It’s time to celebrate! We just received some INCREDIBLE news this week.
And not just one, but two major stories, coming out of two news organizations.
The first story was in Bloomberg, and the title screamed “American Dream Slipping as Homeownership at 18-Year Low”
I won’t bore you with a lot of the meaningless blah blah blah that bogged down most the piece, but I will tell you that the icing on the cake in the article was that first time buyers were the group hardest hit.
Yay! Score one for landlords!
Why is this great news?
Because we’re buy and hold investors.
And as the rate of home ownership decreases, guess what?
Our occupancy INCREASES. And more cash stays in our pockets.
And that’s exactly what we’re seeing right now.
ESPECIALLY with the types of houses first time home buyers occupy.
I can honestly say that I haven’t seen renter prospect activity at this level of near-frenzy in all my years owning rental properties.
The second article was from the Zerohedge blog, and their article was similar to Bloomberg’s, with one important difference.
It read “US Rents Hit Record Highs As Homeownership Plunges To 18 Year Lows”
Yippy skippy!! Score TWO for landlords!
Not only is renter demand crazy right now, but rents are increasing faster than I can keep up with them.
For example, one tenant of mine will be moving mid-month.
What I normally do this far out from them actually vacating is list the home for one week at some ridiculously high rent to try and snare someone that will pay the price.
Well it backfired on me this time. Huge.
I had the home rented at $995. (which was market when they moved in) I re-listed it for $1100.
And (so far) I’ve received 17 calls, and two people have already offered to give me a security deposit based solely on the pictures and video and without even having seen the inside.
See all the work this created for myself? I now have to sift through 17 damn applications, when in the past I would have been lucky to get one or two people interested at the much higher rent.
It’s a pain sometime owning rental properties. It really is.
It’s a tough job, but someone has to cash all those checks.
And who ever said that landlords don’t score?? 😉
And it’s not to late to join the party either……..