by Bill McBride on 2/13/2017 03:10:00 PM
Monday, February 13, 2017
From housing economist Tom Lawler: Some Data on Institutional Holdings of Single-Family Properties
Invitation Homes, Blackstone Group’s single-family rental operator, recently went public, and its prospectus included some information on its portfolio of single-family rental properties. Other publicly-traded entities in the single-family rental business also provide such information, and I figured I’d compile some data.
Here is a table showing the number of single-family homes owned by selected publicly-traded companies (or subsidiaries of such companies). These totals include homes held for sale.
|Single-Family Homes Owned by Selected Institutions, 9/30/2016|
|Number||Avg. Sq. Ft.|
|American Homes 4 Rent||48,158||1,959|
|Colony Starwood Homes||31,557||1,849|
|Silver Bay Realty Trust Corp.*||8,974||1,645|
|Tricon American Homes||8,006||1,521|
|*Silver Bay reported 8,837 SF homes, but the total excluded homes for sale, which I have estimated|
American Homes 4 Rent merged with American Residential Properties, Inc. in 2006, and that merger involved the “acquisition” of about 8,938 homes, bringing AH4R’s total property holdings to about the same as Invitation Homes.
Below is a table showing the geographic distribution of single-family homes held by these institutions. Note that reporting by “geographic market” in some cases varies by institution. E.g., one institution combines Charlotte and Raleigh, NC into one market, while another breaks those markets out separately. Also, two institutions have an “other” category – American Homes 4 Rent (a significant number of homes owned are in this category) and Colony Starwood Homes.
|Single Family Property Holdings of Certain Institions by Market, 9/30/2016|
|Las Vegas NV||940||1,023||1,713||290||295||4,261|
|Salt Lake City UT||0||1,048||1,048|
|Gr. Chicago ILIN||2,973||2,047||5,020|
|San Antonio TX||0||1,003||204||1,207|
|Note: AH4R, Colony, and Starwood totals exclude homes available for sale|
There are a few striking things to note. First, none of the properties held by these companies are in either the Northeast of the Mid-Atlantic regions of the country. Second, the different entities have decidedly different geographic concentrations, though none would be classified as “geographically diverse” relative to the US as a whole. And finally, the entities’ single-family rental property holdings are especially large relative to the size of the overall housing market in Atlanta, Charlotte, Orlando, Tampa, and (to a lesser extent) Phoenix.