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Today, institutional landlords—those owning more than 1,000 homes—remain a relatively small part of the national single-family housing market. They own less than 1.0% of the total U.S. single-family housing stock and have accounted for only about 0.3% of transactions over the past three years. Yet, two decades ago, they didn’t even really exist.

When Blackstone began buying single-family rentals in 2011, there wasn’t a single firm that owned at least 1,000 U.S. single-family homes. By late 2016, Blackstone’s fund, Invitation Homes—which the firm later took public in 2017 and fully exited by 2019—had grown its portfolio to nearly 50,000 single-family rentals. As of the end o

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