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

Investors hold a significant 42.6% of the 25,741 single-family properties in Sullivan County, totaling 10,965 homes. This high concentration indicates a mature rental market where investors play a primary role in the local housing ecosystem.

Individual investors are the definitive market force, owning 9,229 properties, which accounts for 84.2% of the investor-owned portfolio. In contrast, company-owned properties number 2,080, or just 19.0%, challenging the narrative of corporate dominance in this market.

The portfolio is heavily leveraged towards cash ownership, with 7,995 properties owned outright compared to 2,970 that are financed. This 2.7-to-1 cash-to-financed ratio suggests a well-capitalized investor base that is less sensitive to interest rate fluctuations.

The number of individual landlord entities (11,534) is nearly six times that of company entities (1,940), reinforcing the small-scale nature of real estate investing in the county. This structure points to a highly fragmented market rather than one controlled by a few large players.

A staggering 99.7% of investor-owned properties (10,929 of 10,965) are classified as rented or non-owner-occupied. This near-total focus on rental activity underscores the business-oriented nature of these holdings, with very few properties being used for other purposes like second homes.

Contrary to common market assumptions, landlords in Sullivan County paid a significant premium for properties in Q1 2026. Their average acquisition price of $395,939 was 14.0% higher than the $347,259 paid by traditional homeowners, a difference of $48,680 per home.

The pricing dynamic has been volatile over the past year. While landlords paid more in Q1 2026 and Q3 2025 ($38,866 premium), they secured a slight discount of $8,269 in Q2 2025 and paid almost the exact same price as homeowners in Q1 2025, signaling a competitive and shifting market.

A clear post-pandemic price appreciation is evident in the acquisition data. The Q1 2026 average price of $395,939 represents a 31.0% jump from the average price of $302,183 during the 2020-2023 period, highlighting strong market growth and increasing acquisition costs for investors.

While acquisition volume was zero for landlords in most of 2024 and 2025 according to this dataset, the pricing information reflects broader market trends. The jump in Q1 2026 pricing indicates a recent surge in high-value acquisitions by investors active in the current quarter.

Investor activity surged in the last quarter, with landlords acquiring 105 of the 167 total SFRs sold in Sullivan County. This accounts for a commanding 62.9% market share, demonstrating that investors were the primary drivers of transaction volume.

The acquisition market is almost exclusively controlled by small-scale investors. Mom-and-pop landlords (Tiers 01-04) purchased 104 of the 105 properties, making up 99.0% of investor buying activity. Institutional investors, in contrast, were completely absent from the market.

New entrants are a major force, with 98 distinct entities purchasing a single property in the quarter. These first-time or growing landlords acquired 97 properties, representing 92.4% of all investor purchases and signaling a healthy, expanding base of small investors.

The concentration of activity in the smallest tiers is stark. Single-property landlords alone bought over 16 times more properties than all other investor tiers combined (97 properties vs. 8). This highlights a market built on individual acquisitions rather than large portfolio buys.

Mid-size and large investors were almost entirely inactive. Only one property was purchased by an investor in the 11-20 property tier, with zero acquisitions from any entity owning more than 20 properties, reinforcing the local, small-scale character of the market.

The investor landscape in Sullivan County is defined by hyper-fragmentation and the overwhelming dominance of small landlords. Mom-and-pop investors, defined as those owning 1-10 properties, control 99.6% of all investor-owned SFRs, a figure that leaves virtually no room for larger players.

Single-property landlords form the bedrock of the market, owning 10,012 properties. This single tier represents 90.2% of the entire investor portfolio, indicating that the vast majority of landlords are small-scale operators with minimal holdings.

Institutional ownership is statistically insignificant in this market. Investors in the 1000+ property tier own a total of just 2 properties, accounting for 0.0% of the portfolio. This finding directly counters any narrative of large corporations controlling the local housing supply.

The distribution of ownership is heavily skewed towards the smallest portfolios. The top four tiers (1-10 properties) collectively own 10,012, 613, 370, and 63 properties respectively, a sharp drop-off that illustrates a lack of portfolio consolidation in the region.

Mid-size investors (11-100 properties) also have a very small footprint, collectively owning only 37 properties. This demonstrates that the market structure does not currently support the growth of landlords into medium or large-scale operations in significant numbers.

A clear crossover point exists where ownership strategy shifts from individual to corporate structures. While individuals dominate smaller tiers, owning 83.9% of single-property portfolios, companies take over as portfolios grow, reaching a 96.9% ownership share in the 11-20 property tier.

The transition to corporate ownership happens rapidly. Individuals hold a strong majority in the 1-property (83.9%) and 2-property (66.4%) tiers, but this drops to 62.8% in the 3-5 property tier. The 6-10 property tier represents the tipping point, with ownership split almost evenly at 50.8% individual and 49.2% company.

This pattern suggests that as landlords scale their operations beyond a handful of properties in Sullivan County, they increasingly adopt formal business structures. This move likely reflects a strategy to limit liability, manage assets more professionally, and potentially access different financing options.

Even with this professionalization trend in larger tiers, the overall market remains overwhelmingly controlled by individuals due to the sheer volume of single-property landlords. The 8,649 properties owned by individuals in Tier 1 dwarf the holdings of companies in all tiers combined (2,080 properties).

Investor ownership in Sullivan County is not evenly distributed, showing strong concentration in specific zip codes. The 12701 zip code is the leader by volume, with 1,386 investor-owned properties, though this represents a 47.5% ownership rate, indicating a mix with traditional homeowners.

For the highest penetration rate, the 12720 zip code stands out, where investors own 982 homes, representing a remarkable 67.1% of the area's single-family housing stock. This suggests a market heavily defined by rental properties and investor activity.

Following the leaders, the 12790 zip code also has a substantial investor presence with 882 properties, translating to a 38.4% ownership rate. This highlights another key sub-market for rental housing within the county.

Several smaller zip codes exhibit 100% investor ownership rates, including 12767, 12771, and 12785. While the property counts are not specified, these figures point to hyper-concentrated pockets that may consist entirely of rental communities or vacation properties.

The data underscores the importance of hyperlocal analysis. An investor's strategy would need to vary significantly between a mixed-ownership area like 12701 and a rental-dominated market like 12720, each presenting different opportunities and competitive landscapes. Understanding these sub-market dynamics is critical for success.

Investors in Sullivan County are in a clear and sustained accumulation phase, consistently buying far more properties than they sell. In Q1 2026, landlords purchased 106 properties while selling only 10, resulting in a powerful 10.6-to-1 buy-to-sell ratio and a net gain of 96 properties.

This net-buyer behavior is a long-term trend, not a recent development. For the full year of 2025, investors bought 782 properties and sold 81 (a 9.7 ratio), and in 2024 they bought 883 while selling 93 (a 9.5 ratio). This pattern highlights strong, multi-year confidence in the local market.

Transaction velocity remains robust. The market saw high levels of activity through 2025, with quarterly purchases peaking at 233 in Q2. This consistent volume demonstrates deep market liquidity and an ongoing appetite for residential real estate assets among investors.

Given the negligible presence of institutional investors (1000+ tier), this aggressive acquisition activity is driven almost entirely by small, mom-and-pop landlords. It reflects a grassroots expansion of rental portfolios across the county.

The data shows no signs of a market pullback from investors. The continued high net acquisition rate in the most recent quarter suggests that the factors driving investment, such as rental demand and appreciation potential, remain firmly in place.

Investors were the dominant force in the Q1 transaction market, participating in 106 of the 171 total sales. This 62.0% share underscores their critical role in providing market liquidity and driving overall sales activity in Sullivan County.

The transaction activity is heavily concentrated at the smallest end of the investor spectrum. Single-property landlords (Tier 1) alone were responsible for 98 transactions, while institutional investors (Tier 09) conducted zero, highlighting a market completely driven by small-scale operators.

There is very little inter-landlord trading among new investors. Only 3.1% of properties purchased by Tier 1 landlords came from other investors, indicating they are primarily acquiring properties from traditional homeowners or new construction rather than trading assets within the investor community.

Interestingly, two-property landlords paid the highest average price in Q1 at $447,020 per property. This is 12.8% more than the $396,475 average paid by single-property landlords, suggesting those looking to expand their portfolio may be targeting higher-value assets.

The data reveals a clear pattern of market expansion. The high volume of purchases by Tier 1 entities, combined with the low percentage of deals sourced from other landlords, points to a net increase in the total number of rental properties in the county.