Low Price to Rent: Why do people rent?
I'm looking into investing in areas with low price-to-rent ratios, like Metro-Detroit. I've asked a few PMs this question, but I don't get very good answers:
What is the fundamental reason that price-to-rent is so low?
Some answers I've gotten:
"Section 8 housing inflates rental rates"
"Tenants can't get approved for a mortgage"
"Tenants are uneducated"
Though all true, these reasons seem to only partially answer the question. Can someone provide some insight?