Jon's Reading List - Last Call
October 15 will mark my last day at PTAA so this is my last reading list. It's been fun bringing these to you!
Short-Term Apartments Draw Long-Term Investors (Wall Street Journal, October 5, 2021)
Even as some employers command workers back to the office, a handful of housing providers, flush with new venture funding, are betting that one pandemic trend is here to stay—the demand for flexible, short-term apartment rentals..
Most of the startups lease units from building owners that they sublease to tenants through their own digital platform on a month-to-month basis—no security deposit required.
Millennials Team Up to Fulfill the Dream of Homeownership (Wall Street Journal, October 11, 2021)
For millennials, many of whom are getting married later in life, swimming in student-loan debt and facing soaring home prices, homeownership can feel more like a fantasy than an achievable goal. So, some first-time home buyers are taking a more creative route to make it happen—by pooling their finances with partners, friends or roommates.
Since 2014, when millennials became the largest share of home buyers in the U.S., the number of home and condo sales across the country by co-buyers has soared. The number of co-buyers with different last names increased by 771% between 2014 and 2021, according to data from real-estate analytics firm Attom Data Solution.
Soaring Home Prices are Roiling Appraisals and Upending Sales (Wall Street Journal, October 10, 2021)
An unusually high number of homes across the country are being appraised below their agreed-upon sales prices, causing a number of deals to collapse.
Home prices have soared in recent months. Buyers are frequently paying above asking price to win bidding wars, and appraisals haven’t always kept up with those rapid price increases. About 13% of appraisals came in below the contract price in August, according to housing-data provider CoreLogic. That was down from a recent high of 19.7% in May but above 7.3% in January 2020, a rate CoreLogic said is more typical for the housing market.