Accidental Landlords on the Rise!
Inman News reported recently that 10 million homes are "updside down", meaning that they owe more on their mortgages than those homes are worth.
While that number certainly seems scary, it's helpful to put that number into context. There are about 100 million homes in America. There are 34 million rental units. So, about 1 in 10 homes is "upside down".
What does this mean for landlords? It certainly means there are a lot more "accidental" landlords…people who just can't sell their primary home and end up renting it out. Maybe there's been a job transfer, a divorce, death, or change in lifestyle. Any of these situations can put the typical homeowner into a financial squeeze where they simply cannot sell so they rent their home out instead.
Time will tell how much web-based property management succeeds as an industry. But, we're proud to be here, at this specific point in history. We were designed to help exactly the person who needs us most today…the accidental landlord.
