THE RENT IS TOO DAMN HIGH
Bloomberg Businessweek|February 21 - 28, 2022 (Double Issue)
Landlords backed by private equity have been crowding into neighborhoods that were once full of starter homes and promoting a new vision of the American dream: Paying rent
Patrick Clark
THE RENT IS TOO DAMN HIGH
Javier Vidana started out as a real estate agent in 2013, when Arizona’s Salt River Valley seemed wide open. It was the aftermath of a housing market crash that had seen the typical home value in the Phoenix metro area fall more than 50%, and a single parent with good credit could tap loan programs geared toward first-time homeowners and find a pretty decent place to live. For Vidana, the challenge was convincing potential clients that a house was something they wanted to own. “We were on the phone begging people to buy,” he says. “There was no buyer confidence whatsoever.”

The economy crawled forward, and the housing market with it. Vidana made a specialty of tutoring young buyers on real estate basics. Soon he was supplementing his commission income by selling how-to PDFs on his website and collecting ad revenue on his YouTube channel. Then the pandemic sparked a boom that gave him something new to explain.

Americans responded to the work-from-home era by house shopping, and no big city was hotter than Phoenix. The median home was worth about $285,000 at the beginning of the pandemic; it was valued at $435,000 two years later. It wasn’t unheard of for a seller to receive 50 offers or more, or for a prospective buyer to make offers on a dozen different homes before finally closing a deal.

Bu hikaye Bloomberg Businessweek dergisinin February 21 - 28, 2022 (Double Issue) sayısından alınmıştır.

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Bu hikaye Bloomberg Businessweek dergisinin February 21 - 28, 2022 (Double Issue) sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

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