Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
A rash of failures of A-rated insurers points to a hidden weakness in the market, researchers say.
Latest Videos
The information you requested is not available at this time, please check back again soon.
A rash of failures of A-rated insurers points to a hidden weakness in the market, researchers say.
Whirlpool Corp., the owner of the Maytag and Amana appliance brands, is cutting about 1,000 salaried positions worldwide to reduce costs as slow US home sales limit demand.
Chicago Bears officials alongside Mayor Brandon Johnson unveiled plans for a $4.7 billion project to build a publicly owned, enclosed stadium and enhanced lakefront area.
Eleven hotels earned the top three-key distinction, in a list that focused on major markets rather than being truly comprehensive.
Blackstone Inc. and KKR & Co. mortgage real estate investment trusts are grappling with deteriorating office loans as higher interest rates and weak demand drive down property values.
May 7, 2021
Bloomberg News
,(Bloomberg) --
Record occupancy rates are emboldening single-family landlords to hike rents aggressively, testing the limits of booming demand for suburban rentals.
American Homes 4 Rent, which owns 54,000 houses, increased rents 11% on vacant properties in April, according to a statement Thursday. Invitation Homes Inc., the largest landlord in the industry, boosted rents by similar amount, an executive said on a recent conference call.
Housing costs are jumping across the U.S. as vaccines fuel optimism about a rebound from the pandemic. With homeownership out of reach for many Americans, rents are also climbing. The increases may add to concerns about inflation pressures as the economy recovers.
“Companies are trying to figure out how hard they can push before they start losing people,” said Jeffrey Langbaum, an analyst at Bloomberg Intelligence. “And they seem to be of the opinion they can push as far as they want.”
Read more: Rents Soar for Millions of Americans as Threat of Eviction Looms
In the early months of the pandemic, the big single-family rental companies slowed rent hikes, preferring to maximize occupancy during an uncertain time for the economy. Now, low vacancies are giving them pricing power.
Invitation Homes reported an occupancy rate of more than 98% during the first quarter, freeing the company to raise prices by more than 10% on vacant houses in April. Invitation Homes is targeting increases of as much as 8% for tenants seeking to renew leases in coming months, an executive said on a recent conference call.
Single-family landlords have had the upper hand over apartment owners in the age of remote work, but those advantages might dissipate as employers summon workers back to the office.
“How much of the demand is temporary?” said Langbaum. “I do believe some component of it will revert back to urban markets.”
©2021 Bloomberg L.P.