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re: Homes in upper middle class neighborhoods going up for rent
Posted on 5/16/24 at 12:19 pm to yaboidarrell
Posted on 5/16/24 at 12:19 pm to yaboidarrell
In parts of Houston, there are areas zoned to certain schools that now 50% or more of the houses zoned are rentals.
0
Posted on 5/16/24 at 1:00 pm to yaboidarrell
quote:
Homes in upper middle class neighborhoods going up for rent
Several of counties in Dallas voted to ban short term rentals such as this
Posted on 5/16/24 at 1:36 pm to yaboidarrell
It happens but it's not that common now where I am. Not familiar with Austin though. That market is far more dynamic than south Louisiana's metro areas. I am seeing a lot more short term rentals lately in places where there are some tourist attractions, a lot of festivals, or bougie shopping/restaurants - like Mandeville, St. Francisville, or New Roads. That has driven up prices.
I've been looking for good rental opportunities but they are damn hard to find right now.
In the Baton Rouge area, there are neighborhoods that I thought were going to plateau by now (lots of older folks, aging housing stock, etc.) but are not dynamic enough to see some good potential buys. It's probably a good thing for the stability of the neighborhood but it's annoying if you are looking for a good, affordable home in an area that can command decent rental prices.
My parent's neighborhood is a good example (it's similar in age to Shenendoah or Kenilworth - but not nearly as large). Houses there were built mostly in the 1970s / 1980s and aren't really considered super trendy now. Some of them need some real work, while others have seen some moderate investment - most of them have decent bones but are just not in the format most people want today. The location is okay - almost no crime, and very little flood risk. The owners were almost all boomers/empty nesters 10-15 years ago; but they have been very, very slowly replaced by younger families with kids. It has never been full of young families like it was in the 1990s though.
The lull that aging neighborhoods go through where a bunch of the boomers sort of exit all at once didn't really happen there. That change seemed extremely glacial over the past 20 years. Then the last few years it's as if the demographics in there became almost static - with no home sales or listings to speak of. It's somewhat diverse from an age perspective so I guess that brings some stability.
I've been looking for good rental opportunities but they are damn hard to find right now.
In the Baton Rouge area, there are neighborhoods that I thought were going to plateau by now (lots of older folks, aging housing stock, etc.) but are not dynamic enough to see some good potential buys. It's probably a good thing for the stability of the neighborhood but it's annoying if you are looking for a good, affordable home in an area that can command decent rental prices.
My parent's neighborhood is a good example (it's similar in age to Shenendoah or Kenilworth - but not nearly as large). Houses there were built mostly in the 1970s / 1980s and aren't really considered super trendy now. Some of them need some real work, while others have seen some moderate investment - most of them have decent bones but are just not in the format most people want today. The location is okay - almost no crime, and very little flood risk. The owners were almost all boomers/empty nesters 10-15 years ago; but they have been very, very slowly replaced by younger families with kids. It has never been full of young families like it was in the 1990s though.
The lull that aging neighborhoods go through where a bunch of the boomers sort of exit all at once didn't really happen there. That change seemed extremely glacial over the past 20 years. Then the last few years it's as if the demographics in there became almost static - with no home sales or listings to speak of. It's somewhat diverse from an age perspective so I guess that brings some stability.
This post was edited on 5/16/24 at 1:44 pm
Posted on 5/16/24 at 2:07 pm to kywildcatfanone
$2k a month is approx $280k. In my area according to zillow that gets you a 1k sf trailer but you still have to lease the land, 7k sf vacant lot, or a van down by the river. So instead we rent a very nice apartment for now.
Posted on 5/16/24 at 2:16 pm to yaboidarrell
quote:
You'll own nothing and be happy
Posted on 5/16/24 at 2:20 pm to yaboidarrell
it's really started to ruin my neighborhood. I don't know why I pay HOA fees just to let garbage renters move in
Posted on 5/16/24 at 2:42 pm to Salmon
quote:
yes, this idea that giant corporations are the ones buying all these house is completely false
Your graph shows that entities with 1000 or even 100 or more properties making SFR purchases wasn’t really a thing prior to 2019. Now it is and the share of purchases to these entities is accelerating upwards.
If this is profitable, you know there will be an endless amount of money available to these entities to make even more of these purchases. It’s not like it’s just going to stop on its own.
I’m not saying we all need to freak out, but it seems kind of reasonable to be concerned if you’re someone who doesn’t want to live in a world where fewer people are truly invested in the SFR communities they live in.
This post was edited on 5/16/24 at 2:45 pm
Posted on 5/16/24 at 2:48 pm to yaboidarrell
Blackrock
Posted on 5/16/24 at 2:49 pm to Evil Little Thing
quote:The moral panic on this manufactured issue is ridiculous.
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 2:49 pm to SoonerK
quote:
I know HOA's aren't popular with a lot of people,
I don't like HOAs but neighborhoods that are a free for all are even worse.
Posted on 5/16/24 at 4:30 pm to Salmon
It needs to be outlawed. No more than 2 rentals. Anything more should be taxed at 50%. And no private equity firm/corporation or foreigners allowed to buy.
Posted on 5/16/24 at 4:32 pm to yaboidarrell
If you are in a neighborhood that's rents houses, you aren't in an upper middle class neighborhood.
It's working class.
Sorry to break it to you.
It's working class.
Sorry to break it to you.
Posted on 5/16/24 at 4:43 pm to jclem11
quote:Did you notice the tops of the bars after 2019?
The OT knows that mean old Blackrock is buying up all the homes and the globalists want you to own nothing
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