In January, Blackstone acquired Tricon Residential and its nearly 40,000 single-family homes. Blackstone was already both the largest private equity company and the largest real estate company in the world, maintaining mostly logistics, retail, hospitality, and office space in North America, Europe, and Asia, as well as 300,000 rental housing units in the United States.

Corporate landlords like Blackstone, Progress Residential, American Homes 4 Rent, Tricon Residential, AvalonBay Communities, Invitation Homes, and FirstKey Homes have so far commandeered only about 5% of the single-family rental homes in the United States. But some project that number could be as high as 40% of the single-family rental market by 2030. If so, the 700,000 single-family homes currently under corporate management will look more like 7.6 million in just a few years’ time.

Progress Residential