Parcl Labs

We just shipped a completely new Parcl Research App. This is a full rebuild. New categories, new use cases, and a very different way to explore housing data. 🧵👇

The premium is also compressing. The category still has an edge across many markets... but it's under pressure. Read the full BTR report: app.parcllabs.com/research/artic…

We analyzed ~6M rental events across ~900 BTR communities. BTR earns a +4.2% national median rent premium. But that premium is market-specific and tied to product differentiation. Newer and larger than local comps? Pricing power. Similar to nearby rentals? Less alpha.

BTR policy risk may be easing But BTR underwriting risk is not The House-passed housing bill removed the 7 year forced sale provision for purpose-built rental homes Now the market has to answer a different question: Where does BTR get a premium?

We released a new AI tool to find and analyze any property manager in the U.S. See where they operate, which markets they touch, and what investors they are connected to 👇 app.parcllabs.com/research/artic…

Want to understand a rental market? Start with who manages the homes. Parcl Research found ~90% of US rental homes are managed by companies outside the top 10 brand names... That fragmentation creates opportunity - if you know where to look

But flat at the national level does not mean flat everywhere. Some markets are up 10% YoY Others are down 10% Find out where your market ranks 📊 app.parcllabs.com/research/marke…

Latest from the Parcl Home Price Feed U.S. home prices are up just 0.2% over the past year. The national market is holding on to a slight gain as the spring selling season winds down...

What do builders do next? We'll be watching in real time. You can too - with our homebuilder tracker: app.parcllabs.com/research/homeb…

Homebuilders are set to benefit from the 21st Century ROAD to Housing Act, which just passed the House. ICYMI, we released a free tracker to follow top homebuilders live ↓

The House is expected to vote today on a bill targeting investors that own 350+ single-family homes We mapped where these institutions own homes now - from the national view down to metros, zips, and individual streets 👀 app.parcllabs.com/research/insti…

Over 90% of currently on market single family home rentals use property managers outside of the top 10 largest property management groups. That's a lot of opportunity. Who is going to capture those doors?

You can read more about how this works 👇 app.parcllabs.com/research/artic…

We took four of the best-known property managers and broke out who they manage for by investor portfolio size using currently on market single family home rentals. Strategies separate fast - some are institution-heavy, others are diversified across smaller landlords. For those not diversified, if the largest portfolios stop aggressively expanding due to legislative changes, how do these property management companies grow? The answer may live in the 90% of single family home rental properties not currently captured by the biggest property management companies.

@ethanflynncpa @jayparsons 🙏

@ParclLabs Excellent write up. @jayparsons

Tampa is the 6th largest concentration of institutional landlords who own 350 single family homes nationwide This cohort of housing owners is being scrutinized in the 21st Century ROAD to Housing Act In Tampa, there are 62 unique institutions operating over 26k homes across the market. However, it gets more interesting when looking at the zip code level. A 🧵

Analyzed every active rental listing in the country on the market today and the relationships behind them. Over 90% of those units aren't aligned with the top property management platforms - a massive runway for PMs looking to build a book of business outside the top 10 institutional SFR portfolios. The question is…who is going to get after it?

You can read the fully dynamics across top SFR markets in our interactive piece 👇 app.parcllabs.com/research/insti…

Even the zip code can be too large to inspect the impact of ownership. Drilling into 33578, a Tampa zip we see that there are 16 distinct institutional operators w/350+ units nationally operating 172 homes. Notice the pattern on similar streets and neighborhoods? This ownership is a hyper local issue not a national one.

We go into depth on these dynamics across each top SFR market 👇 app.parcllabs.com/research/insti…

Take zip code 77346 in Houston, TX 18 distinct institutional operators work in this area and own 147 homes Notice the high degree of overlap on specific streets/neighborhoods.

Houston ranks 5th among top institutional hotspots for SFR operations among portfolios with 350 or more SFH units nationwide This segment of rental operators is being scrutinized in the 21st Century ROAD to Housing Act There are 65 unique institutional portfolios that operate within the Houston Metro They own ~30k single family homes in the market However, this is highly concentrated within a handful of zips A 🧵