Blackstone Bets $6 Billion on Buying and Renting Homes

The Wall Street Journal2021-06-22

Deal for Home Partners of America, owner of over 17,000 houses in U.S., is latest sign Wall Street believes housing market will stay hot. Blackstone GroupInc.has agreed to buy a company that buys and...

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Comments

Yinasim
2021-06-23
Yinasim
Sounds exciting! What do you think?
Gettingthere
2021-06-23
Gettingthere
Tell me your opinion about this news...
- Gettingthere:
  Awesome
Veldora
2021-06-22
Veldora
REIT?
- Alfred1007:
  think likewise, REIT maybe a good choice
hyh88
2021-06-22
hyh88
Great
mightyjoe
2021-06-22
mightyjoe
Following
- 五指神獭:
  Ok
mutualtrader
2021-06-22
mutualtrader
Can please like and comment? Thank you so much~
- qin32:
  ok
- xxxjw:
  Ok

Leave a comment

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Home Partners owns more than 17,000 houses throughout the U.S., which it bought, rents out and offers its tenants the chance to eventually buy.\nU.S. home sales soared last year at their fastest pace in 14 years, when low mortgage rates and the rise of remote work during the pandemic sentbuyers scrambling to find larger living spaces.\nThe lack of homes for sale relative to demand andrecord housing priceshave slowed the pace of home sales in recent months. But on a historic basis, the market remains red hot, and analysts say that demand from millennials entering their prime homebuying years is expected to fuel demand for years to come.\nBlackstone was among the big investment firms to buy houses in bulk in the aftermath of the subprime crisis, when lenders sold off foreclosed homes at marked-down prices. The New York firm built a portfolio of tens of thousands of single-family homes, then rented them out through a company calledInvitation HomesInc.\nIn 2019, Blackstone exited from the single-family rental business when it sold its last shares in Invitation Homes, which had become the largest U.S. firm in this industry with 80,000 homes for lease. The firm put its toe back in the market in 2020 by investing $240 million to buy a preferred equity stake in Toronto’sTricon ResidentialInc.,which buys single-family rentals in North America.\nBlackstone’s deal for Home Partners, which people close to the matter say could be announced as early as Tuesday, shows that Blackstone is turning even more bullish on U.S. housing.\nIt is rejoining an expanding roster of Wall Street powerhouses that have acquired single-family rental companies. Canadian property giantBrookfield Asset ManagementInc.recently acquired a stake ina landlord that owns more than 10,000 U.S. homes. J.P. Morgan Asset Management and Rockpoint Group LLC also have made big investments in single-family rental operators.\nThe business is attractive to investors because growth can come from both rising home prices and rent increases. The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation,rose 13.2% in the year that ended in March, up from a 12% annual rate the prior month.\nThe rental market showed signs of softness during the pandemic, especially in downtowns that saw an exodus of residents.But lately rents, too, have begun to rise.\nMedian asking rents rose 1.1% annually in March to $1,463 a month across the country’s 50 largest markets, according to a report from Realtor.com.\nMany analysts say that with home price gains showing little sign of easing, rents can continue growing throughout the U.S. as would-be home buyers are priced out of the sales market and are compelled to keep renting.\nFor all their recent activity, big institutional investors own about 300,000 U.S. homes, or only 2% of single-family rental homes, according to a report by New York-based financial firm Amherst Pierpont Securities LLC. About 85% of the single-family rental market is owned by investors with 10 or fewer properties, the firm said.\nHome Partners, founded in 2012, has a different business model from Invitation Homes and some of the other big firms in the single-family rental business. It gives renters the option to buy at a predetermined price at any time with 30 days notice.\nTo that end, Home Partners limits its acquisition of new houses to those homes identified by people as ones they would possibly like to buy after renting.\n“What we’re doing is following consumers to acquire our homes and letting them pick the communities they want to live in,” said William Young, the firm’s chief executive and co-founder at a real estate conference one year ago.\nHome Partners chose Blackstone’s all-cash offer after a competitive bidding process, according to people familiar with the matter. The deal is expected to close later this year, people said.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":129777691,"gmtCreate":1624401632213,"gmtModify":1703835375135,"author":{"id":"3585236324784959","authorId":"3585236324784959","name":"Yinasim","avatar":"https://community-static.tradeup.com/news/fe636395860151da4253481e4a32fd0d","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3585236324784959","idStr":"3585236324784959"},"htmlText":"Sounds exciting! What do you think?&nbsp;","listText":"Sounds exciting! What do you think?&nbsp;","text":"Sounds exciting! 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<u>choice</u>"}],"langContent":"EN"},{"id":129122742,"gmtCreate":1624366122186,"gmtModify":1703834479139,"author":{"id":"3581824992193722","authorId":"3581824992193722","name":"hyh88","avatar":"https://static.tigerbbs.com/b9ef750521199cb86d320f42f1807cee","vip":1,"crmLevel":8,"crmLevelSwitch":0,"authorIdStr":"3581824992193722","idStr":"3581824992193722"},"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129122742","repostId":1162083333,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":129184483,"gmtCreate":1624365329342,"gmtModify":1703834454948,"author":{"id":"3585171837267278","authorId":"3585171837267278","name":"mightyjoe","avatar":"https://static.tigerbbs.com/064a296b9306c85d66220068c1e53e0a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3585171837267278","idStr":"3585171837267278"},"htmlText":"Following","listText":"Following","text":"Following","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/129184483","repostId":1162083333,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4955264,"gmtCreate":1624365840890,"gmtModify":1663229718539,"authorId":3549753214776437,"author":{"id":3549753214776437,"idStr":"3549753214776437","authorId":3549753214776437,"name":"五指神獭","avatar":"https://static.tigerbbs.com/6bcfed8048a3809a7af76678043890a9","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129184483,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"},{"id":129184002,"gmtCreate":1624365280606,"gmtModify":1703834455916,"author":{"id":"3586395777619036","authorId":"3586395777619036","name":"mutualtrader","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3586395777619036","idStr":"3586395777619036"},"htmlText":"Can please like and comment? Thank you so much~","listText":"Can please like and comment? Thank you so much~","text":"Can please like and comment? Thank you so much~","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/129184002","repostId":1162083333,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4958742,"gmtCreate":1624376395136,"gmtModify":1663229738129,"authorId":4087185506218010,"author":{"id":4087185506218010,"idStr":"4087185506218010","authorId":4087185506218010,"name":"qin32","avatar":"https://static.tigerbbs.com/b0431a0ecb6376d8b2a02c00f4dbc5d5","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129184002,"type":1,"supId":4956400,"prevId":0,"content":"<u>ok</u>","text":"<u>ok</u>","html":"<u>ok</u>"},{"id":4956400,"gmtCreate":1624369760476,"gmtModify":1663229722170,"authorId":3554860970432280,"author":{"id":3554860970432280,"idStr":"3554860970432280","authorId":3554860970432280,"name":"xxxjw","avatar":"https://community-static.tradeup.com/news/059718ae613fdfe3bd9e641d27caedab","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":129184002,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":37,"commentSize":9,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1162083333"}