sep 2022 podcast

They came down from that peak.

And what happens with just about any type of real estate is when prices start to drop, a lot of people just refuse to sell.

So those people are going to wait things out a bit, I think.

And they'll rent until the market starts to rebound.

And ultimately, what they want to do is

is get rid of the house.

There's another group of people, however, that are much more interested in holding on to their old homes long term and have, in fact, been planning to do so.

You know, these are people who have friends who have perhaps been landlords recently and have made it work.

And there are so many different platforms and services that now make it easier for individuals to rent out properties and be landlords, everything from putting up a listing to screening tenants and management.

So they, you know, they believe that they will continue to

do this into the future.

One thing it does is it adds more rental inventory to suburban housing markets that are mostly for owner occupiers.

The thought there is that the increase in rentals might mean that rental prices, which have risen at record rates over the last year or so, just about everywhere in the country, that those rents may start to flatten out, maybe even come down in some places as a result of an increase in supply.

on the other hand it's sucking supply out of the for sale market so you know the prospective home buyers that are still on the market now have even fewer houses to choose from than they did before if more are becoming rentals and this is at a time in which you know home for sale inventory has for the most part been considered to be pretty low in recent months and years and so it has both effects

Well, some people are going to figure out pretty quickly that the landlord business can be very difficult and there are a lot of risks, as you said.

For one, tenants may stop paying rent and then you're suddenly in a hole.

Damage can happen to the property that can be very expensive to repair.

So, you know, a certain number of people that are doing this are they're not going to like doing it very much and it's not going to work out well for them.

And certainly the people that have those experiences, I think, will be most likely to eventually just just sell the home instead of renting it out in perpetuity.

Thanks very much.

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