NOTEBOOK – ONE GOOD READ: Investors buying newly built houses and turning them into rentals
KATHY A. BOLTEN Apr 13, 2022 | 3:44 pm
1 min read time149 wordsAll Latest News, Real Estate & Development, The Insider Notebook
Rental housing is becoming increasingly popular among investors, according to a recent article in the Wall Street Journal. John Burns Real Estate Consulting LLC and the National Rental Home Council, a landlord trade group, reported that more than 1 in every 4 houses bought by a professional rental investor in the fourth quarter last year was a newly constructed house, writes Will Parker for the Journal. Investors say new rentals enable people to live in single-family homes in desirable neighborhoods, where they either can’t afford to buy or prefer to rent. Investors offer a reliable sale even if interest rates rise because many already have cash on hand. “We can offer them something that feels a lot more certain,” Sudha Reddy, founder of investor Haven Realty Capital, told Parker. Reddy’s company has acquired more than $1.1 billion worth of new construction rental homes from builders since late 2020.