Last year, big investors built a record 7,705 family units, up from an average of 5,500 in 2015-20
Save time by listening to our audio articles as you multitaskBlackstone went ahead despite Mr Zell’s advice. A decade on from the first purchase in Phoenix, Arizona—an outlay worth $100,000—the experiment has morphed into an institutional-grade asset class. Last year interest in the sector reached fever pitch. According to John Burns Real Estate Consulting, a research firm, big investors committed at least $45bn to buying single-family homes in America, up from $3bn the year before.
These goodies are attracting richer tenants. Between 2010 and 2018, those with incomes of above $75,000 accounted for three-quarters of the growth in renters. Covid-19 accelerated this, as bidding wars forced high-earners to rent. Invitation Homes says its residents now have an annual household income of above $131,000, nearly twice the country’s median.
The trend has also spread to Europe. Investors such as Aviva and Legal & General are building thousands of rental homes across Britain, which now has more than 73,000 “build to rent” properties. Institutional investors are also gobbling up property in Germany, Ireland, the Netherlands and the Nordic markets, which have higher shares of renters than other rich countries.
Declining housing affordability helps. Those unable to buy homes have little choice but to rent, meaning landlords are confident of their ability to find and keep new tenants, especially for entry-level homes. In America, at least 420,000 starter homes were built each year in the 1970s. Last year, just 93,000 were. Thus rents continue to climb. Across the country, those for family homes rose by more than 13% in June compared with a year earlier. In Orlando, they were up by 23%.
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