REALTORS® Respond to Housing Affordability and Institutional Buyers
The below quote is attributable to Shannon McGahn, NAR Executive Vice President and Chief Advocacy Officer. We also have original research on this attached and below Shannon’s quote.
“The National Association of REALTORS® is encouraged that the administration and members of Congress are focused on addressing the nation’s housing affordability and supply crises. We share the goal of ensuring there are enough places for people to live and of expanding access to homeownership—especially for first-time buyers—and ensuring that housing policy strengthens communities rather than limiting opportunity.
At our Annual Conference in November, REALTORS® adopted policy aimed at incentivizing large institutional owners of single-family rentals to transition homes back to owner-occupants while also creating new housing supply. As the administration and Congress continue to develop proposals in this space, NAR looks forward to working collaboratively to share our research, policy expertise, and practical solutions that boost supply, improve affordability, and put more families on a sustainable path to homeownership.”
Regarding institutional buyers:
At the national level, the share of residential purchases made by corporations, companies, and LLCs has remained relatively stable over the past decade, averaging around the mid-teens. After falling during the early pandemic period, investor participation rose in 2021 and peaked in 2022 at 17.1%, before easing in 2023 and 2024. The 2024 reading of 15.7% is broadly in line with pre-pandemic norms, suggesting that institutional activity has cooled from its peak but not surged beyond historical ranges.
A key distinction in the data is the role of LLCs, which account for the majority of entity purchases. When purchases by corporations and companies only are isolated, the national share falls to 3.2% in 2024, underscoring that large, institutional buyers represent a much smaller portion of total market activity than headline figures sometimes imply.
State-Level Data
Investor activity varies widely across states, reflecting differences in housing supply, price points, rental demand, and tax or legal structures. States such as Texas, Ohio, Utah, Tennessee, Indiana, and Oklahoma show higher overall shares of entity purchases, largely driven by LLC activity rather than large corporate ownership. In contrast, the share attributable specifically to corporations and companies remains relatively low in most of these markets.
A small number of states stand out for higher concentrations of corporate and company purchases, notably Rhode Island, Connecticut, Georgia, and New York, where the corporate share is meaningfully above the national average. These markets tend to be more supply-constrained or investor-oriented, which can amplify the visibility of institutional activity.
See figure 1 for breakdown of long term tracking of residential purchases by corporations and companies.
| Year | Share of Residential purchases (Corporations, Companies, LLCs) |
| 2014 | 15.9% |
| 2015 | 15.3% |
| 2016 | 14.6% |
| 2017 | 14.6% |
| 2018 | 15.2% |
| 2019 | 15.1% |
| 2020 | 13.4% |
| 2021 | 15.5% |
| 2022 | 17.1% |
| 2023 | 16.6% |
| 2024 | 15.7% |
