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US home-rental industry is reshaping itself

Small landlords exit market while corporate owners sell houses in bulk

Published Wed, Jul 23, 2014 · 10:00 PM
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[NEW YORK] Alexander Philips joined the rush to buy foreclosed US homes four years ago, spending US$40 million on houses in California and Nevada to operate as rentals. Now his firm, Twinrock Partners LLC, is getting ready to sell.

"We didn't want to be the last one standing when the music stopped," said Mr Philips. "We view this as a trade, not as a business."

The US home-rental industry, transformed over the past two years by Wall Street-backed companies that were built on the rubble of the housing crash, is poised to be reshaped again as landlords like Mr Philip…

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