Investors bought more than 90,000 homes in the three months through September, an 80 percent increase year-over-year, reports Redfin.
New York-based investment firm Pretium Partners LLC, the country’s second largest SFR landlord, will purchase the homes.
Ivy Zelman is cautioning clients that overheated areas with heavy concentrations of investors are likely to face “corrections.”
After changing its algorithms to make higher offers, Zillow ended up with so many winning bids it had to stop making new offers on properties.
Realogy Holdings Corp. and Blackstone-backed Home Partners of America are expanding a joint venture that competes with Zillow and Opendoor.
Year-over-year rent growth in the single-family rental sector is closing in on double digits with demand remaining white hot.
Residential starts fell 1.6 percent, to a 1.56 million annualized rate, according to government data.
Here are some things to consider for investors and developers looking to diversify by entering the SFR space.
“This feels like they bought way too many homes and they’re trying to work off that excess supply,” said Jonathan Miller, president of appraisal firm Miller Samuel.
