Within the span of a year, institutional investors with large portfolios of single-family properties have tapped the securitization market with nine deals, creating an alternative form of exposure to the housing market.

But the players sponsoring these transactions hold roughly a quarter of a million properties, in aggregate. That’s a cozy village against the massive sprawl of fourteen million or so rental homes held by smaller operators. And as housing prices rise, institutional investors have been slowing their own purchases. Rather than compete with these smaller operators, they are actually financing them.

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