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> The good news is "society" isn't buying and selling houses, or negotiating rental agreements. Individuals are. That's not really true. If you define "society

> The good news is "society" isn't buying and selling houses, or negotiating rental agreements. Individuals are. That's not really true. If you define "society" as "large groups of people", then they absolutely are buying and selling houses, and negotiating rental agreements. In my hometown, over 50% of single-family houses are owned by major corporations. And some of those corporations are listed and traded, their stock exists in part inside wealthy and upper-middle-class people's 401Ks. "Society" is absolutely buying up houses, and negotiating rental rates.

vonmoltke 10y ago
> In my hometown, over 50% of single-family houses are owned by major corporations. I'm curious as to what town this is, and how many are bank-owned properties that haven't been unloaded yet. This sounds like an unusual situation, considering the places I have lived.
- tunap 9y ago
  Phoenix, here. If I wanted to move from my grandfathered rental in 85377(VN part of town) to 85020(crack central), I would pay more for the same sqft. My landlord mentioned raising rent back in December, I told him to list it & give me 2 weeks notice. He never received a single call in 30 days. But, yeah, it's "demand" pushing rates up. From 2013, 25% of acquisitions made by funds: http://archive.azcentral.com/business/realestate/articles/20130305wealthy-investors-keep-buying-metro-phoenix-homes-rent.html http://archive.azcentral.com/business/realestate/articles/20... edit: no shortage of For Sale & empty homes up here, too. Multi-million dollar homes are stagnating on the market for years, and subsequently, plenty are for rent, too.
- maxsilver 9y ago
  > This sounds like an unusual situation, considering the places I've lived. That number is slightly higher than average, but the situation isn't uncommon. In fact, it's common enough that the Federal Government itself is doing it too, in a dozen or so major markets (Atlanta, Seattle, Chicago, Los Angeles, Minneapolis, etc) http://www.cnbc.com/2017/01/25/governments-fannie-mae-will-back-pe-giant-blackstones-rental-business-debt.html http://www.cnbc.com/2017/01/25/governments-fannie-mae-will-b... > I'm curious as to what town this is, These are the stats from my small hometown specifically : http://michiganradio.org/post/winners-and-losers-grand-rapids-housing-boom http://michiganradio.org/post/winners-and-losers-grand-rapid...

vonmoltke 10y ago

> In my hometown, over 50% of single-family houses are owned by major corporations. I'm curious as to what town this is, and how many are bank-owned properties that haven't been unloaded yet. This sounds like an unusual situation, considering the places I have lived.

tunap 9y ago
Phoenix, here. If I wanted to move from my grandfathered rental in 85377(VN part of town) to 85020(crack central), I would pay more for the same sqft. My landlord mentioned raising rent back in December, I told him to list it & give me 2 weeks notice. He never received a single call in 30 days. But, yeah, it's "demand" pushing rates up. From 2013, 25% of acquisitions made by funds: http://archive.azcentral.com/business/realestate/articles/20130305wealthy-investors-keep-buying-metro-phoenix-homes-rent.html http://archive.azcentral.com/business/realestate/articles/20... edit: no shortage of For Sale & empty homes up here, too. Multi-million dollar homes are stagnating on the market for years, and subsequently, plenty are for rent, too.
maxsilver 9y ago
> This sounds like an unusual situation, considering the places I've lived. That number is slightly higher than average, but the situation isn't uncommon. In fact, it's common enough that the Federal Government itself is doing it too, in a dozen or so major markets (Atlanta, Seattle, Chicago, Los Angeles, Minneapolis, etc) http://www.cnbc.com/2017/01/25/governments-fannie-mae-will-back-pe-giant-blackstones-rental-business-debt.html http://www.cnbc.com/2017/01/25/governments-fannie-mae-will-b... > I'm curious as to what town this is, These are the stats from my small hometown specifically : http://michiganradio.org/post/winners-and-losers-grand-rapids-housing-boom http://michiganradio.org/post/winners-and-losers-grand-rapid...