March 27, 2014
Institutional investors aggressively stocked up on central Ohio homes in February, accounting for 21.4 percent of all Columbus-area home sales during the month.
Only Atlanta had a greater share of investor activity (25.2 percent) than central Ohio in February, according to real-estate information service RealtyTrac.
February’s investor activity dwarfed that seen in January, when institutions accounted for 6.8 percent of central Ohio sales.
Nationwide, institutional investors accounted for 5.9 percent of home sales.
Large investors, who typically pay for homes in cash, also helped drive up the percentage of central Ohio cash sales. Out of all central Ohio sales in February, 45.1 percent were cash transactions, twice the rate from a year ago.
Institutional investors including American Homes 4 Rent and Silver Bay Properties entered the Ohio market in the past year or two, buying single-family homes to renovate and rent.