Five years ago, more than a dozen Wall Street hedge funds and real estate investment trusted armed with fistfuls of cash made plans to hijack the single family rental boom by spending billions to buy up thousands of foreclosures at fire sale prices.
A perfect storm of longer lifespans, steady immigration, and the coming of age of the largest generation in the nation’s history is driving up the costs of both rents and homes for sale. America is in the throes of a housing shortage so severe that the average family’s cost of shelter is soaring three times faster than the cost of living.
Sometimes the thorniest problems can be tamed if not resolved altogether with solutions that are easy to overlook. That might be the case with the chronic shortage of affordable homes that is keeping potential first-time homebuyers penned up in apartments when rents are rising at record rates, and interest rates are rising. Answers might be just found around the corner, the block or down the street.