Motley Fool Money Residential Real Estate is Cooling, Not Crashing
Aug 14, 2022
Jon Ziglar, CEO of Rent, a rental search platform recently acquired by Redfin, shares insights on the evolving housing landscape. He discusses the surge in build-to-rent housing and the notable rise in rental prices driven by post-pandemic demand. Ziglar explains how the rental market has transformed during COVID, highlighting the balance between institutional investors and smaller landlords. He assures listeners that while the market is cooling, we're not heading for another 2008-style crash, offering a fresh perspective on home contracts falling through.
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Redfin's Rental Market Expansion
- Redfin acquired Rent to expand into the rental market and offer a more complete home search experience.
- This allows Redfin to connect with renters who may become future homebuyers.
Rent's Vision for the Future
- Rent aims to improve the rental process for both renters and property managers by building a comprehensive software solution.
- This platform will streamline everything from searching and applying to managing properties.
Factors Influencing Rent Increases
- Rent increases were primarily driven by increased demand, stimulus checks, and low interest rates in 2020 and 2021.
- Since January 2022, rent increases have slowed down and haven't kept pace with inflation.