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Wall Street landlords raised $110 billion to buy homes but have had a quiet year. One large transaction, and one large listing, could signal that investors are ready to start buying. The single-family rental market, a popular playground of Wall Street landlords in 2020 and 2021, has been in a deep-freeze for the last year. Rising borrowing costs and a shakier housing market halted most transactions, leaving idle much of the $110 billion raised to buy homes. The company, which was valued at nearly $2 billion last year, says it has facilitated more than $5 billion in deals.
Persons: dealmaking, Goldman Sachs, Don Mullen, DR, Barry Sternlicht's, redemptions, Gary Beasley, Roofstock, Allison Arest, Topping, Beasley, Morgan Stanley's, Ellen Zentner, Jay Powell, LeMaistre, everybody's Organizations: Bloomberg, Barry Sternlicht's Starwood Group, Fed Locations: Beach
Single-family-rental landlords are like most other homeowners, just at scale. Indeed, rising interest rates have drastically reduced access to capital for everyone, including single-family landlords who've borrowed heavily to finance their purchases. Here are a few stories of the wild world of institutional single-family-rental property management. An iguana stuck inside a Divvy Homes property in Florida. Single-family-rental landlords face the twin challenges of customer service and homeownership, often at the same time.
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