Indianapolis housing market #5 highest share of institutional ownership

At the end of 2022, ATTOM Data put Indianapolis in the top 10 cities for institutionally owned rental properties. In a blog post last August I wrote, “We are on track to be in the top 5 by the end of 2023.” Sometimes I hate being right.

But I am. In this recent report from ResiClub who “queried directly from the Parcl Labs API, to see how many homes in the nation’s largest metro area housing markets are owned by mom-and-pops, and how many are owned by institutional operators… We defined "mom-and-pop" as owners with between 2 and 9 homes. We defined "institutional" as groups owning at least 1,000 homes nationally.” Here’s the ranking:

1. Atlanta, GA (4.3%)

2. Jacksonville, FL (3.8%)

3. Charlotte, NC (3.2%)

4. Memphis, TN (3.1%)

5. Tampa, FL (2.8%)

6. Lakeland, FL (2.8%)

7. Orlando, FL (2.8%)

8. Indianapolis, IN (2.8%)

9. Phoenix, AZ (2.6%)

10. Las Vegas, NV (2.5%)

While Indianapolis doesn’t “own” the #5 spot, we are solidly tied. And keep in mind, this data is for single-family homes only. It does not include multi-family apartments, duplexes, triplexes, etc. Indiana continues to be a “do-what-you-want” playground for corporate, hedge-fund owned rental properties. Unless our state legislature acts to empower tenants even minimally, the trend towards real estate owned by out-of-state investors will persist and continue to grow.