rental

London Luxury Homes Suffer Worst Rental Slump in Over a Decade

(Bloomberg) — It’s a pretty good time to be renting a posh London pad.

The price to lease a home in the capital’s wealthiest areas slumped by an annual 8.1% in September, the steepest in more than 10 years, according to broker Knight Frank. Landlords are flooding the market with short-term rentals as tourists stay away from the capital, and more owners are opting to rent out properties amid the pandemic uncertainty.

The pain for owners in London’s priciest districts will likely continue into the current quarter, with Knight Frank forecasting a 9% decline for the whole year. Step outside the capital, though, and it’s a different story: nationwide rents are going in the other direction as renters search for homes with more space and larger gardens.



chart, histogram: London's Falling


© Bloomberg
London’s Falling

Rents also slipped as international students snubbed high-end properties in central London, the report said. Less interest from corporate clients also contributed, as the resurgent virus keeps white-collar workers at home.

There’s a bit of good news for central city landlords. Knight Frank sees prices starting to recover in 2021, as knock-down prices bring tenants back to the capital.

Read more: Manhattan Apartments Haven’t Been This Cheap to Rent Since 2013

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Dallas-based Invitation Homes forms new venture to buy up to $1 billion in rental homes

Dallas-based Invitation Homes, the country’s largest rental home owner, is forming a joint venture with a private equity firm to buy up to $1 billion in single-family homes in Dallas, Seattle, South Florida and a dozen other U.S. markets.

Invitation Homes, which owns 80,000 homes, announced the venture with Rockpoint Group LLC on Wednesday. The companies will initially invest $375 million, with Rockpoint putting $300 million into the buying spree.

“We believe both the fundamentals in our sector and the need for high-quality rental housing in the U.S. are as strong as they have been in our company’s history,” said a statement from Invitation Homes CEO Dallas Tanner.

Single-family home rental companies grew out of the 2008 financial crisis, with Wall Street titans like Blackstone Group Inc. investing heavily in buying up distressed properties. Blackstone launched Invitation Homes but cashed out last year, netting billions in profit.

This year, Invitation Homes narrowed its focus to suburbs close to the city center in 16 markets. It bids on homes as they hit the market, competing with first-time homebuyers and other single-family landlords.

The joint venture expects to deploy as much as $1 billion, including debt, to buy and renovate homes.

Invitation Homes will handle asset and property management for the venture, and will collect management fees in the process, according to the companies.

Invitation Homes executives rang the New York Stock Exchange opening bell on Feb. 1, 2017, to mark the company's IPO. (The Associated Press)

Real estate investors have poured billions into the rental home industry in recent months, betting that more Americans will flee dense city living for the suburbs as a result of the COVID-19 pandemic. It’s Boston-based Rockpoint’s first move into rental homes.

Rockpoint co-founder Keith Gelb said the firm is “thrilled to be investing alongside Invitation Homes and to be part of the housing solution in America by expanding quality of choice for those seeking homes for lease in

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Investors Pile Into U.K. Rental Homes as Covid Hits Young Buyers

(Bloomberg) — Investors are pouring record amounts of cash into new U.K. rental homes, betting that demand will remain high as the pandemic batters the economy and puts ownership out of reach for more first-time buyers.

Investment in purpose-built rental apartments and houses will hit 4 billion pounds ($5.2 billion) this year, up from 2.8 billion pounds in 2019, according to a report from broker Knight Frank and residential property review site HomeViews. The market has so far proven resilient to the Covid-19 downturn, with rent collection averaging 95% in the period from March through August, according to the report.



chart: Generation Rent


© Bloomberg
Generation Rent

Demand for rental housing in the U.K. has been growing for years, with one in five households renting privately, up from one in 10 in 2001, the report said, citing the English Housing Survey. The coronavirus has accelerated this trend, with soaring house prices, tighter lending conditions and economic uncertainty forcing more first-time buyers to postpone their ownership plans.

“I think the outcome of the Covid situation is that we will have more people renting for longer, simply as plans for home ownership get delayed further,” James Mannix, head of residential development and investment at Knight Frank, said by phone.

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Jasmine Roth Hosts New HGTV Show That’s All About Renovating Rental Homes

Photo credit: HGTV / Instagram
Photo credit: HGTV / Instagram

From House Beautiful

Today, HGTV premiered an exclusive first look at a new series called Rentervention. The show, which has not yet been ordered to air, is exactly what it sounds like: a rental intervention. While many might find it difficult to style a rental, Rentervention shows renters how to make their temporary space feel like home — without getting out the power tools.

The series is hosted by design star Jasmine Roth of HGTV’s Help! I Wrecked My House and TV personality Brian Balthazar. In the pilot episode which debuted today, two renters living in the same complex, Ray and Tamesha, were paired up with designers Kelley Moore and Kyle Schuneman respectively. Then, each tenant-designer duo was given 48 hours to pull off a stunning rental transformation.

To add a little competition into the mix, photos of each transformation were then posted on HGTV’s social media accounts, where fans decided which renovation was best. Yup, your “like” may have helped choose a winner. The prize? Six months of free rent—not too shabby!

As more details become available on Rentervention, we’ll be sure to keep you updated. If this series is ordered to air, it will be one of HGTV’s first show focusing entirely on renovating rentals! You can stream the pilot episode now on Sling.

WATCH NOW

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LHC announces improvements for Emergency Rental Assistance Program

The Louisiana Housing Corporation announced on Wednesday improvements to the state’s Emergency Rental Assistance Program (LERAP) that aim to improve access for renters and landlords impacted by COVID-19.

LHC has reduced the application length and divided it into components for renters and landlords. E-signatures are now allowed for faster receipt of documentation required by the federal government. In addition to hosting in-person outreach events in New Orleans and Baton Rouge, LHC is scheduling events around the state to serve those with limited access to the internet, or who otherwise may need help in submitting their application.

“We know COVID-19 has impacted thousands of Louisianans, and emergency rental assistance is needed by many. LHC’s goal is to provide that assistance as soon as possible and after receiving feedback on how to improve the process, we have made several adjustments,” said LHC Executive Director Keith Cunningham, Jr. “Although there are federal requirements that we must abide by, our team has been able to significantly reduce the application length, as well as establish partnerships to assist with the delivery of services. In addition, we are encouraging applicants to stay in touch with the program through our customer service center. By working together, we will see even more progress.”

LHC is continuing to expand its partnership with local housing entities across the state to provide direct assistance to help renters and landlords impacted by COVID-19 complete the necessary paperwork.

Since launching LERAP on July 16, 2020, over $7 million has been committed to eligible applicants, preventing more than 3,000 families from being evicted.
In July 2020, the Louisiana Housing Corporation (LHC) and the Louisiana Office of Community Development (OCD) partnered with the Continuum of Care network to launch a program to address imminent housing needs across the state caused by the financial impacts of

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