cc @tallback
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??
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the real problem is the government has bent over backwards to enable vulture funds to profit here, even changing legislation to allow it and sneaking it in with covid measures.
vulture funds can now kick out people renting houses, if the developer or government agency has sold the debt. On no level is that correct.
There are families in the estate behind me on notice and with things the way they are, there are no houses in the locality for them to go to. It’s a fucking disgrace
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You seem to be suggesting that people aren’t looking to get out based upon a screenshot of a Sherry Fitz Facebook post.
Why do the figures show that year on year private landlords are exiting the market in large numbers so?
I was just pointing out that it is a landlord’s market. Just because some people are choosing to exit does not make this not so. I’m not sure what your point is?
It’s not a “landlords market” for small private landlords (including the accidental ones I referenced). If it was they wouldn’t be leaving or they would be replaced by other small private landlords (See actual factual data as opposed to your gut feel or a Facebook post of whatever) That’s pretty much economics 101.
It may be the case that it is an attractive market for institutional landlords (who back to my Econ 101 reference and actual datapoint are entering the market).
But that only reinforces my point about the accidental ones looking to leave.
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How many are joining the private landlord market. If 17k is the gross number that left, what’s the net number with new landlords?
I suppose the number of landlords isn’t really relevant anyway, its the number of properties available to rent, how has that fluctuated?
Specious reasoning again. Do you think there might be other factors at play at all informing their decision to exit?
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That’s a nonsense and there is no logic to what you’re saying.
Landlordism is very lucrative right now, maybe these people need the capital for something else but there is serious money to be made by being a landlord now.
You’re the one arguing its an attractive market despite clear evidence that people are leaving it. I’m fairly comfortable that the “specious reasoning” isn’t starting with me …
Is it fair to sum your argument now as “It’s a really really attractive market but people are leaving it because of some undefined other factors that mean its still really really attractive but they just don’t want to benefit”?
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There is logic to it to be fair.
House prices are high again for sale and there is a huge demand for purchasing. People will sell for profit now and clear their own debts, especially with interest rates and inflation looking cagey
A lot of people have been sitting on properties for 10 years bought in the downturn. Its peak time now to pick those cherries
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To follow your point through - why aren’t the ones who “need capital for something else” (which is more attractive?) being replaced by others who see the potential for “serious money”?
They are by institutional investors but the data shows that they are not by private investors.
Inflation and interest rates are set to rise. Rent prices are maxed out
Yes but he’s saying people are getting out of landlordism because it’s not lucrative, that is false.
People might have their own present needs to get access to some capital, maybe move to a bigger and better house, maybe do a renovation on their family home, maybe finance their own children buying or upgrading their own home. All that means is they need the money up front, rather than landlordism is not profitable.
Somewhat backing up my point that there is a cohort out there who ended up with these investment properties by accident and are keen to get out when they can having already been stung.
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Capital.
You need capital to enter the landlord market.
You’re capable of much better than this. Clearly it’s an attractive market. I think it’s bizarre to say otherwise. Obviously there are other factors at play that people way up, like the fact that house prices have jumped significantly and their other option is to cash out.
It’s completely specious reasoning to look solely at one piece of evidence -people leaving the market- in isolation to everything else, like you are doing.
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That doesn’t mean it’s not a landlord’s market. Really odd reasoning.
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