Lamoille (VT) Investor Pulse Report (2026-Q1)

In Lamoille County, VT, real estate investors hold a significant 20.3% share of the single-family residential market, owning 1,620 out of 7,996 total SFR properties.

The market is overwhelmingly controlled by individual investors, who own 1,236 properties (76.3%), compared to 432 properties (26.7%) owned by companies. This highlights the prevalence of small-scale, local landlords over corporate entities.

A defining characteristic of this market is the complete absence of financing in the investor portfolio. All 1,620 investor-owned SFRs are classified as cash-owned, signaling a well-capitalized investor base that is not reliant on leverage.

The portfolio is heavily geared towards rental income, with 1,612 of the 1,620 properties (99.5%) listed as rented. This demonstrates a clear strategy focused on buy-and-hold for rental yield rather than speculative flipping.

The landlord landscape consists of 2,338 distinct entities, with individual landlords (1,897) outnumbering company landlords (441) by more than a 4-to-1 ratio, reinforcing the mom-and-pop nature of local property investment.

In Q1 2026, landlords in Lamoille County, VT, demonstrated a strong purchasing advantage, acquiring properties for an average of $357,833. This was 16.3% less than the $427,613 paid by traditional homeowners, translating to a substantial cash discount of $69,780 per home.

The price gap between landlords and homeowners has been highly volatile over the past year. While landlords secured an 18.6% discount ($114,138) in Q3 2025, they paid significant premiums in early 2025, including a 6.7% premium in Q2 and a striking 43.6% premium ($194,547) in Q1 2025.

This fluctuation suggests investors are not simply getting a consistent market-wide discount. Instead, they appear to be strategically targeting different segments of the market or property types from one quarter to the next, sometimes competing for higher-value properties and at other times focusing on undervalued assets.

Examining longer-term price trends reveals significant appreciation. The average landlord acquisition price during the 2020-2023 period was $616,095, highlighting the market's price shifts in recent years.

During Q4 2025, landlords were a significant force in the Lamoille County, VT market, acquiring 10 of the 50 total SFR properties sold, which represents a 20.0% market share of all purchases.

The entirety of this purchasing activity came from small-scale investors. Mom-and-pop landlords (owning 1-10 properties) accounted for 100% of the 10 homes bought by investors, with zero acquisitions recorded by institutional players.

New investors entering the rental market were the primary drivers of this activity. The single-property tier alone purchased 8 properties (80% of the investor total), demonstrating robust grassroots interest in real estate investment.

These 8 properties were acquired by 10 distinct entities, indicating some properties were purchased through partnerships or co-ownership arrangements among first-time landlords.

Investors in the two-property tier also contributed, purchasing 2 properties (20% of the investor total), further solidifying the dominance of small landlords in the acquisition landscape.

The ownership structure of investor-held real estate in Lamoille County, VT, is almost entirely composed of small-scale landlords. Mom-and-pop investors (Tiers 01-04, owning 1-10 properties) control 99.8% of the 1,620 investor-owned SFRs.

This concentration at the small end of the market is extreme. Single-property landlords (Tier 01) alone own 1,532 properties, which constitutes 93.0% of the entire investor portfolio. This underscores that the local rental market is overwhelmingly supported by individuals with a single investment property.

In stark contrast, institutional investors (Tier 09, 1,000+ properties) have a virtually non-existent footprint, owning just 2 properties, or 0.1% of the total. This challenges the common narrative of large corporations dominating residential real estate markets.

The mid-size tiers are also sparsely populated. Landlords in the small-medium (11-20 properties) and large (101-1,000 properties) tiers each own only 1 property, further emphasizing the market's fragmented, small-investor character.

While individual investors own the majority of rental properties overall in Lamoille County, VT, a clear pattern emerges when analyzing ownership by portfolio size. Companies become the dominant owner type in larger portfolios, a transition that occurs in the 6-10 property tier.

In the smallest tiers, individuals are the primary owners. They hold 75.7% of properties in the single-property tier (1,193 homes) and 70.3% in the two-property tier (45 homes).

The crossover point appears in the small landlord tiers. Ownership is split evenly at 50/50 for the 3-5 property tier. Immediately after, in the 6-10 property tier, company ownership surges to 90.0%, with companies owning 9 of the 10 properties.

This trend reveals a distinct business strategy: while individuals form the bedrock of the entry-level market, investors seeking to scale beyond a handful of properties are more likely to operate under a corporate structure for liability, financing, or operational reasons.

Geographic analysis of investor ownership in Lamoille County, VT, reveals significant concentration in specific zip codes. The zip code 05672 stands out as the epicenter of investor holdings by volume, containing 742 investor-owned properties.

However, the highest rate of investor penetration occurs elsewhere. In zip code 05653, investors own 43.6% of all single-family homes, making it the most saturated sub-market for rental properties on a percentage basis.

This distinction between high-volume and high-penetration areas highlights different market dynamics. While 05672 has the largest number of rentals, 05653 shows a market where nearly half the housing stock is controlled by investors.

Other notable areas of investor concentration include 05655 (102 properties, 11.4% rate) and 05464 (77 properties, 10.3% rate), demonstrating a targeted approach to acquisitions rather than a uniform distribution across the county.

Conversely, some zip codes like 05489 and 05826 show no investor-owned properties, indicating areas that are either less attractive for rentals or present fewer acquisition opportunities.

Historical transaction data shows landlords in Lamoille County, VT, are consistently and aggressively expanding their portfolios. In Q1 2026, investors were strong net buyers, with 13 acquisitions against only 1 sale.

This pattern of accumulation is not a recent development. Throughout 2025, landlords maintained a 10-to-1 buy-to-sell ratio, purchasing 90 properties while only selling 9. The trend was similar in 2024, with 115 buys versus 13 sells, an 8.8-to-1 ratio.

The sustained, high-velocity net buying activity signals strong confidence in the local rental market and a long-term hold strategy among the investor community. Investors are clearly in an accumulation phase rather than a period of liquidation or portfolio churning.

Transaction volumes show a steady pace of acquisitions quarter-over-quarter, with 23 buys in Q3 2025 and 18 buys in Q2 2025, both periods showing minimal sell-side activity (3 sales in each quarter).

Notably, there was no transaction data available for institutional-grade investors (1,000+ properties), which aligns with their minimal ownership presence in the county.

In the first quarter of 2026, landlords captured a 17.6% share of the Lamoille County, VT, real estate market, engaging in 13 of the 74 total SFR transactions.

All of this activity was driven by small investors. Single-property landlords (Tier 01) were the most active, conducting 10 transactions, while two-property landlords (Tier 02) made 3 transactions. No purchases were made by mid-size or institutional investors.

A key finding from Q1 is the source of investor acquisitions. None of the 13 properties purchased by landlords were acquired from other investors (0% bought from landlords). This indicates that investors are expanding the total rental pool by buying from homeowners, rather than trading existing rental assets among themselves.

Purchase prices varied slightly between the active tiers. First-time or single-property landlords paid a higher average price of $362,250, while investors in the two-property tier acquired homes for an average of $349,000.