Q: Out-of-town investors are scooping up Indy-area houses to rent. Where is the problem worst?
A: It’s getting particularly bad in Lawrence and on the east side, but just like black mold, you’ll find it almost everywhere. In Greenwood, Noblesville, and McCordsville, developers have gone so far as to build entire communities made up of houses destined to be rented. The trend is problematic for homeowners, whose property values may crater if their cul-de-sac fills up with rentals poorly maintained by absentee landlords. Homebuyers, meanwhile, are left to bid against corporations using AI to evaluate new listings, then waiving inspections and paying cash. Municipalities are contemplating ordinances proscribing such sales or limiting them to 10 percent of single-family homes in a specific subdivision or on a particular street. Fishers is leading the charge. In the meantime, homebuying isn’t going to get any less stressful.
