COVER STORY
RENTERS WAREHOUSE
estate investment also includes the less-risky and fast growing sin- gle-family rental market, he added. And as people are tending to move jobs more frequently, wait longer to buy their first home, and get mar- ried and have children later in life, Ortner said many trends are boost- ing the single-family rental market. “All of these things are being pushed back, but what that means is we have a great rental pool of peo- ple who need these homes,” Ortner
said. “Across all generations, we’re seeing people have a high propen- sity to rent for a lot of reasons, and that creates a unique opportunity when it comes to demand for sin- gle-family rental properties.” Data on renting affordability compared to homeownership but- tresses Ortner’s case. While price differences vary from state-to-state, homeowners with a mortgage are spending more each month than renters in all 50 states, according to
data from the U.S. Census Bureau. Monthly homeownership costs increased 14 percent between 2017 and 2018 compared to just four per- cent for rent increases, according to an analysis by CNBC. “In every single state, it’s cheaper to rent than own a home, which is amazing,” Ortner said. “It’s definitely pushing a lot of people to make that decision, and it creates a lot of op- portunity for people who want to get into owning investment real estate.”
20 | think realty magazine :: may / june 2019
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