OK, we’ve all heard about large companies buying up multi-family dwellings, usually large apartment buildings, and making a killing.
But it appears large investors are now starting to muscle into a business previously dominated by mostly mom-and-pop or small-time operators: Owning and renting out single-family homes.
The Bloomberg story linked above focuses on how Blackstone is stepping up its strategy of buying single-family homes and then renting them out. The piece adds:
The single-family home rental business, which has been dominated by small investors, is attracting more institutional capital. American Homes 4 Rent, a Malibu, California-based company headed by Public Storage (PSA) founder B. Wayne Hughes, has acquired about 10,000 properties. Thomas Barrack’s Colony Capital LLC has raised $2.2 billion for home purchases.
Does anyone know of large institutional or private-equity investors buying up single-family homes in Massachusetts? We’d be curious to hear about it.