2025 SFR Portfolio Loans Overview

Largest Lenders, Top MSAs, and More

Large SFR portfolio transactions tend to make headlines, but smaller portfolio deals often go underreported.

While portfolio transactions are down significantly from their peak, roughly 10,000 single-family rental portfolios still get financed each year.

The bulk of activity is on the smaller end with portfolios of 3–9 homes accounting for 85% of transactions over the past five years.

Refis make up the majority of transactions, but 2,000–3,000 purchase deals close each year.

As rates fell, activity surged then tapered by late 2022, settling into a steady state of roughly 800 transactions per month over the past three years.

A handful of metros have seen net increases; Des Moines, Lexington, and Pittsburgh have all grown transaction counts since 2022. Other high-yield metros like Baltimore, Toledo, and Birmingham have held steady.

Meanwhile, hot SFR markets with low gross yields are seeing the sharpest pullbacks. Vegas, Tampa, and Cape Coral all experienced 75%+ declines in portfolio transactions from 2022 to 2025.

Many of these portfolios are financed by local banks and credit unions, but private lenders have stepped up, now closing over 2,000 transactions a year and accounting for nearly 25% of portfolio financings.

Notably, in 2025, private lenders represented 9 of the top 10 portfolio lenders by volume.

While private lenders offer nationwide coverage, they compete in each metro against local banks with established borrower relationships and competitive terms.

In many of the largest metros, local banks still lead in portfolio transaction volume.

For larger SFR portfolio loans, firms like Encore, LendingOne, and CoreVest lead in volume, while Builders Capital, Genesis, and Ascent Developer Solutions focus heavily on BTR and new development.

Paid subscribers will get access to portfolio transactions from Q4 2025 via a link below: