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With home prices hitting record highs, demand for single-family rental homes is soaring – and so are the rents. Single-family rents were up 5.3% year over year in April, rising from a 2.4% increase in April 2020, according to CoreLogic. That is the largest gain in nearly 15 years. Keep reading to see which metro areas saw the highest rent gains.
The United States averted the most dire predictions about what the pandemic would do to the housing market, reports The New York Times. The share of people behind on mortgages recently hit its pre-pandemic level after falling steadily for months. However, with prices sky-rocketing, housing affordability has caused concern for many.
Prospective home sellers who sat tight as U.S. prices climbed higher and faster than ever during the pandemic are finally emerging to cash out, according to a recent article in Bloomberg. The number of U.S. homes for sale climbed 6.7% in early June from the same weekly period in May, according to Haus, an investment platform for homebuyers. That was the biggest increase since Covid-19 lockdowns took hold last year.
The private equity giant’s new single-family rental strategy is a $6 billion bet that tight housing markets will lead Americans to seek new ways to get suburban housing. Blackstone Group announced in a statement that it agreed to buy Home Partners of America, a rental company that gives tenants the option of buying their rental at a predetermined price.
In all, the “cash” price of lumber is down 20%—the threshold in the securities world for a bear market—since the $1,515 all-time high set on May 28. While the lumber cash price is falling, it still has a long way to go. Check out the article for the latest on the lumber shortage.
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