I have no clue, but I wonder how many homes are currently not occupied and held by large investment companies.
Any clue?
I saw a number for Black Rock of 80,000 homes in their portfolio—don’t know how many are rented and how many are vacant.
That is not a large number, but in selected “hot” markets it can significantly affect prices at the margin—even a 5% drop in available inventory has an outsized effect.
There is a new development going up in North Port Florida. The overall development is divided into four large sections with each section having its own builder. One section was 100% town homes. One person came in, before construction was completed, and bought every single unit. Since then, the prices of the homes have gone up from "Mid-$200s" to $400k. I'd say the guy that bought the townhomes will make a nice a buck when he gets to sell them.
“I have no clue, but I wonder how many homes are currently not occupied and held by large investment companies.”
When the Fed/Banks were giving away money at 2.0 - 2.5%, a REIT would be negligent to not borrow as much as the banks would let them have, and buy everything for sale.
That was but a year ago.