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In the greater Boston area, rents are much, much less than interest costs on a mortgage.
It's very common right now to see a rental go on the market only for them to not get a renter and then for the house to be for sale within 6 months. ROI is plummeting compared to other investments but prices stay steady because so many want to buy a home.
That’s fascinating.
I wish there was a map of places where that happens. Not necessarily a cost to rent or cost to own, but a % difference between renting and owning.
In my city, mortgages are about 60-75% the cost of renting.
I think with a large enough sample size a lot of useful inferences could be drawn about how zoning, population density, and local renting laws impact that ratio.
There are condos for boston right now that would rent for 4000-5000/mo (like 2br/2ba) but are listed for sale for 1.35-1.4 million dollars. The mortgage on these things would be like 9k/mo. This is not the common property though, just an extreme example.
I put an offer down on this small multifamily with a total of 4br and 2ba (3br 1ba main unit and 1br 1ba sub unit) and the mortgage was looking like 5k-5.5k/mo with 20% down. Rental for 3br might go for 2400-2800 and a 1br is around 1600-1800. So combined let's call it 4300/mo for an investor. That's a $700+/mo lost cash per month assuming you get renters. If you can't find a renter for that 3BR unit... you're heavily boned.) It just doesn't make sense imo. Plus combined in the area I was looking at buying the unit, it has a penalty for non owner occupied property taxes. Plus the 1br unit needed the kitchen floor to be completely redone. I heard an investor at the open house talking about converting the nasty basement into a 3rd unit too.
Also all houses are going for about 10% over asking here, all contingencies except the mortgage one is waived (you must wave inspection. No one is accepting offers contingent on inspection in the suburbs of boston today in 2024.) A great deal many of offers show up waiving mortgage contingency as well, implying cash offers, but the last sellers agent I spoke to suggested waiving that to look like a cash offer and taking the risk of losing your job before the sale closes. It's fucking wild
If a house doesn't sell on it's opening weekend it's going to get cut every week until it finally goes. Being a greedy seller is really disadvantageous, but being just under value causes bidding wars.
If you have a mortgage condition you have an inspection condition. Lenders aren't giving you 500k for a house with a cracked foundation.
It's not the same as a traditional inspector though where you can negotiate some changes or fixes or money. Appraisers don't seem to be very rigorous.