Man Who Built a Self-Storage Empire Now Wants to Rent You a Home
Is American becoming a renter nation? A recent article by the Wall Street Journal (reposted on Realtor.com) takes an deep-dive into the empire created by billionaire B. Wayne Hughes and how his American Homes 4 Rent has altered the landscape of homeownership in America. According to the article, during the previous housing crisis, Hughes went to Las Vegas & Phoenix to begin his plan of buying foreclosed homes to fix up and rent. Now fast-forward to the present and the WSJ says his “land grab” has paid off as the “economic downturn, the rising unaffordability of homeownership and a global pandemic push a new generation to suburban home rentals.” Indeed…
“…Mr. Hughes’s American Homes 4 Rent, which has about 53,000 suburban houses in 22 states and collects about $ 1 billion in annual rent from tenants who are typically pet-owning parents in their late 30s with six-figure incomes. In May, its showings to prospective tenants were up 22% year over year and more than 2,400 leases were signed, the most in a month since 2015. The Agoura Hills, Calif. company is racing to add even more houses amid the current economic upheaval, including building thousands expressly to rent.”
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