The 'hood I live in has, historically, been about 1/3 rental houses and 2/3 owned.
The rentals have long been something of a sore spot with the renters not bothering to take care of their temporary home and the landlords only doing the maintenance when it's time to attract a new tenant.
I've noticed that many of the rental properties didn't put out "For Rent" signs when they finished fixing them up this time.
There's "For Sale" signs out now.
Seems odd for a landlord to be selling in a depressed housing market. Landlords don't sell in a depressed market, they BUY in a depressed market.
I think this might be an indicator. A positive one.
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In the last couple years, there's been a lot of negatives associated with renting, from just lousy tenants to insurance increases to all sorts of fedgov regs if the renter is getting supplemented by fedgov cash.
ReplyDeleteIt's a losing situation. The apartment complex I live in basically rebuilds most of the units that have been vacated, replacing carpet, oftentimes doors, cabinets and appliances. And, of course, fixing the plumbing and painting. That's just an apartment. I can't imagine renovating a house every time the place turns over.
And, yes, surprisingly, Florida is lurching out of the Covidiocracy and seems to be doing better. Though I do predict more blue states are going to suffer tremendously, as an exodus of productive workers leave them and come to more friendly terrain.
A lot of landlords may be worried that many Democrats are openly advocating the methods of people like Mao. In the short term they have enacted legislation that makes it very difficult to evict tenants that don't pay rent and in the long term they are in some cases calling for an end to rent in general and some as far as government seizure of property. People who are risk averse may be looking at rental properties as not the best investment anymore.
ReplyDeleteLandlords sell when they get tired of the BS involved in renting, and we're looking at the possibility of a whole slew of anti-landlord legislation.
ReplyDeleteAnd it could be they're getting old and just don't want to deal with all the potential added BS.
Like a marriage, the best way to be successful as a landlord is get the right renters. The wrong renters, like the wrong wife, will drive you to ruin.
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