2022年经济学人 炙手可热的房地产（1）（在线收听）

Finance & economics

财经板块

Housing: Hot property

住房：炙手可热的房地产

Institutional investors are snapping up family homes

机构投资者正在抢购家庭住宅

Housing is the world’s biggest asset class.

住房是世界上最大的资产类别。

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

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。

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.

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。

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

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。

“No way,” he retorted.

“不可能，”他反驳道。

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

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。

Blackstone went ahead despite Mr Zell’s advice.

黑石不顾泽尔的建议继续推进。

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.

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。

Last year interest in the sector reached fever pitch.

去年，人们对该行业的兴趣达到了狂热的程度。

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.

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。

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

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。

It is easy to see why.

原因显而易见。

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.

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%)。

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.

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。

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.

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。

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.

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。

These goodies are attracting richer tenants.

这些好东西正在吸引更富有的租户。

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

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。

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

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。

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

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。

There is plenty of room for further expansion.

进一步扩张的空间很大。

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.

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%。

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

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。

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

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。

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

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。