FISHERS, Ind. — Buying a home in today's market can be challenging. A lot of homes are selling as soon as they go on the market.
It's something Fishers Mayor Scott Fadness said is a growing concern — large investment firms buying homes in suburban communities and renting them out to make a profit.
"The people who own their homes are not happy. When they look down either side of their driveway and they see these signs for these national companies that have bought up these homes, they're concerned about that," Fadness said.
Fadness said it's a nationwide problem.
"I think a lot people have a genuine concern their home values will be devalued because it's turning in to a rental neighborhood," Fadness said.
According to a housing needs analysis for the City of Fishers:
- 30% of all rental units in Fishers are single-family homes.
- There's an increasing number of national single-family rental companies and out-of-town investors managing rental operations in Fishers.
- From 2020 to 2040, a considerable percentage of older single-family homes that are currently owner-occupied will become rentals.
Fadness said homeowners are getting unsolicited offers via phone or text messages.
"(The investors) come in and buy 50 homes or 70 homes or 100 homes in your community," Fadness said.
The fewer homes available for purchase makes it challenging for someone wanting to buy a home.
"They're either not going to find the home in the community they want or they're going to have to pay a lot more money to compete with these folks. They're coming in saying, 'No inspection. I'll make a cash offer today.' And I don't blame the seller. The seller is going to take the highest bid that closes the quickest," Fadness said.
Fadness said neighbors can check their homeowners association laws to see if they can change rules to limit or restrict the number of rentals.
The City of Fishers is hosting a virtual town hall at 8 p.m. Thursday. Click here to sign up.