Wall Street landlords make new rules

A home up for rent in Royal Palm Beach
A home up for rent in Royal Palm Beach

The entrance of corporate owners in the traditional small-scale rental market has improved the quality of housing stock, according to a trade group.

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Washington, D.C.–based National Rental Home Council, created to create awareness about the new business model of corporate-run home rentals, suggested some guidelines this week, according to an article in the Palm Beach Post. Wall Street firm Blackstone, for example, has an estimated 1,300 properties in Palm Beach County through its Invitations Homes affiliate.

The recommendations include establishing rules on hiring contractors, creating dedicated emergency hotlines for renters and conducting routine inspections, the article said. [Palm Beach Post] – Jennifer White Karp