Landlords with multiple rentals raise rents faster than single-property owners

EsadeEcpol’s analysis of household tax-return panels reveals a clear pattern: the more rental units a private landlord controls, the larger the percentage increase in rent over the 2019-2023 period. While single-property owners see modest rises, landlords with two units increase rents by a higher margin, and the disparity grows for owners of three, four and five or more apartments. The researchers controlled for location, size and building age, yet multi-owner landlords still charged more, with the premium rising from about one percent in 2019 to over three percent by 2023 for comparable flats.

The report suggests that larger landlords react earlier to market pressure, prioritize price over tenant stability, and often treat housing as an investment portfolio. It also notes that rent increases are most pronounced at contract renewal, where multi-owner landlords raise prices by a greater margin than single owners. Policy implications point to fiscal incentives to curb steep hikes, though the study doubts that multi-owner landlords aim to dominate markets.