According to a new report by RealtyTrac, if you rent a single-family home in the US, the probability is pretty good that Wall Street is your landlord now.
RealtyTrac analysed nearly 9.6m sales of single family homes from January 2012 to October 2014, and found that nearly 500,000 of those homes sold to institutional investors backed by Wall Street.
This analysis is a follow-up to an analysis RealtyTrac released last month titled ‘Where Wall Street is Most Likely to Cash Out of the Single Family Rental Market’ that looked at the estimated equity gained by some of the big Wall Street and private equity firms who have purchased tens of thousands of single family homes as rentals over the past three years.
RealtyTrac first looked at all institutional investors - which they defined as any entity that purchases more than 10 properties in a calendar year. The total number of single family homes purchased by all institutional investors from January 2012 through October 2014 was 460,840, 4.92% of all single family sales during that time period.
Counties with a population of at least 100,000 and the highest percentage of all single family homes in the county that were purchased by institutional investors between 2012 and 2014 included counties in Atlanta, Charlotte, Memphis, Oklahoma City, Dallas, Kansas City, Jacksonville (Florida), Flint (Michigan), Houston, Phoenix, Indianapolis and Omaha.