Single Family Build to Rent : The Current Big Trend is Coming to Albuquerque’s Real Estate Market
Transcript Snippet: “ Tego:
Um, I want to go back to, let’s see, you were talking about BlackRock. I wanna talk about the, the, some of the trends. These are some big trends that, that we’re seeing out there. Macro trends or micro trends, macro macro. Okay. Macro in, in the housing. And let’s just say the housing world in general, there’s a, there’s a trend called, uh, single family build to rent, and you’ve probably heard of it and single family build to rent. And so what’s happening is you’ve got these companies that are, you know, uh, venture capital, uh, hedge fund funded companies that are going out there, no building a neighborhood of 200 single family homes, and they’re not selling them, they’re renting them. So single family built to rent is a, is a trend that has been going on in a lot of other markets. And I’ve learned recently that it’s coming to Albuquerque as well, where you’ve got these companies that are gonna come in.
They’re gonna build a whole bunch of homes and not one of ’em is for sale. They’re all for rent. And you could say, that’s a good thing. You could say, it’s a bad thing. It just is what it is. We need both. We need rental homes. We need, we need, we also need, uh, uh, what about building absolutely determined if that’s that’s coming mean? That’s sort of like indicator of truly are you’s unseen. It’s saying, well, we know the macro conditions and it’s all financial. And we know that the population is this, and we know that the jobs are this, and we’re gonna invest in X amount of units in this market, X amount of units in that market. And they know how to do that. Then you don’t, you don’t need to do anything. I mean, I just read an article about a guy being number one in his real estate market.
And he is not even in the market. <laugh> yeah. Meaning like if you saw that article, it’s just like, you blew your mind, but you start understand that we’re we’re at this sort of, um, apocalyptic point for, I don’t mean it in a bad way actually mean a good way, but if people are seeing that, you know, people can start to adjust and if you’re still interested in buying a home, which you will be, and you should be, you just talked about longevity homes, uh, memories, uh, the fact that life and lack of stress, et cetera, et cetera, where do you go? Is building going to be an option again? Will commodities come down? Uh, what, what, what sort of thing will, will that create? If people are not able to buy the homes that they want, what, what do, what do you think they do to go? That’s just kind of an open ended question. That that’s, that is, I mean, that is the big question is, I mean, everybody’s got li live somewhere, right? And there’s gotta be some creative solutions and, and the truth is we do need our policy makers to step up. I hear, okay. Let, let’s just throw, let’s just throw the, the city under the bus here just a little bit. I hear that.
You’re not under the, how about that? Oh, we just went over the hour, um, that, that, uh, you know, getting building permits done through the city is a pain. They don’t have enough staffing at the city and county to get building permits done. When we have a housing shortage, it’s like, come on, you know,