“Yes, the discount from owning is about 50% before tax. And yes it is out of whack with recent history.”
_______________________

Well, the key figure is the % spread post-tax benefits, not pre-tax.

The reason I ask about others’ experiences on historical spreads is that I am not seeing a massive rent discount – certainly nowhere near 50% – on the properties I own. I haven’t run hard numbers for the past 16 years, but my spitballing figures indicate to me that the rent discount – while most definitely up – is not as massive as some are portraying. At least not where I own.