More Homes Becoming Rentals
You probably already know that rentership is on the rise (and if you don’t, read this), but did you know that in more than 500 American cities, the percentage of homes for rent versus owner-occupied has increased? The question is: Is your city one of them?
Some people look at this situation with pessimism. For instance, Yale economist Robert Shiller, co-creator of the Case-Shiller home price index, recently told ABC News that the “home is no longer an investment; it’s a burden.”
But there’s another way to look at increased rentership: Someone owns those houses and is renting them out. That someone could be your neighbor who owns a second property, the couple down the street who purchased a few rental homes in order to save for their children’s college education, or the 25-year-old who bought a duplex and rents out one side. For them, real estate investment isn’t a burden, it’s a cash cow. As a REALTOR, if you’re not working with investors, you’re missing out on a significant portion of the real estate market — visit the CIAS website to learn more.