The current surge in demand for single-family rentals has its roots in the subprime mortgage crisis of 2007–2010. After the housing market crashed, some families lost their homes to foreclosure, and they turned to rent as they repaired their finances and credit history. Their former homes were packaged together, purchased, and rented out by institutional single-family rental aggregators. Other homeowners found themselves underwater on their mortgages. Rather than selling their houses at a loss, those who needed to move elsewhere during that time rented out their former homes as they regained enough value to be put on the market.
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