炙手可热的房地产(上)
日期:2022-09-28 10:05

(单词翻译:单击)

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Finance & economics

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财经板块

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Housing: Hot property

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住房:炙手可热的房地产

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Institutional investors are snapping up family homes

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机构投资者正在抢购家庭住宅

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Housing is the world’s biggest asset class.

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住房是世界上最大的资产类别);dwTuY;;WA~q5

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But until recently renting out family homes was a mom-and-pop cottage business, seen as uninvestable by Wall Street.

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但一直以来,出租家庭住房都是华尔街视为不可投资的小生意,这种情况直到最近才有所改变COs&e@nU.l%30

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When Blackstone, a private-equity giant, floated the idea of creating vast portfolios of homes after the global financial crisis of 2007-09, banks refused to lend to it.

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当私募股权巨头黑石集团在2007-2009年全球金融危机后提出构建大量住房投资组合的想法时,银行拒绝向其放贷iGlgUR)5w&30n@

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The firm ran the idea by Sam Zell, a property mogul who sold Blackstone his $39bn office empire before the financial crisis.

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该公司的想法来源是房地产大亨山姆·泽尔,他在金融危机前将其价值390亿美元的办公帝国卖给了黑石集团sa]|CXal2%kmPm

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“No way,” he retorted.

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“不可能,”他反驳道2F_mVN-LRqyUzW

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For an investor routinely splurging on hotel chains and swanky office towers, the buy-to-let business seemed like small fry by comparison.

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对于一个经常在连锁酒店和豪华写字楼上挥霍的投资者来说,买房出租业务似乎微不足道)5N!16FbqG=L#L*

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Blackstone went ahead despite Mr Zell’s advice.

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黑石不顾泽尔的建议继续推进Mt9)5V#Qta54

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A decade on from the first purchase in Phoenix, Arizona—an outlay worth $100,000—the experiment has morphed into an institutional-grade asset class.

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自从该公司首次在亚利桑那州凤凰城花费10万美元购买房产以来,十年过去了,这个实验已经演变成了一个机构级的资产类别~Gz^ag^fW|Gj_83D

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Last year interest in the sector reached fever pitch.

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去年,人们对该行业的兴趣达到了狂热的程度i6pr=u4Y1x)6Bz&,)R97

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According to John Burns Real Estate Consulting, a research firm, big investors committed at least $45bn to buying single-family homes in America, up from $3bn the year before.

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研究公司约翰·伯恩斯房地产咨询公司称,大型投资者为在美国购买独栋住宅调拨了至少450亿美元,而前一年调拨的资金为30亿美元o@z^2s_5^(n]dP&

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Even as housing markets cool, investment is pouring in, with firms including Goldman Sachs and KKR following in Blackstone’s footsteps.

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即使房地产市场降温,投资仍源源不断地涌入,高盛集团和KKR集团等公司也在追随黑石的脚步SLI7ANI[AGZ8P&K

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It is easy to see why.

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原因显而易见O1YQsRUeG,7UN_imE!s-

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Between 2016 and 2021, annual returns from family rentals (of 21%) have outperformed those of housing for old folk (7%), offices (5%), shopping malls (-1%) and even apartments (12%), according to Green Street, another research firm.

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另一家研究公司Green Street的数据显示,从2016年到2021年,家庭租赁的年回报率(21%)超过了老年人住房(7%)、写字楼(5%)、购物中心(-1%),甚至还超过了公寓(12%)[^^xL_3xD|3EVT

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In the past decade, the value of homes owned by institutions has doubled to $4.7trn, a figure that towers over the estimated value of America’s offices, at $1.9trn.

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在过去十年间,机构拥有的房屋价值翻了一番,达到了4.7万亿美元,超过了美国写字楼1.9万亿美元的估值tu2)s8K=1@hEKKz=Bk~

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Unlike mom-and-pop investors, who tend to own no more than a handful of homes, the biggest institutions hold tens of thousands, which are offered renovated and have around-the-clock maintenance.

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不同于通常只拥有几套住房的散户投资者,最大的机构拥有数万套住房,它们能够享受翻新和全天候的维护服务&S]jc*mQI=D]pE!SMrN

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Invitation Homes, America’s largest family landlord, says it spends an average of $39,000 fixing up each one, kitting them out with new flooring, upgraded plumbing and the latest tech, such as video doorbells and smart locks.

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美国最大的家庭房东Invitation Homes称,平均每栋房子要花3.9万美元来装修、安装新地板、升级管道和最新技术,比如视频门铃和智能锁a^8UwHP*!vWO5N*g

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These goodies are attracting richer tenants.

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这些好东西正在吸引更富有的租户a&16p_v%U4x2R1c

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Between 2010 and 2018, those with incomes of above $75,000 accounted for three-quarters of the growth in renters.

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2010至2018年间,收入超过7.5万美元的人占到了新增租户的四分之三8*[ODYw(A2+5(0G

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Covid-19 accelerated this, as bidding wars forced high-earners to rent.

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在竞标战迫使高收入者租房之际,新冠肺炎又助长了这一趋势|H5mzA70EDbcDoPLbGgO

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Invitation Homes says its residents now have an annual household income of above $131,000, nearly twice the country’s median.

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Invitation Homes称,其住户目前的家庭年收入在13.1万美元以上,几乎是美国中值的两倍NDUOwZDGmCC#

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There is plenty of room for further expansion.

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进一步扩张的空间很大Yi;^sCoDO@!ju+Z

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In America, real-estate investment trusts (REITS) own just 1% of single-family rentals, compared with 5-10% of offices and warehouses, 15% of housing for old people and 50% of shopping malls.

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在美国,房地产投资信托基金(REITS)在独户住宅租赁市场仅占1%,相比之下,写字楼和仓库的占比为5%-10%,老年人住房的占比为15%,购物中心的占比为50%H1d1V@xAl+WYwGlb

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Big investors are also starting to build more, rather than just buying up existing stock.

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大型投资者也开始建造更多的房屋,而不仅仅是购买现有的房屋j|8VlKp4sJxlp,#pc%

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Last year, they built a record 7,705 family units, up from an average of 5,500 in 2015-20.

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去年,他们创下纪录,建造了7705套家庭住房,高于2015-2020年5500套的平均水平-hBgbe=HUg

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By 2030, MetLife Investment Management, an asset manager, expects institutions to have amassed 7.6m homes, more than two-fifths of all family rentals.

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资产管理公司大都会人寿投资管理公司预计,到2030年,各大机构将积攒760万套住房,占所有家庭租赁住房数量的五分之二以上zAPGb[8B-z2sVrrFQ

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