Today is another AMA Episode (Ask Me Anything). Today’s question comes from Joe who writes.
“I live outside Boulder Colorado near the small town of Superior/Louisville. We had just experienced a devastating fire that destroyed over 900 homes. This comes at a time when inventory, for sale and for rentals, is at an all time low with massive demand (~0.3 months supply in Boulder County). As a Realtor and landlord in the area, I am seeing my colleagues raising rents over 30% and removing homes previously listed on the market only to put them back up at 20% higher values a few days later.
I understand the relisting homes at a higher price, as an agent we need to do what’s best for our clients but as a landlord I am debating with myself on what our responsibilities to the local community to try and maintain a reasonable increase in rent and not try to gouge people in this hard time.
I’d love to hear your thoughts on how we as investors can approach the unique surge in an already tight real estate market.
Thanks for all your work on the podcast my wife and I listen every morning as part of our routine!”
Host: Victor Menasce