Introduction

A recent study by Georgia State University (GSU) has revealed that 19,000 homes in the metro Atlanta area are owned by just three companies. This figure represents nearly one in every nine houses available for rent, indicating a significant concentration of ownership in the hands of a few corporations. Channel 2’s Michael Dowden reports live from Paulding County, highlighting the implications of this trend on housing prices and accessibility.

The Extent of Corporate Ownership

• Scale of Ownership: The study identifies that these 19,000 homes are single-family units, not apartments, owned by corporations.
• Market Impact: The concentration of ownership in such a large number of homes by a few companies has a ripple effect on the housing market, driving up prices for everyone.

Companies Involved

• Key Players: The companies identified are Progress Residential, Invitation Homes, and Main Street Renewal.
• Historical Context: These companies did not exist just a decade ago, indicating a relatively recent shift in the housing market dynamics.

Regional Impact

• Atlanta’s Ranking: Atlanta has more corporate-owned single-family homes than any other metro area in the country.
• Suburban Neighborhoods: Entire suburban neighborhoods are now owned by these corporations, transforming the landscape of homeownership.

Implications for Homebuyers

• Starter Homes: The homes targeted by these corporations are often starter homes that would have been purchased by first-time homebuyers 15 to 30 years ago.
• Rental Market: Many homes that were originally for sale are now rental properties, marked by “For Lease” signs.

Regulatory Concerns

• Ownership Structure: There are concerns that these companies may have overlapping investors and stockholders, effectively creating a monopoly.
• Need for Regulation: The report calls for regulations to curb this monopolistic trend, suggesting that corporate ownership is preventing individuals, particularly millennials and Gen Z, from purchasing homes.

Conclusion

The GSU study underscores a significant shift in the housing market, where single-family homes are increasingly being owned by corporations rather than individuals. This trend raises concerns about housing affordability and the accessibility of homeownership for future generations. The call for regulation is a response to what is perceived as corporate greed impacting the housing market, urging a return to putting housing safety and accessibility back in the hands of the people.