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Single-Family REITs and Local Housing Markets

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  • Marco Giacoletti
  • Rawley Heimer
  • Wenli Li
  • Edison Yu

Abstract

We study the rise of single-family real estate investment trusts (SF-REITs) using a novel property-level dataset. SF-REITs tend to buy homes in neighborhoods near city centers, where housing supply is relatively elastic and residents are on the lower rungs of the homeownership ladder. Exploiting spatial differences, we find that SF-REIT growth modestly raises prices and increases overall housing supply, with individual ownership rising at a similar rate. However, we find no evidence that SF-REITs reduce house purchase financing accessibility—mortgage approval rates and borrower credit profiles remain unchanged. Overall, institutional landlords have had a limited impact on access to homeownership.

Suggested Citation

  • Marco Giacoletti & Rawley Heimer & Wenli Li & Edison Yu, 2025. "Single-Family REITs and Local Housing Markets," Working Papers 25-37, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpwp:102103
    DOI: 10.21799/frbp.wp.2025.37
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