Blackstone Real Estate, the nation’s largest owner of single-family homes, says they’re not done buying homes yet. Jonathan Gray, Blackstone’s global head of real estate, says that prices are still low in many areas and it’s still an opportunistic time for real estate investors.
“In places like California it has gotten more difficult, but as you move East … Atlanta, Chicago, Northern Florida—we still see good value,” Gray told CNBC.
Prices are still very much below 2006 levels in many areas, Gray notes. “We think they still represent good value, and the supply-demand picture there looks pretty good,” Gray says. “We’ve only been building at about half the rate of obsolescence and population growth in terms of new starts, and that is supporting the value.”
Gray says he expects the single-family housing market to remain bullish for two to four more years.
Blackstone Real Estate’s portfolio is made up of 31,000 homes in 13 housing markets across the country. The company renovates the properties and leases them. The company has about a 94 percent occupancy rate on the homes it owns.
The author of this article is: realtormag.realtor.org
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