Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Real Estate

More homeowners are renting out their extra space to “make ends meet”

Homeowners are doing whatever it takes to make a buck

As vacation rental app Airbnb and other like it become more and more popular, more homeowners are renting out their spaces for income.

In fact, in order to make ends meet, 51.2% of homeowners said they had to rent out a space in their home, a study from Homes.com said.

While it costs more to own a home than to rent one, homeowners are taking advantage of the rental market, and making the most of their extra spaces.

What part of the house are these homeowners renting out? Of those surveyed, 42.9% said bedrooms, 26.9% said finished basements, 16.6% said a detached guest house, and 13.5% said they rent out their garage apartment.

Notably, 11% of Millennials told Redfin that they would get a roommate to help pay their home bills, and 10% said they would rent their space on a home rental site such as Airbnb or VRBO.

According to the survey, 74% of homeowners rent out their properties in order to make some extra money. Meanwhile, 33.3% said they used rent money to go towards paying off their mortgage.

Beyond that, 22.4% of homeowners used the extra funds to help pay their property taxes, while 18.6% said they put renters money towards utility bills.

Some are even will to put safety aside in the name of money, as 4.2% of homeowners said they skipped screening their potential tenant.

On the other than, some took the more trustworthy route, 49.2% to be exact, finding their tenant through a friend.

Meanwhile, 45.4% said they found a tenant through family, 29.7% found a tenant through social media, 21% found a tenant through a rental website, 19.3% found a tenant through Craigslist, 18.4% found a tenant via “For Rent” signs, 15.6% found a tenant through a rental app and 5.1% came from a personal website.

Experiences with renters also vary. According to the study, one in four said they had to evict a renter while 80.5% said they had a positive experience while renting out their space.

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