- Many local landlords have not been paid for 18 months
- Growing number of owners selling to institutional investors
- As federal eviction ban ends, thousands have already quit
- Changing ownership driving up rents and prices – experts
NEW YORK, July 29 (Reuters) – Beset by COVID-19 and its fallout, local landlords are offloading their properties to cash-rich institutional investors, and America’s real-estate market may never be the same.
Before the pandemic, boyhood friends Michael Murano and Richard Tyson owned 96 rental units in their hometown of Rochester, New York. They offered accommodation to low-income tenants, many in the service industry, from rooming houses to single-family starter homes.
Today, they’re well on their way to liquidating the entire portfolio. Two-thirds of the units are already gone. The buyers? Large investors with all-cash offers.
“It broke my heart to sell 15 single-family homes to just one, out-of-state big corporate…