Antrim (MI) Investor Pulse Report (2026-Q1)

Investor ownership constitutes a significant portion of the Antrim County housing market, with 4,763 of the 15,298 total SFR properties, or 31.1%, held by landlords. This indicates a deep penetration of real estate investing activity in the local market.

The market is overwhelmingly dominated by individual investors rather than corporations. Individuals own 4,088 properties (85.8% of the investor portfolio), while companies own just 736 (15.5%).

A striking financial characteristic of this market is the preference for all-cash holdings. A total of 4,535 investor properties are owned outright, compared to only 228 that are financed, revealing that most landlords are not leveraged.

The data shows 6,451 distinct landlord entities for 4,763 properties, a ratio suggesting that co-ownership is a common practice among investors in the county.

Confirming their role as rental providers, 4,711 of the 4,763 investor-owned properties are classified as non-owner-occupied and rented, making up the vast majority of the portfolio.

In Q1 2026, landlord acquisition prices showed extreme volatility, with an average price of $1,295,000 compared to $405,000 for traditional homeowners. This represents a staggering $890,000 premium, or 219.8%, paid by investors.

This Q1 premium marks a dramatic reversal from trends observed in the prior year. For instance, in Q3 2025, landlords paid an average of $171,500, which was a 30.9% discount compared to the homeowner price of $248,191.

The pricing behavior of landlords in Antrim County appears inconsistent and opportunistic. Another premium was recorded in Q2 2025, when landlords paid $859,967 versus the homeowner average of $354,029, a 142.9% markup.

Such wild swings in average prices quarter-over-quarter strongly indicate a market with very few transactions. A single high-end waterfront or luxury property purchase by an investor can dramatically inflate the average for a given period.

Overall, there is no consistent landlord discount in this market. Instead, purchasing patterns seem driven by specific, high-value opportunities rather than a broad strategy of acquiring properties below the typical homeowner price point.

Investors were a major force in the Antrim County market in Q4 2025, purchasing 3 of the 7 total SFR properties sold, which amounts to a 42.9% market share.

The entirety of this purchasing activity was driven by the smallest investors. All 3 properties were acquired by landlords in the single-property tier (Tier 01), indicating that new market participants were the only active buyers.

Mom-and-pop landlords (1-10 properties) completely dominated Q4 activity, accounting for 100% of all investor acquisitions. This reinforces their central role in the local market ecosystem.

In stark contrast, institutional investors (1,000+ properties) had zero purchasing activity, acquiring 0 properties in the fourth quarter.

The data shows that 4 new landlord entities were responsible for the 3 property purchases, highlighting the entrance of first-time investors into the Antrim County rental market.

The ownership structure in Antrim County is defined by the dominance of small-scale investors. Mom-and-pop landlords, who own between 1 and 10 properties, control a staggering 98.9% of the entire investor-owned SFR portfolio.

The concentration is most pronounced at the entry level. Landlords with just a single property (Tier 01) represent the largest segment by a wide margin, holding 4,199 properties, or 85.5% of the total.

As portfolio sizes increase, the number of properties drops off sharply. Landlords with 2 properties hold 7.0% of the market, while those with 3-5 properties hold 4.9%.

The presence of large-scale and institutional capital is almost nonexistent. Investors in the 101-1,000 property tier own a single property, and institutional investors (Tier 09) own just 4 properties, combining for less than 0.2% of the market.

This distribution reveals a highly fragmented and decentralized rental market in Antrim County, which counters the narrative of large corporate landlords dominating residential housing. The market's backbone is clearly the small, local investor.

A clear pattern emerges when analyzing ownership by entity type across different portfolio sizes. While individuals dominate the overall market, companies gain majority control as investors scale up.

The crossover point occurs in the 6-10 property tier. In this segment, companies own 39 properties (51.3%), surpassing the 37 properties (48.7%) owned by individuals for the first time.

This trend toward corporate ownership accelerates in larger tiers. For investors holding 11-20 properties, companies own 31 homes, a commanding 72.1% majority.

At the smaller end of the spectrum, individual ownership is the standard. Among single-property landlords, individuals own 3,719 properties (87.5%), compared to just 533 (12.5%) owned by companies.

This progression suggests a lifecycle for investors in Antrim County, where they may begin as individual owners and later choose to incorporate as their portfolio grows, likely for liability protection and financial management purposes.

Geographic analysis reveals specific pockets of concentrated investor activity within Antrim County. The 49615 zip code is the largest hub for investor ownership by volume, with 955 landlord-owned properties.

Following 49615, other areas with high counts of investor properties include 49659 (839 properties), 49622 (549 properties), and 49648 (538 properties).

However, the areas with the highest investor ownership *rate* tell a different story. The 49713 zip code leads the county in saturation, with investors owning 50.0% of all SFR properties. This is followed by 49611, where the investor ownership rate is 48.8%.

Notably, the top zip codes by sheer count are not the same as the leaders by percentage. For instance, 49615, the leader in count, has a 32.9% ownership rate, significantly lower than the rates in 49713 and 49611.

This distinction highlights diverse investment strategies. Some zip codes attract a large volume of investment, while smaller, potentially more niche areas show a much deeper market penetration by landlords.

Historical transaction data reveals a clear and consistent pattern of accumulation among landlords in Antrim County. Investors are acting as strong net buyers, significantly expanding their portfolios over time.

In 2024, the net buying activity was exceptionally strong. Landlords purchased 176 SFR properties while selling only 18, resulting in a net gain of 158 properties and a buy/sell ratio of 9.78x.

This aggressive buying behavior continued into 2025, where 42 properties were purchased versus only 6 sold. This equates to a 7x buy/sell ratio, indicating a persistent strategy of portfolio growth.

The most recent quarterly data from Q2 2025 reinforces this trend, with 4 properties bought and only 1 sold during the period.

No transaction data is available for institutional-tier investors, which aligns with their negligible ownership footprint in the county and confirms that market dynamics are dictated by smaller landlords.

In Q4 2025, landlords played a significant role in market liquidity, participating in 4 of the 12 total SFR transactions, a market share of 33.3%.

Activity was entirely concentrated at the entry level of the market. All 4 transactions were executed by investors in the single-property tier, demonstrating that new entrants were the sole drivers of landlord acquisitions.

This activity from mom-and-pop investors stands in stark contrast to the institutional tier, which recorded zero transactions during the quarter.

An important finding from the quarter is the source of these acquisitions. None of the 4 properties purchased by investors were bought from other landlords (0% inter-landlord rate), indicating that new inventory is being converted from owner-occupied housing to rentals.

No average purchase price was available for these transactions, but the transactional data confirms that the market's growth is fueled by new, small-scale investors buying from traditional homeowners.