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Quick To Enter the Market, Institutional Investors Now Shedding Single-Family Home Rentals

 As housing prices tumble across the country, institutional investors that had snapped up properties during a pandemic-induced increase in rental rates are now unloading their properties.

Nationally, profit margins on median-priced single-family homes and condo sales across the U.S. decreased from 57.6% in the second quarter to 54.6% in the third quarter as home prices declined for the first time in nearly three years, according to ATTOM’s recently released 2022 U.S. Home Sales Report.

Meanwhile, Redfin reported earlier this year that the average monthly rent in the United States surpassed $2,000 for the first time in May, rising 15% year over year to a record high of $2,002.

ATTOM found that institutional investors nationwide accounted for 6.7% — 1 in every 15 single-family home purchases in the third quarter. 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The states with the largest Temp Mail percentage of sales to institutional investors in the third quarter were:

  • Arizona, 14.3%

  • Georgia, 12.7%

  • Tennessee, 10.7%

  • Nevada, 10.6%

  • North Carolina, 10.2%

States with the lowest percentage of sales to institutional investors in the third quarter were:

  • Hawaii, 1.9%

  • Rhode Island, 2.1%

  • Maine, 2.1%

  • New Hampshire, 2.3%

  • Louisiana, 2.5%

While some institutional investors were buying homes in the third quarter, others were shedding properties. Metropolitan areas with a population of 200,000 or more and 50 or more home sales in the third quarter that saw the greatest share of institutional investors selling properties included:

  • Metro Memphis, including Tennessee, Mississippi and Arkansas, 19.7%

  • Jacksonville, Florida., 18.3%

  • Macon, Georgia, 17.6%

  • Atlanta-Sandy Springs-Roswell, Georgia, 16.8%

  • Metro Clarksville, including Tennessee and Kentucky, 16.7%

  • Charlotte-Concord-Gastonia in North Carolina and South Carolina, 16.4%

  • Lakeland-Winter Haven, Florida, 15.8%

  • Phoenix-Mesa-Scottsdale, Arizona, 15.4%

  • Indianapolis-Carmel-Anderson, Indiana, 15.1%

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