by Calculated Risk on 2/13/2017 03:10:00 PM

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.
Invitation Homes	48,431	1,844
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
Total	145,126	1,853
*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
	Invitation Homes	American Homes 4 Rent	Colony Starwood Homes	Silver Bay Realty Trust	Tricom American Homes	Total
West
Southern CA	4,633		2,794		280	7,707
Northern CA	2,892		972	382	631	4,877
Seattle WA	3,177					3,177
Phoenix AZ	5,636	2,776	1,375	1,424	409	11,620
Tucson AZ	0			209		209
Las Vegas NV	940	1,023	1,713	290	295	4,261
Reno NV	0				251	251
Salt Lake City UT	0	1,048				1,048
Denver CO	0		1,981			1,981
Midwest
Gr. Chicago ILIN	2,973	2,047				5,020
Minneapolis MN	1,183					1,183
Indianapolis IN	0	2,901			353	3,254
Cincinnati OH	0	1,952				1,952
Columbus OH	0	1,500		284		1,784
South
Southeast FL	5,588		3,693	308	604	10,193
Tampa FL	4,997	1,729	3,717	1,111	500	12,054
Orlando FL	3,734	1,557	1,941	491		7,723
Jacksonville FL	2,018	1,659		451		4,128
Atlanta GA	7,537	3,950	5,557	2,694	1,207	20,945
Charlotte NC	3,123	2,800	892	689	1,412	8,916
Raleigh NC	0	1,828				1,828
Winston-Salem NC	0	761				761
Charleston SC	0	725				725
Columbia SC	0				426	426
Dallas TX	0	4,340	2,043	504	614	7,501
Houston TX	0	3,153	2,726		820	6,699
San Antonio TX	0	1,003			204	1,207
Austin TX	0	695				695
Nashville TN	0	2,381	240			2,621
Not Specified	0	7,087	967			8,054
TOTAL	48,431	46,915	30,611	8,837	8,006	142,800
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.