Investors bought more than a quarter of homes sold in the third quarter of 2023, and 45 percent of them owned just three to 10 homes. Mega and big investors were pulling back as these small investors stayed busy. Why? If someone is locked into a low mortgage and wants to move, they might be buying a new place and renting out their old one instead of selling. “And with affordability still being a major challenge for households across the U.S., that’s going to drive more people to the rental market, which creates an incentive for investors to add rental properties,” said CoreLogic economist Thom Malone.