Large‐Scale Buy‐to‐Rent Investors in the Single‐Family Housing Market: The Emergence of a New Asset Class
研究了2012年起大型企业大规模购买单户住宅并证券化出租投资的现象，发现充足房源、紧缩房贷和技术进步是三大驱动因素，且这类投资者支撑了其集中区域的房价。
Abstract In 2012, several large firms began purchasing single‐family homes, creating large portfolios of rental property, and securitizing these investments in capital markets. We present the first systematic evidence on this new investor activity in order to shed light on the factors that have supported its emergence. Three key factors were the ample supply of property for sale, tight mortgage financing and a decrease in acquisition and managerial costs brought about by technological advances. In addition, we show that buy‐to‐rent investors appear to have supported house prices in the neighborhoods where they concentrated.