Livingston (NY) Investor Pulse Report (2026-Q1)

Investors hold 2,192 Single-Family Residential (SFR) properties in Livingston County, accounting for 13.7% of the total 16,015 SFRs in the market.

The ownership structure is overwhelmingly dominated by individual real estate investors, who own 1,979 properties, or 90.3% of the investor-owned portfolio. Companies hold the remaining 244 properties, representing just 11.1% of the total.

In terms of entities, the disparity is even greater. There are 2,540 individual landlords compared to only 214 company landlords, reinforcing the 'mom-and-pop' character of the local rental market.

Analysis of financing reveals a strong preference for cash acquisitions. Landlords own 1,520 properties outright (cash), which is more than double the 672 properties that are financed, signaling significant capital deployment without reliance on leverage.

The portfolio is heavily focused on rental activity, with 2,166 of the 2,192 properties classified as rented, indicating that 98.8% of the investor-owned housing stock is actively serving the rental market.

Contrary to typical market behavior, landlords in Livingston County consistently pay more for properties than traditional homeowners. In 2026-Q1, landlords paid an average of $261,038, a $30,574 (13.3%) premium over the homeowner average of $230,464.

This trend of landlords paying a premium is not new, but it has been moderating. The price gap was significantly wider in previous quarters, peaking at a 66.9% premium ($118,566) in 2025-Q1 when landlords paid $295,885 versus the homeowner price of $177,319.

The premium has narrowed from 24.6% ($55,871) in Q3 2025 and 23.9% ($58,880) in Q2 2025, suggesting a potential normalization of acquisition strategies or increased competition in the homeowner segment.

Overall property values have appreciated significantly since the 2020-2023 period. The average landlord acquisition price of $261,038 in Q1 2026 represents a 9.7% increase from the pandemic-era average of $237,997.

Landlord activity surged in the last quarter, with investors purchasing 39 of the 89 total SFRs sold in Livingston County. This represents a commanding 43.8% market share of all residential sales.

The acquisition activity was exclusively driven by small-scale investors. Mom-and-pop landlords (1-10 properties) accounted for 100% of the 39 investor purchases, highlighting their role as the primary source of new rental housing supply.

New entrants were particularly active, as single-property landlords acquired 36 of the 39 properties (92.3% of the landlord total). This influx of 45 new landlord entities signals a growing interest in small-scale real estate investment in the area.

Institutional investors (1,000+ properties) were completely absent from the purchasing landscape this quarter, acquiring zero properties and ceding the entire market to smaller operators.

The remaining 7.7% of landlord purchases were made by investors in the 6-10 property tier, who added 3 properties to their portfolios across 3 distinct entities.

The investor landscape in Livingston County is unequivocally dominated by mom-and-pop landlords (1-10 properties), who collectively own 99.6% of all investor-held SFRs. This concentration debunks any notion of large-scale corporate control in the local market.

Single-property landlords (Tier 01) are the foundation of this market, owning 1,988 properties, which accounts for 89.5% of all investor-owned homes. This tier alone represents the vast majority of both properties and landlord entities.

In stark contrast, institutional investors with portfolios of 1,000 or more properties have a negligible footprint, owning just 3 properties. This accounts for a mere 0.1% of the investor-owned market, indicating a lack of institutional strategy or interest in this county.

The ownership concentration rapidly diminishes in higher tiers. Landlords with 2 properties hold 5.0% of the market, while those with 3-5 properties hold 3.9%, showing that the vast majority of rental stock is managed by investors with fewer than five properties.

Mid-size landlords (11-1000 properties) are also extremely rare, collectively owning only 6 properties, or less than 0.3% of the total investor portfolio.

Ownership structure varies dramatically by portfolio size, with a distinct crossover point where companies overtake individuals. Individuals dominate smaller portfolios, owning 91.8% of single-property holdings and 76.3% of two-property portfolios.

The shift to corporate ownership happens decisively in the 6-10 property tier. In this bracket, companies own 23 properties (92.0%), while individuals own only 2 (8.0%), marking the clear threshold where professionalization and incorporation become the norm.

Even in the 3-5 property tier, individuals still hold a strong majority with 65 properties (74.7%), indicating that most landlords operate under their own name until their portfolio reaches a more significant scale.

The data suggests that as investors scale their operations beyond five properties in Livingston County, they overwhelmingly choose to form a legal entity, likely for liability protection and financial management purposes.

This pattern highlights two distinct investor paths: the individual landlord managing a small number of rentals, and the incorporated business that emerges to manage portfolios of six or more properties.

Investor ownership is highly concentrated in a few key zip codes within Livingston County. The zip code 14487 leads with the highest volume, containing 329 investor-owned properties, which represents a 17.7% ownership rate for that area.

Following closely are 14454 with 315 properties (17.3% rate) and 14437 with 275 properties (11.5% rate), demonstrating a clear geographic focus for investment activity.

However, the highest concentration rates are found elsewhere. The 14512 zip code has the highest investor ownership rate at 33.3%, and 14480 follows with a 30.1% rate, indicating these smaller markets have a much deeper investor penetration.

This highlights a key distinction between total volume and market saturation. While areas like 14487 have the most units, smaller zip codes like 14480 and 14512 are more heavily influenced by investor activity on a percentage basis.

The top five zip codes by property count (14487, 14454, 14437, 14435, 14510) collectively account for 1,313 properties, representing 59.9% of all investor-owned SFRs in the county.

Landlords in Livingston County are overwhelmingly net buyers, consistently acquiring far more properties than they sell. In Q1 2026, they purchased 48 SFRs while only selling 7, resulting in a net gain of 41 properties for their portfolios.

This aggressive accumulation has been a long-term trend. Throughout 2025, landlords bought 368 properties and sold just 39, a buy-to-sell ratio of 9.4 to 1. In 2024, the ratio was even higher at nearly 10 to 1, with 497 buys versus 50 sells.

This pattern demonstrates a strong, sustained confidence in the local market among the predominantly small, local investor base, who are actively expanding their holdings.

In a revealing contrast, the county's tiny institutional investor segment (1,000+ properties) is moving in the opposite direction. In 2024, this tier was a net seller, acquiring only 1 property while selling 3, indicating a strategy of divestment rather than accumulation.

The data clearly shows two different market narratives: a broad base of mom-and-pop investors are fueling market growth and absorbing inventory, while the handful of institutional holdings are being reduced.

Landlords were a major force in the Q1 market, participating in 48 of the 119 total SFR transactions, a market share of 40.3%. This high level of activity underscores their critical role in market liquidity.

All investor transaction activity this quarter came from mom-and-pop tiers, with zero transactions recorded for institutional or large-scale landlords. This reinforces that small investors are the exclusive drivers of acquisitions.

A significant price disparity exists between different types of small investors. New landlords acquiring their first property paid the most, with an average purchase price of $270,016 across 45 transactions.

In contrast, more experienced small landlords in the 6-10 property tier paid significantly less, averaging just $68,000 per property for their 3 transactions. This suggests new entrants may be competing for more desirable, higher-priced inventory, or that established investors are targeting distressed or lower-value assets.

Inter-landlord activity was present but not dominant. Of the 45 properties bought by single-property landlords, only 3 (6.7%) were purchased from another landlord. For the 6-10 tier, 1 of 3 purchases (33.3%) was from another landlord.