That's because Mexicans build all the houses in Az, Nv, and So Cal. They just melt into the woodwork when the work stops and either go find another labor job or go back to Mexico. Phantom workforce lol. John
But I was once a plant manager in San Diego and most of my crew drove over from TJ everyday. I would put that crew up against any crew in the country for production output.
It's actually the other way around. Rent prices get locked in with leases and a certain % increase. Unless it goes at market, in which case, the rent price may be absurd. Either way, in most of USA, it is impossible to get a mortgage payment equivalent to the rent of the same place. Not to mention insurance, property taxes, upkeep, etc.
Buyers get the mortgage interest deduction. To higher income earners that loophole closes the gap between out of pocket rent vs. debt service. You can't compare payments because a mortgage has principal repayment included.
I've noticed on the "Flip This House" (or whatever its called) on TLC they revisit people they filmed last year. Most of them did not achieve the results they had hoped for. There's a flip on my street that has been for sale for over 6 mos. now.
"Rent prices get locked in with leases and a certain % increase. Unless it goes at market, in which case, the rent price may be absurd." I own and rent out 2 sfh's. I don't do leases, just month to month. Rents are at mkt, and I can raise them anytime I feel like taking a chance on losing the tenants I now have. Local landlords that I talk to are going "no lease". It protects us more than a yr lease. No evictions. Just a 30 day move out notice. Anything after that and they're trespassing.
I'd suggest you review the landlord-tenant law in your state. Following a 30 day notice, after which the tenant does not move out, they are not "trespassing". They are now a hold-over tenant, who you will have to evict under the provisions of your state law. OldTrader