A ROAD to Unpacking SFR Ownership

Research evidence excerpt

A ROAD to Unpacking SFR Ownership

Foundation

June 18, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMSFR REITs | North America Adam Kramer

Equity Analyst

A ROAD to Unpacking SFR Adam.Kramer@morganstanley.comDerrick Metzler +1 212 761-4623

Research Associate

Derrick.Metzler@morganstanley.com +1 212 761-3366

Ownership Caroline Long

Caroline.Long1@morganstanley.com +1 212 761-0102

New data show Single Family Rental ownership remains highly

Real Estate Investment Trusts

fragmented. The ~11.6mn SFRs in Parcl's data set represent ~14% North America

of detached homes; 1k+ portfolios own just ~0.7% of the Industry View In-Line

housing stock. Large owners are concentrated in select Sun Belt

markets but have recently been net sellers, not buyers.

Exhibit 1 : Parcl Labs' breakdown of single

family and SFR ownership by owner-type...M Single Family Home Breakout

Key Takeaways

New Parcl Labs data show ~11.6mn US SFRs, equal to ~14% of detached single- Owner-occupied

SFR: 2–9 homes portfolio size

family homes, but larger 1k+ home SFR portfolios represent only ~0.7%

SFR: 10–99 homes portfolio

SFR ownership remains highly fragmented: Smaller 2–999 homeowners control SFR:size 100–999 homes portfolio

~11.1mn homes, while 13 large institutional owners control ~415k homes SFR:size 1,000+ homes portfolio

size

Large SFR owners have been net sellers recently: 13 large institutional owners

are -2.7% y/y, with negative y/y growth for ~20 consecutive months Source: Company filings; Parcl Labs; Morgan Stanley Research

Institutional ownership more concentrated in select Sun Belt markets, inc

Exhibit 2 : ...within SFRs, smaller portfolio Atlanta, Dallas, Phoenix, Jacksonville & Charlotte, but remains modest nationally

owners (mom & pop / non-institutional) have