How did single-family rental housing go from a financial backwater to an institutional asset class in just a few years?

Since the 2008 financial meltdown, over 4 million American families have lost their homes to foreclosure; millions more remain homeowners, but hold mortgages that exceed the value of their homes. In the hardest-hit areas, communities have struggled with collapsed property values, vacant homes and fiscal strain for several years now. The foreclosure crisis has also increased rental demand as former homeowners become tenants and others delay ownership due to bad credit, high debt burdens, and tightened underwriting...

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