The rise of corporate landlords: An examination of behavioral differences in the multifamily market

Abstract This article examines the relationship between corporate ownership and tenant outcomes in the New York City multifamily market from 2012 to 2023. Combining a novel data set on landlord ownership in the city, with information on eviction filings, asking rents, housing code violations, and the location of housing choice voucher holders, we show that these outcomes differ for corporate and noncorporate owners. These differences shrink considerably in models with building fixed effects. Yet even after controlling for the building as well as recent renovation activity and market concentration in the neighborhood, corporate landlords still file more evictions, charge higher asking rents, and house more voucher holders. As for mechanisms, the effects of corporate status do not appear to be operating through portfolio size and only partly through the timing of purchase, though these factors are themselves related to some outcomes. Our findings show that many of the accusations about corporate landlords may be overstated, but they also suggest some differences and underscore the importance of transparency and accountability in rental housing ownership.