FRESNO, Calif. (KFSN) — Researchers say they’ve noticed a surprising trend brought on by the challenge of trying to sell a single-family home in a difficult market due to high prices and high mortgage rates.
“When these basically home sellers can’t find buyers, they basically have three choices,” says Matt Shephard with Batch Data. “They can de-list and they can wait. They can cut the prices or they can convert it to a rental. The last option essentially creates these accidental landlords.”
Shephard helps break down data about real estate properties.
Twenty-two percent of the homes in Fresno County are owned by investors.
The number is higher in Tulare County at 25% and Merced County at 26%
The mountains draw even more investors. Forty-six percent of the homes in Mariposa County are owned by a landlord.
“A lot of investors in the space are looking for trends,” Shephard said. “They’re looking to see what the the big REITs out there are doing and as well as those mom-and-pop investors, which are becoming more and more prevalent as people try to have side hustles essentially, or they’re trying to find other ways to make income besides their normal jobs.”
REITS are companies that own and operate income-producing real estate.
The number of investor-owned homes in Central California is just above what Batch Data shows statewide.
“Only about 19-20% are owned by investors, which is, if you compare to like Hawaii, which is close to 40%, that is a big gap,” Shephard said.
California actually ranked in the bottom half of this category – in the 38th position.
The top states with investor-owned homes were Hawaii, Alaska and Vermont.
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