The CRE impact of an approved vaccine, California's hotels-to-homeless housing experiment, the right time for rental arbitrage, newly built home sales stay steady, co-working market gaining some new momentum.
Today on Millionacres
FDA Approves Pfizer Vaccine: Will More Companies Mandate It?
For the past month, COVID-19 cases have surged on a national scale as the highly transmissible delta variant has taken hold. While vaccination rates in some hard-hit states have begun to pick up, the hope is that full FDA approval will motivate even more people to go out and get a jab.
The Millionacres takeaway: Our Maurie Backman lays out how more vaccinations could lead to less chance of new restrictions on public activities due to the current surge of coronavirus infections. That would be good news indeed for real estate investment of all kinds.
California Is Spending Billions to Repurpose Hotels for the Homeless
Our Laura Agadoni looks at California's Project Homekey, which aims to repurpose vacant hotels, motels, apartments, and other unused properties into places that can house the homeless. The project was funded mostly by federal dollars slated for COVID-19 relief (the CARES Act).
The Millionacres takeaway: Laura points out that California has a huge homeless population, and that while this effort could help, local objections can certainly get in the way and there are hotel chains declining to get involved, too.
These 3 Southern Cities Are Ripe for Rental Arbitrage
Rental arbitrage means renting to someone else property that you're actually renting yourself. It's a strategy that's particularly well suited to prime travel destinations where you can score a decent apartment in a good location without breaking the bank.
The Millionacres takeaway: Here we take a look at an AirDNA report that crunched the numbers to find the best markets with the kind of pricing mismatch that can make rental arbitrage make sense. If this makes sense to you, now's the time to get involved.
Also in Today's News
New Home Sales Hold Steady in July
Sales of newly built, single-family homes edged up 1% from June to July but were down 27% from July 2020, the U.S. Census Bureau and Department of Housing & Urban Development reported today.
The Millionacres takeaway: The report also found that inventory is about 26% higher now than last year at this time, pointing toward a return to more-balanced market conditions, the National Association of Home Builders says.
Co-Working Companies Benefit From Return-to-Office Uncertainty
As companies delay their plans for returning to the office, many are taking spaces from WeWork, Industrious, and others, The Wall Street Journal reports today [subscription required].
The Millionacres takeaway: Co-working space can be provided in some pretty creative ways, including working with the big players, finding a local entrepreneur, and going it alone. It might be a good time to see how you can get involved in your market.