Wall Street Pours Billions Into Build-To-Rent Communities

Jeff Vasishta
High home prices and stubbornly steep mortgage interest rates have put homeownership out of reach for many Americans. Wall Street has seized upon this, funding large swathes of luxury single-family suburban homes with everything an owner could want except a large down payment, mortgage and a deed in their name.
For generations, the norm in American towns and cities was that the best suburban communities, with the best schools, where affluent homeowners dominated, did not have many – if any – rental properties. That is now changing as millennials with decent jobs have found themselves priced out of homeownership in the neighborhoods where they want to live. Real estate investment trusts such as AvalonBay Communities have taken up the slack, building large master-planned rental communities that replicate towny suburban neighborhoods.
Source: https://finance.yahoo.com/news/wall-street-pours-billions-build-183041607.html