Precious Price, a 27-year-old entrepreneur from Atlanta, who decided to turn her real estate business into affordable spaces for the housing-insecure, is now encouraging other homeowners to do the same — with tiny homes.
Price bought a three-bedroom, 1,400-square-foot house in Atlanta for $196,000 back in 2019, with the aim of renting out the spare rooms on Airbnb. She eventually constructed a 296-square-foot tiny home in her backyard for about $35,000 and decided to live in the accessory dwelling unit (ADU) instead, while renting out the primary home.
This side hustle was lucrative enough that she bought a second house, started renting out apartments in Atlanta’s Midtown neighborhood and left her full-time consulting job.
However, Price no longer rents to vacationers looking for a short stay. She decided to get rid of most of her rental portfolio and instead leases out her home to long-term tenants.
Here’s how Price is working to balance “capital gain and social gain.”
How Price is using tiny homes to combat the housing crisis
“My plan is to get a property I would be able to do some kind of housing on so I’m not just taking housing, but would be able to make more housing,” Price said in a recent interview with The New York Times. “The American dream is real estate.”
The U.S. is facing a supply shortfall of 6.5 million single-family homes, according to the National Association of Realtors. And due to the reduced inventory, over three-quarters of market listings are too expensive for even middle-income buyers — which has also driven up rent.
