Only 3% of single-family rentals are owned by institutions, and boutique multifamily is still mostly mom-and-pop landlords. The bottleneck is property management at scale. If someone solves that, Apollo and KKR will flood in.
The opportunity on the boutique multifamily side, if a manager ever figures that out, then institutional capital will start to flow into that space because it is kind of the final frontier of institutionalization where the asset ownership is still dominated by mom-and-pops. SFR still is. There's only like 3%. But those two, those two kind of like cohorts, there's no institutional ownership. And the reason is, is because nobody's figured out how to manage it at scale. And if somebody ever does, then you're going to get some— the Apollos and the KKR of the world are going to flow capital into that because all of a sudden, you know, it could be managed very efficiently.
