Investors bought nearly 68,000 homes in the second quarter, the most since at least 2000, according to Redfin Corp.
Tricon Residential is teaming up with the Teacher Retirement System of Texas, Pacific Life Insurance and a third institution for an SFR joint venture.
Facing heavy competition and lower yields on acquisitions of existing SFRs, investors are betting on building new communities from the ground up.
Across the U.S., cash purchases accounted for 30 percent of home sales from January through April, on track with 2015 levels.
VineBrook Homes Trust, which operates more than 13,500 SFRs, has held discussions with advisers about going public.