A housing crisis fix smacks of globalism as a significant uptick in alternative communities comes with mixed opinions.
“Seems like we will own nothing and be happy…”
The ripple effect of President Joe Biden’s economic policies has left many Americans dreaming of homeownership suffering the fate of the mythical Tantalus. In an effort to bring those desires within reach, build-to-rent communities have grown in popularity and availability in recent years.
Speaking with Fox Business, Sarra Muqaddam-Grayer, who relocated with her family of four from Michigan to Woodbury, Minnesota expressed, “These types of communities have definitely stepped up the game of renting instead of owning because some people just don’t have the ability to take care of a home like that anymore.”
Working as a property manager for two build-to-rent communities, her boss, Integrate Properties, LLC president and owner Ian Peterson, had initially thought the concept was a losing proposition, “I thought it was absolutely crazy. Nobody’s going to pay that kind of money for renting a home.”
As his property, The Preserve at Albertville lists rental prices from $2,700 to $4,200 per month, National Association of Home Builders (NAHB) chief economist Robert Dietz told Fox Business, “Homeownership is typically the most important wealth accumulation for families. From a policy perspective, building more housing that provides homeownership opportunities is absolutely the best option, but that shouldn’t take away from the fact that for some households, the best option for them may be renting.”
According to a review of data from their sister company Yardi Matrix, RentCafe detailed that almost 27,500 build-to-rent homes were completed in 2023, around 12,000 more than the 15,691 in 2022, and close to triple the 9,978 that were built in 2021. Another 45,400 were said to be under construction.
On the matter of who was gravitating toward single-family home rentals, as popular real estate marketplace company Zillow reported the average 30-year fixed mortgage rate to buy was at 6.62%, Peterson contended, “Whether it’s here in Minnesota, Tennessee, Colorado, Texas, it’s almost the same demographic. We get about a third empty nesters, about a third millennials and then we get about a third [of] what we call 40-somethings.”
Speaking toward the positives, the build-to-rent community owner argued that turnover in similar neighborhoods, between 35-40%, was lower than in apartment complexes he said averaged between 50-55%.
Despite selling points of a more convenient path toward living with access to better school districts and the touted higher stability in the area, many couldn’t help but feel that under an administration that was vying to regulate American lifestyles down to what appliances could be used in their homes, the growing trend of build-to-rent communities was little more than the fulfillment of the goals of the World Economic Forum and the United Nation’s 2030 Agenda for Sustainable Development.
What happened to the dream of owning your own home?
Seems like we will own nothing and be happy…— Barry Young (@BarryYoungNZ) June 11, 2024
The globalist dream of you owning nothing and being happy is far more important to our government than you owning your home and being happy.
— Social Disgust (@JamesT_Silence) June 11, 2024
Thanks ones who are buying up multiple properties either for rentals(most often by the night) or as second and third homes, not to mention ones like BlackRock,
they are pricing the average person out of the market
— Michael (@MovieFanMan75) June 12, 2024
*homeownership by corporate entities
— JustaHousewife (@justa_housewife) June 12, 2024
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Author: Kevin Haggerty
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