Institutional Investors in the Single-Family Rental Market
过去十年独户租赁成为商业地产新领域，机构投资者大量涌入，引发对排挤购房者的担忧，但研究发现机构运营虽推高租金，却未在全国层面影响住房自有率。
Over the past decade, single-family rentals have emerged as a commercial real estate sector in their own right. Once the purview of small investors, this asset class has increasingly become institutionalized, leading to concerns regarding the potential crowding-out of homeowners as an individual institutional operator can own upward of 10,000 homes in a metro area. REITs and private equity firms, among other institutional owners, have expanded their interest in single-family rentals beyond properties found in the existing housing market to also include build-to-rent communities, the latter of which are perceived to divert construction resources away from new supply for the single-family purchase market. However, while single-family rentals in markets in which large corporate owners operate do command higher rents, there is no evidence that institutional operators are impacting homeownership at the national level.