B. Wayne Hughes Built a Self-Storage Empire. Now He Wants to Rent You a McMansion.

The American dream is for rent, and this billionaire wants to be your landlord

In the depths of the last housing crisis, self-storage billionaire B. Wayne Hughes flew to Las Vegas and Phoenix to lay the groundwork for a new bet. His plan: Buy foreclosed homes, spruce them up and rent them out. He tested his ideas on three houses in each market and then dispatched deputies to buy tens of thousands more across the U.S.

Nine years later the land grab is paying off as an economic downturn, the rising unaffordability of homeownership and a global pandemic push a new generation to suburban home rentals. Home...

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