Rentals dominate Orlando housing market

Rentals dominate Orlando housing market

neighborhoods all over Central Florida are undergoing a transformation nationally there are more households renting today than in more than 50 years and as nu6 reporter Matt Petrillo shows us part of the reason is investors from Wall Street vine up homes including thousands in our area Oh big corporate landlords may own more homes than you might think this one off for city road is owned by a company called invitation homes now they have more than 80,000 properties across the country that is a big impact locally in our neighborhoods with this u-haul loaded Jerome Blake is moving moving to North Carolina he’s lived in this home here on South Alderwood Street and Winter Springs for a year but says the landlord has not been responsive when he needed work done to the property this tree for instance split following Hurricane Irma and half of it hangs above some of the bedrooms at the home I had called them about 50 times about this tree where the tree is still here nothing happened we found the owner of the property is invitation homes and that company grew out of a Wall Street investment firm called the Blackstone Group in 2012 it’s one of a few New York firms that gobbled up thousands of homes on the cheap here in Florida after the housing crisis and are now renting them out in fact just a few doors down from Blake’s rental invitation homes is also renting out this one and just around the corner this home to the original thought was that they were gonna buy houses and just own them for a couple of years instead the firms are holding on to the properties roughly 30,000 homes in Central Florida are being rented out by Wall Street investment firms says the Orlando Regional realtor Association and that means many less properties for people to buy and there’s now unfortunately a real shortage of houses for people to move into a starter homes but economists point out home ownership has changed since the housing crisis many Millennials have seen their parents lose their homes that’s making them look to rent and I think it took a little bit of the shine off of home ownership in Seminole County at Petrillo new six

One thought on “Rentals dominate Orlando housing market

  1. Yes, I am a millennial who is traumatized from seeing my mother lose her home. I refuse to fall victim to the next housing crisis.

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