Single Family Rentals

Coming to a neighborhood near you

Random Walk strikes again. Because it’s random. And walking.

Things we think...

Single Family Rentals

Single Family Rentals (SFR) is coming to a neighborhood near you. Institutional investors traditionally left SFR alone because it didn't scale: transaction costs are too high, inventory is too heterogeneous and information is too local. If you want to build from scratch, multifamily has vastly better unit-economics. If you want to buy inventory, then bundling thousands of houses of different shapes and sizes, bought and sold by different people, with different preferences and needs, where a few hundred feet can mean the difference between "super private and great light" and "steps away from public transportation" just isn't worth it. Until perhaps now? 

Investors bought a record $66B in homes over Q4-Q1, approximately 70% of those homes were single family. Blackstone-backed Invitation Homes has been at it the longest (since 2012) and is probably the biggest with a portfolio of 80,000+ hom…