Institutional ownership of single-family rental (SFR) homes in the United States has surpassed 240,000 homes owned, totaling nearly $40 billion of investment in the sector. In 2017, the number of SFR homes purchased by institutional investors increased year-over-year for the first tine since 2013, and 2018 year-to-date purchases have thus far sustained the same pace as 2017, according to Amherst data. In our view positive macro tailwinds, supportive demographics and economies of scale have created an established foothold for institutional SFR operators to expand further in 2019.