Companies Purchasing Residential Real Estate Hits an All-Time High
Industry Update
September 9, 2021
Source: StarTribune
LOS ANGELES — Soaring home prices and rents are fueling real estate companies’ appetite for houses, adding unwelcome competition for many would-be homebuyers.
Residential real estate bought by companies or institutions hit an all-time high of 67,943 properties in the second quarter, according to Redfin, a Seattle-based online brokerage.
That’s more than a twofold increase from a year earlier, when the pandemic temporarily stymied the real estate market. It also represents 15.9% of all the properties sold in the April-June quarter, or just below the record high 16.1% share of sales in the first quarter of 2020, Redfin said.
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