Wall Street’s big landlords are so hungry for houses they’re building them

A home under construction last month in Herndon, Va. Home prices in Fairfax County, Virginia’s most populous jurisdiction, have more than doubled since 2000, according to the Northern Virginia Association of Realtors./PHOTO: ANDREW HARRER/BLOOMBERG NEWS

 

By Ryan Dezember | The Wall Street Journal

Millennials aren’t the only ones having a hard time finding houses to buy. So is Wall Street.

A shortage of houses in the entry-level price range where first-time buyers and big rental-home companies both shop is prompting some institutional landlords to start building new ones themselves.

These companies are racing to meet demand for rental homes from a wave of young families too saddled with student debt to buy, as well as from investors wagering that the suburban renter class that swelled after last decade’s housing crash is here to stay.

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