The Big Rent
Investors from multi-billion dollar hedge funds to individuals buying as few as 10 properties have acquired more than 1 million homes across the U.S. in the past three years, transforming a mom-and-pop business into one of Wall Street's hottest investments. Blackstone Group LP alone has acquired more than 40,000 properties in 14 cities to become the largest single-family landlord in the country. The new landlords are transforming the way Americans live and accumulate wealth.
It was a good day for Mike Yane, a history teacher in Huber Heights, Ohio. A December storm covered
the modest Dayton suburb in snow, and Wayne High School opened two hours late. His students who walk to class could use the extra time.
B. Wayne Hughes, a sharecropper’s son who became a billionaire pioneering warehouses for Americans needing storage space, is buying thousands of houses to rent as more people find homeownership out of reach.