In 2007, there were 11 million homes rented in the United States; today, there are 17 million active rentals, up more than 50% in 10 years. While 300,000 of these rental properties are operated by big Wall Street-backed firms, the vast majority are still managed by mom-and-pops. And Freddie Mac, the government-controlled mortgage company, is looking to fund these smaller single-family home landlords — with up to $1 billion in financing.
“The reality is that housing needs are evolving, and single-family leasing can very often represent a better and more affordable option for families,” said Claire Parker, a spokesman for Blackstone’s Invitation Homes, the largest single-family rental operator in the United States and the recipient of funding from Freddie Mac-competitor Fannie Mae earlier this year.
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