ABSTRACT The rise of corporate investors in the single-family rental (SFR) housing market has raised concerns about impacts on American home equity and wealth, particularly in markets like Atlanta, Georgia, a prime target for these businesses. This study introduces a novel framework that analyzes corporate SFR business activities—home purchase, rental, and sale—to assess their community-level wealth impacts. First, we test our core assumption that corporations have unique bargaining power over individuals in the market. Our hedonic regressions show that corporate investors purchase single-family properties for less and sell for more, when transacting with an individual buyer or seller, compared to individual-to-individual transactions. We then apply our framework, using Atlanta as a case study, to investigate the community wealth impacts of corporate SFR investors. We uncover that the City of Atlanta lost $1.25 billion (2022 dollars) between 2011 and 2021, with predominantly African American neighborhoods bearing more than half of the total loss. The most affected neighborhood suffered a loss proportional to nearly 4% of the total income generated by all of its households. This research has critical implications for those seeking place-based interventions by understanding past, present, and future impacts of corporate SFR investment activities on local housing equity and neighborhood wealth.
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