BiggerPockets Daily

On June 11, Amazon announced that it would be contributing another $1.4 billion to its Housing Equity Fund.Amazon created the fund back in 2021, initially giving $2.2 billion “with a commitment to create or preserve 20,000 affordable homes in the Puget Sound, National Capital, and Nashville regions—three communities that Amazon calls home,” according to a report by the company. The three areas are all places where Amazon has major corporate hubs. The new pledge will have a substantial focus on Arlington, Virginia, where Amazon has its HQ2. Amazon says it exceeded its target and delivered 21,000 affordable homes instead of the promised 20,000. The new funds will deliver a further 14,000 affordable homes for low-to-middle-income people in the target regions, according to the internet gi Learn more about your ad choices. Visit megaphone.fm/adchoices

Just as there is a move-in checklist for landlords, there’s also a move-out checklist to guide you when the time comes. Taking the right steps now will make it easier to market your property and ensure a seamless transition to a new tenant in the future. Communicate to the Tenant Their Responsibilities It’s your responsibility to communicate to the tenant their responsibilities. These are the essential items to include in this section of your move-out checklist. Learn more about your ad choices. Visit megaphone.fm/adchoices

Are you a new college graduate (or a concerned parent) wondering if it is possible to buy a house? Spoiler alert: It is absolutely possible! It may be easier for someone further along in life, with a more established financial situation, but that does not mean you have no chance of qualifying for your first mortgage right out of college. There are many tactics that college students can actively pursue to improve their financial position, and they can continue the momentum into what I believe to be the best driver for long-term wealth: real estate investing. Learn more about your ad choices. Visit megaphone.fm/adchoices

Are you a new college graduate (or a concerned parent) wondering if it is possible to buy a house? Spoiler alert: It is absolutely possible! It may be easier for someone further along in life, with a more established financial situation, but that does not mean you have no chance of qualifying for your first mortgage right out of college. There are many tactics that college students can actively pursue to improve their financial position, and they can continue the momentum into what I believe to be the best driver for long-term wealth: real estate investing. Learn more about your ad choices. Visit megaphone.fm/adchoices

The pursuit of financial independence (FI) is a journey that promises freedom, security, and the ability to live life on your own terms. However, this path isn’t always straightforward—nor without pitfalls. It’s tempting to focus solely on financial freedom, but obsessing over it can have unexpected downsides that affect your overall happiness and well-being. We’ll discuss the true journey to financial independence and the risks of fixating on it, as well asexplore other ways to lead a balanced, fulfilling life. Learn more about your ad choices. Visit megaphone.fm/adchoices

As we all know, one of the main advantages of investing in real estate is the tax benefits. Many of the investors who I meet for the first time are broadly aware of depreciation, expenses incurred through renovations, and operating costs. However, many don’t know about the steps they need to take to maximize their deductions or about costly mistakes that could attract the unwanted interest of the IRS. Learn more about your ad choices. Visit megaphone.fm/adchoices

Success in real estate does not require securing “great deals.” It requires great fundamentals: location, a reliable tenant segment, and properties that attract those tenants. A Personal Case Study Let me share my own experience. In 2016, my partner and I bought a three-bedroom, two-bathroom, one-story townhome. We paid the asking price of $180,000, which was then the fair market value. Learn more about your ad choices. Visit megaphone.fm/adchoices

The good news is that the inflation rate is on the decline. The bad news is that it still exceeds the Federal Reserve’s target rate of 2%. As a result, the Federal Reserve announced last week that it will maintain the current interest rate of 5.25% to 5.5%. In a statement, the central bank noted: “Economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. In recent months, there has been modest further progress toward the Committee’s 2% inflation objective.” The Fed now predicts just one rate cut for 2024, a disappointing decision for investors expecting multiple rate cuts for the year. Learn more about your ad choices. Visit megaphone.fm/adchoices

Guru programs are notoriously difficult to assess in terms of quality or outcome for their students. Some students rave about their gurus, while some complain about how they got ripped off by a fake guru. There are a few patterns that raise yellow and/or red flags that I want to call out that are concerning and should make you skeptical when deciding whether to spend thousands (or sometimes tens of thousands) of dollars on guru training. Learn more about your ad choices. Visit megaphone.fm/adchoices

Since first being introduced in 2023, Florida’s Live Local Act—the $711 million package offering developers tax breaks and bypassing local zoning restrictions to create more affordable and workforce housing—has been a lightning rod for controversy. Local municipalities and residents argued that the increased height of buildings would ruin the character of neighborhoods and that the affordable housing component could cause residents to head to the suburbs. Not surprisingly, it is back in the headlines. Florida Governor Ron DeSantis recently signed bill SB 328, revising the original Local Live bill. The original bill gave tax breaks to developers who create multifamily and mixed-use residential properties with at least 70 units in any area zoned for commercial, industrial, or mixed-use. At least 40% of those units had to be set aside for affordable housing—defined as people making 120% of the local area median income (AMI)—and would be enforceable for up to 30 years. Learn more about your ad choices. Visit megaphone.fm/adchoices

A lot has changed since New York City began strictly enforcing Local Law 18, which effectively banned short-term rentals in the city. But it’s unclear whether improved housing affordability, the goal of the crackdown, is one of those changes. An Airbnb analysis released in January found no evidence that the new rules had impacted rent prices or rental inventory, even amid new construction completions, and the city hasn’t reported any changes in housing affordability metrics attributable to the law. An Airbnb analysis released in January found no evidence that the new rules had impacted rent prices or rental inventory, even amid new construction completions, and the city hasn’t reported any changes in housing affordability metrics attributable to the law. Learn more about your ad choices. Visit megaphone.fm/adchoices

After a decade of relative stability in mortgage rates, the last few years have seen unprecedented volatility and changes in mortgage rates. Interest rates are often a key concern for real estate investors, as mortgages are often the difference between a cash-flowing deal and a dud. Since spring 2022, when the Federal Reserve embarked on its latest rate-hiking cycle, interest rates on the most popular loans for real estate investors, DSCR loans (part of the non-QM loans category), have moved at unprecedented rates. Many months of rates moving at most a few basis points a week morphed into dramatic, massive movements—with bigger changes sometimes happening in one day than had occurred in quarters or years prior. Learn more about your ad choices. Visit megaphone.fm/adchoices

The BiggerPockets Real Estate Podcast is about to hit a huge milestone—our 1,000th episode! Real estate has changed quite a bit since we started this podcast, so we’re making some changes, too. We’re bringing on new guests and new formats while focusing on investing tactics and strategies that work in TODAY’s housing market. Oh, and did we mention fewer ads, too? We’re still delivering the time-tested knowledge, inspiration, and news you expect from the BiggerPockets Real Estate Podcast so YOU can work towards financial freedom, no matter the market conditions. Join Dave Meyer, our new host, for our 1,000th episode, and tune in on Mondays, Wednesdays, and Fridays to learn how YOU can reach financial independence through real estate! Learn more about your ad choices. Visit megaphone.fm/adchoices

Home prices are rising across the country, but luxury home prices are skyrocketing. According to data from Redfin, luxury home prices rose twice as fast as non-luxury homes in the first quarter of 2024. But even as prices jumped, sales are still rising, even as prices for non-luxury homes have declined. The median-priced luxury home sold for a record $1.225 million in the first quarter of 2024, up 8.7% year over year. At the same time, sales of luxury homes were up 2%, compared to a decline of 4% in non-luxury homes, which sold at an also-record median of $345,000. Learn more about your ad choices. Visit megaphone.fm/adchoices

You’ve probably heard of the term “lipstick on a pig.” In house-flipping parlance, it means doing basic cosmetic upgrades that camouflage the underlying issues beneath the paint and Sheetrock. California house flippers will have to put their makeup away and bring out the heavy machinery because a new law—Assembly Bill 968 (AB-968), effective July 1—mandates a comprehensive disclosure of repairs and renovations from sellers who flip one-to-four-unit properties within 18 months of buying them. The intent is to protect buyers from undisclosed and unseen property conditions. Learn more about your ad choices. Visit megaphone.fm/adchoices

For any real estate investor, understanding current market conditions is crucial. Right now, most investors are finding themselves in an environment where great investment deals are more scarce while competition is high. In practice, this means that as a real estate investor, you will miss out on many deals on properties advertised on the open market. To try and mitigate the effects of tough competition, you have two options: One is to try and generate more leads and somehow react faster than your competition. The other—much more feasible—approach is to look for off-market real estate deals instead. Learn more about your ad choices. Visit megaphone.fm/adchoices

Now is a great time to be in the vacation rental business. According to short-term rental data and analytics website AirDNA, travelers are spending big on luxury vacation rentals—the more unique, the better. Recent occupancy rates for well-furnished homes increased from 49.1% to 55.9% between 2019 and 2023, with the overall STR market generating a groundbreaking $64 billion in revenue in 2023. While long-term rental landlords might balk at those occupancy rates, it’s worth remembering that vacation rentals often double as medium-term rentals in the off-season, which might not register on vacation rental sites. Learn more about your ad choices. Visit megaphone.fm/adchoices

We identified a seemingly great target property in Sherman, Texas, which is about an hour north of Dallas in the high-growth path-of-progress area along Interstate 75 on the way up to Oklahoma. There were two structures in the deal, including 13 apartments—a mix of studios, one-, and two-bedrooms. We did the underwriting, looked at the full financials, and saw that the vacancy rate was low and that all tenants were on a year lease. With very little leverage, we would net about $4,000 a month from day one (with room to grow). Solid! I knew I didn’t want to buy anything I hadn’t seen with my own eyes. (Yes, you can do this sight unseen, but we didn’t want to. This is a million-dollar investment for us and our first big apartment building.) But we had a chicken-and-egg decision next: Do we go to Sherman and see the property first? Or get an inspection done first? Each task would set us back about $2,000. Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to invest in real estate but don’t want the headaches of landlords, financing, renovations, renters, permits, inspectors, direct mail campaigns, and all the other hassles that come with a real estate investing side hustle? Me too. I’ve owned dozens of single-family rental properties, but today, I only invest in real estate passively. Passive real estate investments include notes, funds, real estate syndications, and real estate crowdfunding investments. None is inherently better or worse than the others, or even than active real estate investments. They just come with different pros and cons. Learn more about your ad choices. Visit megaphone.fm/adchoices

Turnkey property investing can be a great option when you are just starting out on your real estate investing journey or when you want to cast a wider net with your investments beyond your local area. When done right, turnkey investment can be a part of a long-term real estate portfolio-building strategy. However, with turnkey investing, the same things that make it an attractive investment formula are also those that can make it challenging. The most significant challenge is dealing with potential issues that can arise from investing in properties long distance. The one question most people ask when they consider turnkey property investing is: “How do I confidently invest from a distance and still make sure my property performs well if I am not there to oversee it directly?” Learn more about your ad choices. Visit megaphone.fm/adchoices

Mortgage payments are decreasing, which has some house hunters returning to the real estate market. According to the latest data from Redfin, for the four weeks ended Dec. 31, 2023, the median mortgage payment was down 14% compared to October’s all-time high. Meanwhile, the weekly average rate in early January 2024 was at 6.66% for a 30-year fixed-rate mortgage, compared to 7.79% in October. This means homebuyers are finally getting a break from skyrocketing interest rates. And as rates start to dip, some house hunters are taking advantage of an uptick in listings. Redfin’s Homebuyer Demand Index, which measures requests for tours and homebuying services, was up 10% at the end of December from the previous month to its highest level since August, although it was down 6% year over year. Learn more about your ad choices. Visit megaphone.fm/adchoices

As a real estate investor, you must always remember one thing: every type of investing strategy involves risk. With that in mind, it’s good practice to learn more about low-risk real estate investing strategies. You may come to find that these provide the perfect balance of risk and profit potential. Learn more about your ad choices. Visit megaphone.fm/adchoices

In November 2023, Fannie Mae implemented a game-changing reduced down payment requirement of just 5% for two-to-four-unit properties for conventional loans. This presents a golden opportunity for house hackers looking to purchase or refi a two-to-four-unit property. However, few sources have broken down what this means for investors. Here, I’ll look at this new product, compare it to alternatives, and discuss what this means for real estate investors. Learn more about your ad choices. Visit megaphone.fm/adchoices

Home sales fell to one of the lowest levels on record in May as high prices, elevated mortgage rates, and a housing shortage continue to keep buyers on the sidelines. According to data published by Redfin, there have only been two months in the past decade with fewer home sales: when mortgage rates jumped to a 23-year high in October 2023 and in May 2020, during the early days of the pandemic. Learn more about your ad choices. Visit megaphone.fm/adchoices

The U.S. housing market is facing an affordability crisis. The combination of high home prices, high mortgage rates, and decreased spending power has driven housing affordability to its lowest level in decades. As such, it is difficult for investors and homebuyers alike to identify cities where they can afford to buy property. But, there are still great opportunities to buy real estate, even on a budget. I’ve done the research and have identified the 10 most affordable markets for real estate investors. Below, I’ll explain how we arrived at the current situation, my criteria for selecting these markets, and then give you some data about the cities. Check out the list below and determine if any of these cities fit your investing goals. Learn more about your ad choices. Visit megaphone.fm/adchoices

With mortgage rates and home prices high, more homeowners are staying put, according to a report by Redfin. The number of homeowners looking to move to a different metro area started to decline in the fall of 2023, dropping to 23.9% in November 2023. That marked the lowest share in a year and a half and below the 26% seen last summer. While some of it also has to do with remote work becoming less popular with employers, the rate of mobility among homeowners has steadily been decreasing since the 1980s as older Americans have decided to age in their current homes. Learn more about your ad choices. Visit megaphone.fm/adchoices

Real estate investing can be a one-and-done deal or a strategy with more work but potentially higher profits. If you’re an investor looking for ongoing passive income, the BRRRR method may be a good option. The BRRRR method means you buy, rehab, rent, refinance, and repeat. It’s a cycle to build a robust real estate portfolio by purchasing undervalued properties using the equity of an existing investment property, renovating the new property, renting it out, and repeating the process. Learn more about your ad choices. Visit megaphone.fm/adchoices

When my husband and I got married, we bought our first place—a brand-new, 1.5-bedroom condo—in Bedford–Stuyvesant, Brooklyn. At the time, the Bed–Stuy neighborhood was rough—for example, a biker gang that loved to throw huge all-night parties was headquartered at the end of our block, and there were abandoned buildings every few feet, often rustling with the sound of homeless inhabitants. Back in the early aughts, this ZIP code was not for the faint of heart. But at $375,000, a solid C-/D neighborhood was what we could afford in NYC, and our place was new and huge (for Brooklyn) at 1,200 square feet. Plus, I had a hunch. When we first toured the apartment, I went up on the roof and looked out over the neighborhood. From that vantage point, I could see three luxury buildings going up within a few blocks of us. I knew this neighborhood was about to change. Learn more about your ad choices. Visit megaphone.fm/adchoices

Remember the container ship that got wedged in the Suez Canal in March 2021? Within days, hundreds of ships halted. In less than a week, 12% of global trade halted. This is merely one simple example of volatility. A tiny event in some remote corner of the world made life perilous and unpredictable for a billion people. The shockwave reverberated across the Earth. There are many more examples like this. COVID-19 spawns in Wuhan, China, and creates a once-in-a-100-year worldwide pandemic. Or more theoretically, one butterfly flapping its wings spawns a hurricane on the opposite side of the globe. Learn more about your ad choices. Visit megaphone.fm/adchoices

Since 2006, my team and I have delivered almost 500 Las Vegas investment properties (> $130 million). The properties had an annual appreciation of 15% and annual rent growth of 7% (2013 through December 2023), and our average vacancy rate stayed below 2%, including during two major economic turmoils: 2008 housing crash: Zero decline in rent and zero vacancies. COVID pandemic eviction moratorium: No impact. So why did our clients’ properties perform when most others did not? Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you want to get started in real estate investing but don’t have the funds to purchase an entire property? Fractional real estate investing may be the answer you’re looking for. Fractional investing offers lucrative opportunities to own part of a property rather than an entire one. Fractional real estate ownership can be affordable for startup investors who want to enter the real estate market. But what is fractional investing? And is this the right investing model for you? Learn more about your ad choices. Visit megaphone.fm/adchoices

A December report issued by staff of the U.S. Securities and Exchange Commission (SEC) discusses several potential modifications to the accredited investor definition, as suggested by sources like the Investor Advisory Committee and the Small Business Capital Formation Advisory Committee. The Dodd-Frank Act of 2010 requires the SEC to review the definition every four years in light of changes in the economy. The goal is to maintain sufficient protection for unsophisticated investors while providing for investor participation in exempt offerings that play an important role in innovation and economic growth. Learn more about your ad choices. Visit megaphone.fm/adchoices

There may be a real estate underinvestment crisis looming in the coming decades, thanks to baby boomers. According to a joint study from Morning Consult and home improvement company Leaf Home, 55% of baby boomers plan to age in their 40-year-old-plus homes and have no intention of selling or renovating. That means when millennials inherit homes, they may be faced with a mountain of deferred maintenance that may prove costly and lead to a potential construction and supply crunch. Meanwhile, empty nesters own twice as many large homes as millennials with kids, contributing to the housing supply crunch across the U.S. Learn more about your ad choices. Visit megaphone.fm/adchoices

At the end of January, the House passed legislation that would extend some of the provisions of Trump’s 2017 tax bill and expand the Child Tax Credit (CTC), along with other tax reform measures. If passed by the Senate and signed into law by President Biden, the Tax Relief for American Families and Workers Act of 2024 would allow real estate investors to continue to claim 100% bonus depreciation, elect to expense depreciable business assets up to an increased limit, and potentially deduct business interest up to a higher limit. The Act would also restore domestic research or experimental costs expensing. Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the questions we see on the BiggerPockets forums over and over again is, “Where do I find a good lease document?” When people ask that question, they really don’t mean that they want a good lease document. What they mean is they want a free lease document. The truth is that leases are really the most important investment you’ll make when starting your career as a self-managing real estate investor. The free leases that self-managers share are likely to be the most expensive option you’ll find in the long run. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the ongoing quest for happiness, a recent Empower poll disclosed that around 60% of Americans believe money can indeed buy happiness. However, the dynamics of money’s role vary from person to person. For 67% of respondents, happiness hinges on the ability to pay bills on time, while more than half prioritize living debt-free and enjoying luxury without financial worry. Another 45% see homeownership as integral to their path to happiness. Learn more about your ad choices. Visit megaphone.fm/adchoices

You can’t scroll through your daily news feed these days without seeing story after story about the impact of generative AI on virtually any and all industries. It’s here, and the good news is it can be an incredibly useful tool in real estate. According to a recent analysis by McKinsey Global Institute, “In our own work with AI, we have seen real estate companies gain over 10% or more in net operating income through more efficient operating models, stronger customer experience, tenant retention, new revenue streams, and smarter asset selection.” Learn more about your ad choices. Visit megaphone.fm/adchoices

In 2005, I decided to start an investor services business. I reviewed all the popular investing literature. What I found were self-professed experts offering opinions and no processes. As an engineer, opinions hold little value. I shifted my research focus to the commercial sector, where I found rigorous processes that resonated with me. I discovered that retail store location selection and stocking methodologies are excellent guides to systematic residential investing. Here, I will explain how I use methodologies from national retailers to select properties that generate reliable income. Learn more about your ad choices. Visit megaphone.fm/adchoices

In case you missed it, Scott Trench, CEO of BiggerPockets, wrote this thoughtful article: Multifamily Is at High Risk of Continuing Its Historic Crash in 2024—Here’s Why. Scott and I have been discussing this topic offline anyway, so I thought I would take him up on his invitation to debate the subject online. Healthy debate is what BiggerPockets is all about, right? I will start by saying I agree with most of what Scott wrote. I agree with most of his facts, the challenges facing the multifamily space, and especially the problems with many operators who have run into problems of late. Learn more about your ad choices. Visit megaphone.fm/adchoices

Virtual house flipping can be an exciting, lucrative way to get involved in real estate investing. But as with as any type of investment, it’s important to understand the finer details to determine where you fit in. Learn more about your ad choices. Visit megaphone.fm/adchoices

Three years ago, I opened the doors of my guest room to travelers on Airbnb to offset my mortgage. What started as a way to supplement my living expenses evolved into a passion for creating 5-star guest experiences and led me to start Stay Peachy Homes, a short-term rental (STR) property management company that helps homeowners and investors maximize their property’s performance and remove the management hassle. However, like many first-time hosts, I made my fair share of mistakes in that first year. These errors not only taught me valuable lessons but also helped me fine-tune my approach to managing short-term rentals. Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you enjoy filing your taxes? Of course you don’t. But there’s a silver lining. Doing your taxes can be fun (or at least tolerable) when you understand how to make the best of your circumstances. Savvy investors know the power of taking advantage of every last deduction—within the limits of the law. This leads to an important question: How much mortgage interest can I deduct on my taxes? Learn more about your ad choices. Visit megaphone.fm/adchoices

As most house flippers or BRRRR landlords will tell you, paying for hard money—with high interest rates and points tacked on top—can take huge chunks of profit out of a project. For landlords, extra expenses are involved in making monthly payments and paying to refinance into a regular mortgage, further eroding the bottom line. It’s generally a big pain and a reason many would-be-flippers and landlords stay on the sidelines or prefer to find private lenders, content to get paid once a deal sells or secures long-term financing post-rehab. Learn more about your ad choices. Visit megaphone.fm/adchoices

Many investors assume that ownership is inherently safer than debt. I currently own equity in thousands of units and have invested six figures in real estate debts. I can tell you firsthand that it’s not—at least not always. Still, real estate equity and debt investments serve different purposes in your portfolio. Before parsing the risks of equity versus debt investments in 2024, it’s worth reviewing the roles each plays. Learn more about your ad choices. Visit megaphone.fm/adchoices

Real estate investors are usually most concerned about rental income and property taxes. They seldom discuss home insurance. Many assume that home insurance is a standard fixed price in most parts of the country and give it scant regard, but you could be making a big mistake if you are one of those people. According to insurance.com, the average cost of home insurance nationwide hovers around $2,800 per year, which equates to $231 monthly for $300,000 in dwelling coverage and liability and a $1,000 deductible. However, this number fluctuates throughout the country. As a real estate investor, it’s important to note that the numbers quoted are for owner-occupied homeowners insurance. Landlords should add another 25%. Learn more about your ad choices. Visit megaphone.fm/adchoices

If you’ve been reading our stuff for the past year or so, you know we’re bullish on preferred equity. And we believe there is a short window of opportunity to achieve this asymmetric risk/return opportunity. Investors are asking a lot of questions about preferred equity, so we thought you might be interested in some details on the most recent preferred equity opportunity our fund invested in. Learn more about your ad choices. Visit megaphone.fm/adchoices

Insurance premiums are skyrocketing across the U.S., with no end in sight to annual increases that may just make you rethink investing in real estate in several parts of the country. At the very least, anyone investing in 2024 needs to be aware of the states where insurance premiums are rising the fastest—and factor these changes into their costs. According to a recent report by the insurance comparison platform Insurify, home insurance premiums are set to rise by 6% in 2024 after already jumping by 20% over the past two years. And that’s just the average. Many states will see double-digit premium increases this year thanks to a perfect storm (excuse the pun) of factors, most notably extreme weather events and high home repair costs. Learn more about your ad choices. Visit megaphone.fm/adchoices

Whenever I hop on a conference call, someone asks, “Where are you located?” And then their eyes widen when I respond, “Lima, Peru.” But back when I invested in rental properties, I did so in my hometown of Baltimore. It was only after I moved abroad that I discovered just how much I had subsidized those properties with my own labor. When people ask me today what I would do differently if I were to start investing in real estate all over again, I have an answer ready—because I did start over again. Learn more about your ad choices. Visit megaphone.fm/adchoices

Five years ago, on the BiggerPockets forums, the name Western Wealth Capital (WWC) started to appear. With offices in North Vancouver, Canada, and Phoenix, they were well-known syndicators with a solid reputation, doing deals nationwide. A competitor, Sam Grooms of White Haven Capital, stated: “They’re solid underwriters and performers. Janet [LePage] (Western Wealth Capital CEO) is known to not budge on her criteria and price. I doubt she’d overpay for a property. We’ve competed against them on properties here in Phoenix. Their model is similar to most syndicators right now, underwriting a cash-out refi.” Learn more about your ad choices. Visit megaphone.fm/adchoices

Growing old is a fact of life—even for Keith Richards—and while it’s doubtful you’ll see world-famous rock stars or aging screen stars in a residential assisted living (RAL) facility, for the rest of the population, they serve as the last stop before our final elevator ride. This is why, after a pandemic pause, senior housing communities are back to making a roaring trade. “People put off moving in for an extended period of time during the pandemic,” Lisa McCracken, head of research at the National Investment Center for Seniors Housing & Care (NIC), told the Wall Street Journal. “Now those needs have been amplified because of that delay.” Learn more about your ad choices. Visit megaphone.fm/adchoices