San Bernardino (CA) Investor Pulse Report (2025-Q4)

Investors hold a significant 22.1% of all Single Family Residential properties in San Bernardino County, totaling a portfolio of 105,656 homes.

Individual investors are the definitive market force, owning 87,428 properties, which accounts for a commanding 82.7% of the investor-owned market, compared to 21,923 properties (20.7%) held by companies.

This dominance by individuals is also reflected in the entity count, where 120,326 individual landlords vastly outnumber the 15,850 company landlords, a ratio of more than 7-to-1.

The portfolio is overwhelmingly geared towards rental income, with 104,475 properties (98.9%) classified as rented or non-owner-occupied, signaling a clear investment strategy across the market.

Financing is the more common method of acquisition, with 58,114 properties (55.0%) carrying a mortgage, versus the 47,542 properties that are owned free and clear with cash.

Landlords in San Bernardino County demonstrate a significant pricing advantage, paying an average of $538,019 per property in Q4 2025, which is 15.0% less than the $633,088 paid by traditional homeowners.

This substantial $95,069 discount per property in Q4 marks a widening gap throughout 2025. The investor advantage grew from an 11.8% discount ($73,555) in Q1, indicating an increasing ability for landlords to secure favorable prices as the year progressed.

The average landlord acquisition price has appreciated steadily since the pandemic-era boom. The Q4 2025 average price of $538,019 represents an 8.3% increase over the average of $496,912 paid between 2020 and 2023.

While homeowner prices remained consistently above $625,000 all year, landlord prices fluctuated slightly, underscoring the persistent and significant price disparity between the two buyer types.

The consistent ability of landlords to acquire properties at a deep discount across all quarters suggests strategic purchasing, such as targeting distressed properties or leveraging off-market deals not typically accessed by traditional buyers.

Investor activity surged in Q4 2025, with landlords purchasing 1,380 properties and capturing a significant 38.4% share of the 3,592 total SFR homes sold in San Bernardino County.

The market's growth is overwhelmingly fueled by small-scale investors, as mom-and-pop landlords (1-10 properties) were responsible for 93.6% (1,291) of all Q4 landlord acquisitions.

A wave of 1,537 new single-property landlords entered the market, acquiring 1,078 homes and single-handedly accounting for 78.1% of all investor purchases this quarter.

In stark contrast, large-scale institutional investors (Tier 09) had a minimal footprint, purchasing only 21 properties, which amounts to just 1.5% of the total landlord activity.

This data reveals a market dynamic dominated by new and small investors, with mom-and-pop buyers acquiring 61 times more properties than their institutional counterparts in Q4.

The investor landscape in San Bernardino County is definitively controlled by small-scale landlords, with mom-and-pop investors (owning 1-10 properties) holding 95.4% of all investor-owned SFRs.

First-time and single-property landlords (Tier 01) form the bedrock of the market, alone accounting for 77.8% of all investor-owned homes, with a massive portfolio of 85,369 properties.

The market share of larger investors is minimal. Mid-size landlords (11-1000 properties) represent a small fraction of the market, collectively owning just 3.6% of the investor-held housing stock.

Despite common narratives about corporate takeovers, institutional investors (Tier 09) have a very limited presence, owning only 1,077 properties, which translates to a mere 1.0% market share.

The ownership structure is highly fragmented, with the top four 'mom-and-pop' tiers owning over 95 times more properties than the largest institutional tier, underscoring the profound dominance of individual capital in the rental market.

Ownership structure shifts dramatically as portfolio sizes increase. Individual investors are the primary force in smaller tiers, owning 86.2% of single-property portfolios and 56.0% of 6-10 property portfolios.

The tipping point from individual to corporate ownership occurs in the 11-20 property tier (Tier 05), where companies own a majority stake of 60.6% (757 properties).

Company dominance becomes nearly absolute in larger portfolios. In the 21-50 property tier, companies own 90.2% of the homes, and for portfolios larger than 51 properties, company ownership exceeds 99%.

This reveals a clear pattern: individuals fuel the entry-level and small-scale rental market, while corporate structures are the required vehicle for building and managing larger, more professionalized portfolios.

Even among the smallest portfolios, using a corporate entity is a common strategy, with 12,154 single-property homes held under a company structure, likely for liability protection.

Investor ownership in San Bernardino County is geographically concentrated in a few key areas, particularly in mountain resort communities. The zip codes of 92315 (Big Bear Lake), 92352 (Lake Arrowhead), and 92314 (Big Bear City) contain the highest volume of investor-owned properties, with 5,875, 5,603, and 5,151 homes respectively.

Some zip codes demonstrate exceptionally high investor penetration. Notably, 92332, 92304, and 92351 show 100% investor ownership, suggesting these may be vacation rental communities or areas with housing stock primarily held for investment purposes.

The leading regions by count also exhibit high ownership rates, with 70.9% of SFRs in 92315 and 66.0% in 92352 being investor-owned, far exceeding the county-wide average of 22.1%.

This data points to a strong focus on mountain and resort communities, where properties likely serve as both long-term rentals and short-term vacation homes, driving up investor ownership densities.

The contrast between high-volume zip codes and those with 100% penetration highlights two different investor strategies: large-scale accumulation in popular areas versus complete market capture in smaller, specialized locales.

Landlords in San Bernardino County are in a strong accumulation phase, acting as decisive net buyers. In Q4 2025, they purchased 1,938 properties while selling only 454, a buy-to-sell ratio of 4.27-to-1.

This aggressive buying posture was consistent throughout the year. For all of 2025, landlords acquired 8,291 properties while selling only 1,940, resulting in a net gain of 6,351 homes to their collective portfolios.

Institutional investors (1000+ tier) have shifted their strategy back to acquisition. After being net sellers in 2024 (54 buys vs 62 sells), they became net buyers in 2025, acquiring 96 properties while divesting 76.

The institutional net buying in Q4 (21 buys vs 9 sells) was their strongest quarter of the year, signaling a potential acceleration in their purchasing activity after a period of divestment.

The high transaction velocity, with over 8,000 landlord purchases in 2025, signals a liquid and active market where investors are confidently expanding their holdings.

Landlords represented a major force in the Q4 2025 market, participating in 1,938 of the 5,763 total transactions, for a market share of 33.6%.

A dramatic price disparity exists between the smallest and largest investors. Single-property landlords (Tier 01) paid the highest average price at $541,023, while institutional investors (Tier 09) paid the lowest at $364,299—a 32.7% discount.

This price gap suggests sophisticated acquisition strategies by larger investors, who likely target off-market, multi-property, or distressed deals unavailable to smaller buyers who compete more directly with traditional homeowners.

Larger investors are significantly more likely to acquire properties from their peers. Institutional buyers sourced 33.3% of their Q4 purchases from existing landlords, compared to just 10.0% for new, single-property buyers.

The transaction data shows that as investor size increases, purchase prices decrease and the likelihood of engaging in inter-landlord trades increases, indicating a more professionalized and efficient acquisition pipeline for larger players.