Coming out of the financial crisis, and subsequent collapse of the housing market, institutional investors looked for opportunities to deploy their cash holdings in search of yield. This search created a new industry – the corporate single-family home rentals.
Following the bursting of the real estate bubble there were thousands of single-family homes available at depressed prices. This presented Wall St. investors like Blackstone to snatch up these properties to ride the market back up. Through its subsidiary, Invitation Homes, Blackstone has acquired 1,300 properties across the United States, many of which are located here in Florida.
Although the new industry has been successful, it does not come without its challenges. Because renters are used to dealing with an individual landlord and not a corporation, these companies must go to great lengths to provide a positive customer experience. For this reason the corporate landlords who have stepped into the traditional mom-and-pop rental market formed the Washington, D.C. – based National Rental Home Council. The group has come up with new quality control guidelines to try and standardize the new industry. “We are proud to stand by these operational guidelines as they reflect the professionalism and dedication our representatives bring to the job every day,” said Invitation Homes Senior Vice President for External Relations Denice Dunckel about the new standards.
If you are interested in renting in the Miami market please feel free to contact a RE/MAX agent today! We will work to find you a great new home and landlord.