In this episode, I talk about how high interest rates are having not only a negative impact on property owners, but in many cases on renters as well.
When Landlords cannot afford their mortgage payments, they are forced to make risky decisions, such as rent-eviction or selling their property at below market value. Which do they choose? What are the risks and potential downside of rent-eviction?
There is a huge ripple effect of the high interest rates. It's forcing the hourly wage workers out of their homes, into rural areas where they can afford cheaper rent, moving in with their parents or going back to school. This clearly affects retail businesses ability to hire staff and employee retention, as well as corporate employers being required to have flexible work arrangements to accommodate out-of-city employees.
So how do we fix this? What can people do to protect themselves and be proactive in the meantime, so they don't bankrupt themselves while they wait for the decline in interest rates?
Listen to this episode to find out exactly what strategies I'm advising my clients on, and how you can get on the front foot in a challenging economy.
Thanks for listening and see you next time!