The business of single family home rentals, once an almost totally Mom/Pop enterprise, has now become really big business and we can largely credit (a) "the great recession" that poured so many houses on the market at fire sale prices and (b) the inability of the current generation of 20-somethings to afford to buy homes due to heavy student debt and other reasons which, in turn, has greatly boosted demand for rentals.
The result:
Quote:
Blackstone, Starwood Merging Rental Home Businesses
Kinsey Grant Kinsey Grant Follow Aug 10, 2017 8:06 AM EDT
The deal is the biggest yet in the quickly consolidating rental home business.
Blackstone Group's (BX) Invitation Homes Inc (INVH) and Starwood Waypoint Homes (SFR) agreed to a deal Thursday that will merge their rental home businesses to create a giant landlord operating 82,000 properties in 17 metro areas, the Wall Street Journal reported.
The deal between two of the country's largest rental home owners is the biggest yet in the quickly consolidating rental home business.
The combined businesses, which have a value of about $10.7 billion, will be the largest private owner of single-family homes by far. The nearest competitor is American Homes 4 Rent (AMH) , which owns about 49,000 homes.
The merger comes after Invitation Homes and Starwood have spent the years since the financial crisis competing for properties in 10 of the 17 markets in which the new business will operate . . . .
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https://www.thestreet.com/story/1426...usinesses.html