Real Estate
Investors Chasing Housing Target Massive Pools of Airbnb Rentals
- Ohio-based company is seeking to spend $1.5 billion on homes
- Push comes as properties to buy are scarce with prices surging
Photographer: Bryan Tarnowski/Bloomberg
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Investors hunting for returns in the frenzied U.S. real estate market are tapping a new strategy: building massive portfolios of houses to rent out on Airbnb.
A recent filing reveals that Dublin, Ohio-based ReAlpha.com is seeking to spend as much as $1.5 billion, including debt, to buy short-term rentals at an unprecedented scale. The money would be enough to purchase roughly 5,000 homes, Chief Executive Officer Giri Devanur said in an interview.