Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market: The Emergence of a New Asset Class?

James Mills, Raven S. Molloy and Rebecca Zarutskie
Additional contact information
Raven S. Molloy: https://www.federalreserve.gov/econres/raven-molloy.htm

No 2015-84, Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (U.S.)

Abstract: In 2012, several large firms began purchasing single-family homes with the stated intention of creating large portfolios of rental property. We present the first systematic evidence on how this new investor activity differs from that of other investors in the housing market. Many aspects of buy-to-rent investor behavior are consistent with holding property for rent rather than reselling quickly. Additionally, the large size of these investors imparts a few important advantages. In the short run, this investment activity appears to have supported house prices in the areas where it is concentrated. The longer-run impacts remain to be seen.

Keywords: Institutional investors; buy-to-rent; ownership structure; real estate investors; rental housing; securitization; single-family rental (search for similar items in EconPapers)
Pages: 56 pages
Date: 2015-09-14
New Economics Papers: this item is included in nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.federalreserve.gov/econresdata/feds/2015/files/2015084pap.pdf Full text (application/pdf)
http://dx.doi.org/10.17016/FEDS.2015.084 http://dx.doi.org/10.17016/FEDS.2015.084 (application/pdf)

Related works:
Journal Article: Large‐Scale Buy‐to‐Rent Investors in the Single‐Family Housing Market: The Emergence of a New Asset Class (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfe:2015-84

DOI: 10.17016/FEDS.2015.084

Access Statistics for this paper

More papers in Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (U.S.) Contact information at EDIRC.
Bibliographic data for series maintained by Ryan Wolfslayer ; Keisha Fournillier ().