David Dayen over at Salon.com has a piece up about the first signs of trouble with big investment firms buying up single family homes.
As we’ve reported, Blackstone’s Invitation Homes is the biggest player in this game across the country, and in Pierce County, too. It now owns about 950 homes in Pierce County, all of which are rentals. Blackstone’s business plan has been to bundle the income from these rental homes then sell securities.
From Dayen’s piece:
Why is this happening? Dayen says it confirms with data what anecdotal evidence has indicated: Invitation Homes isn’t a good property manager. Stories have bubbled up elsewhere about renters having extreme problems with their Invitation Homes rentals. Though, as Dayen points out, it’s possible this vacancy problem is just a growing pain of a new business.
But it made me wonder: Renters, if you’re in an Invitation Homes property in Pierce County, how is it going? Please share your rental story, good or bad. My contact info is below.
Kathleen Cooper: 253-597-8546