Don’t call it a glut

Investors say some product, price points cash-flowing nicely

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Back in November, I wrote a column entitled "Some rental investments don't pay off," in which I wrote that some cities such as Phoenix and Denver were showing signs of a single-family-home rental glut. I immediately received a scathing e-letter from Andrew Waite, the publisher of Personal Real Estate Investor magazine, which targets people who invest in single-family homes. It's his job to tout single-family home investments and he took serious umbrage at my column. Basically, his message to me was: "There is a price war among property management companies to get investor business and thus rental inventory because there is such a dire shortage of ideal SFDs (single-family dwellings) for tenants." He was talking about the Phoenix area, and I thought his comments interesting because about that time I had interviewed one state's most prominent economists, who also talked about a glut of single-family home rentals in the Phoenix metro area. So, the obvious...