Congressional panel wants some big landlords to explain themselves, time to consider raising some apartment rents, existing-home sales snap slide, industrial RE in spec building boom, three low-risk REITs.
Today in Residential Housing News
Congressional Panel Targets 4 Major Landlords Over Pandemic Evictions
A House panel is pressing four corporate landlords to explain why 5,000 renters were allegedly forced out during the pandemic while a federal eviction moratorium was in place, The Washington Post reports [subscription required].
The Millionacres takeaway: Pretium Partners, Ventron Management, the Siegel Group, and Invitation Homes, a major residential REIT, or real estate investment trust, have been summoned to provide documentation about 5,000 evictions that took place while CDC restrictions were in place. The congressional panel accuses some of the companies of refusing to accept rental assistance funds and some of accepting the bailout and evicting anyway. Stay tuned.
Renters Are Wealthier Than Ever: Should You Raise Your Rents?
It may be time to reevaluate your rents -- at least on your apartment buildings. According to a new report from Apartment List, today's apartment hunters have some serious cash. In fact, the average income is about 5% higher than it was prior to the pandemic.
The Millionacres takeaway: Pandemic conditions have ushered in a wealthier breed of renters, and for the right landlord, that may mean a rent increase is in the cards. Our Aly Yale looks at those conditions.
Existing-Home Sales Snap 4-Month Streak of Declines
Existing-home sales increased in June, snapping four consecutive months of declines, according to the National Association of Realtors (NAR), and sales nationwide continue at a double-digit pace over last year at this time.
The Millionacres takeaway: The NAR says more housing starts and owners selling into a hot market contributed to the 1.4% gain in June from May and that slower price gains can be expected through the rest of the year.
Today in Industrial Real Estate News
3 REITs to Buy for Low-Risk Investors
"Safety first" is a mantra conservative investors should be repeating to themselves constantly right now, with the market hovering around all-time highs. But if you have money to put to work and can't stand holding cash, what are you supposed to do?
The Millionacres takeaway: Our Reuben Gregg Brewer includes one of the world's largest industrial REITs -- Prologis (NYSE: PLD) -- as one of the three answers to the question above.
Fast-Growing Demand for Industrial Space Is Driving Spec Build Boom
Accelerating demand for industrial space is driving a boom in speculative construction in the sector by investors and developers across the board, WealthManagement.com reports.
The Millionacres takeaway: Major logistics customers like Amazon, FedEx, and UPS are among those whose need for space is driving record levels of new industrial space. Individual investors wanting to get involved can consider industrial REITs.