I tried to tell them back in October, managing rental properties is not as easy as you think. Now it looks like Wall Street is finding that out the hard way. Will we see all of this hedge fund money that has been fueling the rental housing market boom dry up soon? Time will tell.
Here is the highlight from the Bloomberg article.
“Rents collected on the collateral for the first U.S. rental-home securities declined by 7.6 percent from October to January, according to Morningstar Inc.
Payments declined as expiring leases and early tenant departures left residences backing the bonds of Blackstone (BX) Group LP’s Invitation Homes vacant, Becky Cao and Brian Alan, analysts at Morningstar’s credit-ratings unit, said in a report.”
