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Started By
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Homes in upper middle class neighborhoods going up for rent
Posted on 5/16/24 at 7:43 am
Posted on 5/16/24 at 7:43 am
Seems to be happening a lot in the Austin area, even in the suburbs. Nearly half the homes I save on Zillow sell and are up for rent a week later. You'll own nothing and be happy 
for example
for example
30
Posted on 5/16/24 at 7:44 am to yaboidarrell
Either bought by a big corporation to rent or individual owner can't afford it anymore and doesn't want to lose that low mortgage rate so renting versus selling.
Posted on 5/16/24 at 7:46 am to yaboidarrell
I drive by a new neighborhood being constructed. These are nice houses which would sell for the low 300s. They are renting every house in that neighborhood.
Pretty large neighborhood as well about 250 houses.
Pretty large neighborhood as well about 250 houses.
Posted on 5/16/24 at 7:47 am to yaboidarrell
The rent seems cheap for that particular house. But yeah. This bothers me a lot and I wish average people would worry about this more than hot button social justice issues. Homeowners can’t compete with cash offers from investors.
Posted on 5/16/24 at 7:47 am to bird35
quote:
I drive by a new neighborhood being constructed. These are nice houses which would sell for the low 300s. They are renting every house in that neighborhood.
New construction here is 750-1.1. I have no idea who the hell is renting at those prices.
Posted on 5/16/24 at 7:50 am to yaboidarrell
And rental costs are still outrageous even for small homes.
Posted on 5/16/24 at 7:50 am to Evil Little Thing
quote:
average people would worry about this more than hot button social justice issues. Homeowners can’t compete with cash offers from investors.
What do you want the average person to do about it?
Posted on 5/16/24 at 7:50 am to yaboidarrell
quote:
Seems to be happening a lot in the Austin area, even in the suburbs. Nearly half the homes I save on Zillow sell and are up for rent a week later. You'll own nothing and be happy
I know HOA's aren't popular with a lot of people, but my neighborhood's HOA is changing the covenants to limit rental homes at 10% of the total houses and ban short-term rentals. We are right about 10% now and I have no doubt if we don't do something they would be 20+% in a few years.
Posted on 5/16/24 at 7:51 am to yaboidarrell
You think it's bad in Austin - go check out Atlanta. The % of rental homes owned by corporations is staggering.
I have four years left in the Austin area before I check out, move to some land in the country, and be done with it all.
I have four years left in the Austin area before I check out, move to some land in the country, and be done with it all.
Posted on 5/16/24 at 7:53 am to yaboidarrell
Need stronger HOAs
Posted on 5/16/24 at 7:53 am to yaboidarrell
If you’re going to live in a upper to high class neighborhood, add disallowing rentals to your CCR’s or get ready for a REIT to start buying up what it can and renting to migrants subsidized by the taxpayers.
People who don’t see this coming are the same people who thought gays just want to get married.
People who don’t see this coming are the same people who thought gays just want to get married.
Posted on 5/16/24 at 7:53 am to bird35
quote:
I drive by a new neighborhood being constructed. These are nice houses which would sell for the low 300s.
I see DR Horton shitboxes being built and going for no less than $450,000. It's fricked.
Posted on 5/16/24 at 7:53 am to yaboidarrell
My sister and BIL were trying to rent their house for $14k a month.
They figured some corporate transplant would get the company to pay but no dice after several months sitting. Austin seems to be cooling for that.
Back on the market now for $2.5.
They figured some corporate transplant would get the company to pay but no dice after several months sitting. Austin seems to be cooling for that.
Back on the market now for $2.5.
Posted on 5/16/24 at 7:54 am to bird35
Only way to stop this shite is through legislation. It's not a good thing for society.
Posted on 5/16/24 at 7:55 am to Buck Dancer
quote:
Either bought by a big corporation to rent or individual owner can't afford it anymore and doesn't want to lose that low mortgage rate so renting versus selling.
With housing prices through the roof... People with homes financed at sub 4% rates, renting has a better ROI than selling. A home bought for 300K in 2010 in a decent neighborhood can easily rent for $2500 a month. That's a 10% ROI on the purchase price.
I know there are property taxes and insurance on the structure along with interest, but I think you still ride with an ROI over 7%.
Posted on 5/16/24 at 7:56 am to SoonerK
quote:Don't know about Texas, but that wouldn't be legal in many states.
I know HOA's aren't popular with a lot of people, but my neighborhood's HOA is changing the covenants to limit rental homes at 10% of the total houses and ban short-term rentals. We are right about 10% now and I have no doubt if we don't do something they would be 20+% in a few years.
Typical CCR amendment banning leases requires grandfathering in existing owners, but bans for everyone that buys in going forward.
Posted on 5/16/24 at 8:00 am to Dawgfanman
quote:
What do you want the average person to do about it?
If enough people cared, they might push for and support legislation to limit investment companies from buying as many single family houses in their local communities or states. It’s been introduced numerous times, but I don’t know if it’s been successful beyond the HOA level.
Article about the governor of Texas asking lawmakers to consider this sort of legislation: LINK
Posted on 5/16/24 at 8:01 am to Gravitiger
quote:
Need stronger HOAs
The home owners union against landlords might be the most bizarro Marxism
Posted on 5/16/24 at 8:02 am to yaboidarrell
Well for that house you listed it looks like seller bought it in beginning of 2019 for 305k. More than likely refinanced in 20/21 for say 3% rate. Assuming they only put 5% down their note is still currently under $2000.
Looks like they listed it in Feb of this year and had a few offers fall through. Instead of dropping the price they took it off market at end of April and listed for rent now at $3000. Which is less than what a prospective buyer would be paying on a note (note would be closer to $4000 if they only put 5% down). So seller now makes approx $12,000 a year off rent and will more than likely have a nice tax write off on the rental property.
I definitely see this happening more than ever with these sellers who have rates in the 2’s and 3’s.
Looks like they listed it in Feb of this year and had a few offers fall through. Instead of dropping the price they took it off market at end of April and listed for rent now at $3000. Which is less than what a prospective buyer would be paying on a note (note would be closer to $4000 if they only put 5% down). So seller now makes approx $12,000 a year off rent and will more than likely have a nice tax write off on the rental property.
I definitely see this happening more than ever with these sellers who have rates in the 2’s and 3’s.
Posted on 5/16/24 at 8:03 am to Dire Wolf
quote:Agreed. But they used to pay me good money to draft those amendments.
The home owners union against landlords might be the most bizarro Marxism
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