Franklin (NY) Investor Pulse Report (2025-Q4)

Individual investors overwhelmingly dominate the SFR market in Franklin County, NY, owning 2,395 properties, which accounts for 88.1% of the total 2,720 landlord-owned SFR properties. This stands in stark contrast to company ownership, which holds just 395 properties, or 14.5% of the market, highlighting the prevalence of small-scale investors.

The vast majority of landlord-owned SFR properties, 2,700 out of 2,720, are designated as rented, indicating a strong focus on generating rental income within the investor community in Franklin County. This implies a highly non-owner-occupied portfolio, reinforcing the role of these properties in the rental housing supply.

A significant preference for cash purchases is evident among landlords, with 1,969 properties (72.4%) acquired without financing, compared to only 751 properties (27.6%) that are financed. This reliance on cash suggests a robust capital base or a strategy to minimize debt and maximize returns.

The sheer number of individual landlords, totaling 3,119 entities, far surpasses the 376 company landlords, resulting in an 8.29:1 ratio. This indicates that the investor landscape in the county is predominantly shaped by a multitude of smaller, individual portfolio owners rather than large corporate entities.

Overall, Franklin County's SFR rental market is characterized by a high proportion of individually-owned, non-owner-occupied properties predominantly acquired with cash, positioning mom-and-pop landlords as the foundational element of its investment activity.

In a notable deviation from national trends, landlords in Franklin County, NY, paid a significant premium for SFR properties in Q4 2025, with an average acquisition price of $252,048. This represents a 26.2% increase, or $52,317 more, compared to the average $199,731 paid by traditional homeowners.

The landlord-homeowner price gap has been highly volatile throughout 2025. While landlords paid premiums in Q1 ($33,946 or 20.4% above homeowners) and Q3 ($59,706 or 26.7% above homeowners), they secured a substantial $119,872 discount (35.4%) in Q2. This erratic pattern suggests unique local market dynamics rather than a consistent pricing strategy or advantage.

Comparing broader annual trends, landlord acquisition prices experienced a modest increase from the pandemic-era average of $251,160 (2020-2023) to an average of $241,636 in Year 2025, and $252,048 in Q4 2025. This indicates a general stability or slight appreciation in landlord acquisition costs after a dip in 2024 (avg $211,220).

The reported average acquisition prices from `section6-1.csv` show a continuous reporting of prices despite 0 properties being recorded in specific timeframes, including Q4 2025. This suggests that while formal 'acquisitions' as defined by one data source might be low, other transactions (e.g., as reported in section 7 and 12) contribute to the average price calculation.

The absence of consistent price advantages for landlords, instead showing them paying a premium in most quarters, suggests either strong competition, a focus on specific property types, or a strategic willingness to pay higher prices in the Franklin County market to secure properties, which challenges the common narrative of landlord discounts.

Landlords significantly outpaced other buyers in Franklin County, NY, during Q4 2025, acquiring 59 SFR properties. This accounted for a substantial 54.1% of the total 109 SFR purchases in the quarter, demonstrating their strong market presence and buying momentum.

The market activity was heavily concentrated among smaller investors, with mom-and-pop landlords (Tiers 01-04) responsible for 58 properties, representing 95.1% of all landlord purchases. This highlights the foundational role of small-scale investors in driving recent market activity.

Institutional investors (Tier 09), despite their prominent media presence, played a minor role in Q4 purchases, acquiring only 2 properties. This figure equates to just 3.3% of landlord purchases, underscoring their limited direct impact on the current quarter's acquisition volume in this county.

A notable trend is the high number of new landlords entering the market. Single-property landlords (Tier 01) were associated with 72 distinct entities making 56 purchases, indicating that more individual investors are making their first foray into real estate ownership.

The Tier 01 segment, comprising single-property landlords, stands out as the most active, responsible for 56 properties or 91.8% of all Q4 landlord purchases by distinct tiers. This pronounced activity solidifies the mom-and-pop segment's role as the primary driver of new investor acquisitions in Franklin County.

Mom-and-pop landlords (Tiers 01-04) overwhelmingly control Franklin County's investor-owned SFR market, commanding an astonishing 99.2% share of all properties. This translates to 2,729 properties within these smaller portfolio sizes, underscoring their critical importance to the local housing supply.

The distribution of ownership is highly skewed towards the smallest investors, with single-property landlords (Tier 01) alone holding 2,501 properties, representing 90.9% of the entire investor-owned SFR portfolio. This makes first-time and individual landlords the undisputed backbone of the rental market in the county.

Institutional investors (Tier 09, 1000+ properties) hold a negligible share of the market, owning just 5 properties. This constitutes a mere 0.2% of the total landlord-owned SFR properties, largely debunking any notion of significant institutional dominance in Franklin County.

Analyzing Q4 2025 purchase prices reveals an interesting dynamic: institutional investors, when active, paid an average of $175,976 per property. This is 19.5% less than the $218,721 average price paid by single-property landlords, suggesting that larger investors may be targeting different market segments or employing more aggressive negotiation tactics.

The pronounced concentration in lower tiers, especially Tier 01, highlights that the growth and stability of Franklin County's investor-owned housing are primarily dependent on small, local investors rather than distant large-scale corporations.

Individual investors exert substantial control over smaller portfolios in Franklin County, holding 2,276 single-properties which account for 88.6% of Tier 01 ownership. This overwhelming individual presence establishes the foundation of the county's investor landscape.

As portfolio sizes increase, the share of company ownership steadily rises. In the two-property tier, companies own 32.0% (39 properties), which increases to 41.7% (40 properties) in the 3-5 property tier, and further to 40.0% (4 properties) in the 6-10 property tier. This trend, despite a slight dip in the 6-10 tier, signals companies' growing participation in mid-size portfolios.

While individual investors remain the majority across all reported tiers (1-10 properties), the data does not extend to larger tiers where a potential crossover point for company majority ownership might occur. For instance, individuals still hold 60.0% of properties in the 6-10 tier.

The significant presence of individual investors, even in relatively larger small landlord tiers (e.g., 56 individual properties in Tier 3-5), underscores that even as portfolio size grows beyond a single property, the market is still predominantly driven by natural persons rather than incorporated entities.

The pattern of ownership suggests a market where individual entrepreneurs incrementally build portfolios, with companies entering and expanding at slightly higher tiers, though they do not achieve majority control in any of the displayed smaller categories.

The distribution of investor-owned properties in Franklin County is highly concentrated, with Zip Code NY-Franklin-12986 leading with 551 properties and a 27.0% investor ownership rate. Following closely is NY-Franklin-12953, with 520 properties and a 17.5% rate, establishing these two areas as the primary centers for real estate investment in the county.

Despite having fewer total investor-owned properties, Zip Codes NY-Franklin-12981 and NY-Franklin-12995 demonstrate extreme investor concentration, with an astonishing 100.0% of their SFR properties being investor-owned. This indicates highly specialized or perhaps very small markets entirely managed by investors.

Other significant hubs by property count include NY-Franklin-12983 with 406 properties (27.3% rate), NY-Franklin-12920 with 146 properties (19.9% rate), and NY-Franklin-12989 with 125 properties, which also boasts a high 35.3% investor ownership rate.

A critical observation is the distinction between regions with the highest counts of investor-owned properties and those with the highest investor ownership rates. While 12986 and 12983 show both high counts and high percentages, 12981 and 12995 illustrate that even smaller areas can be entirely dominated by investors, suggesting diverse underlying market dynamics.

The geographic data reveals a fragmented market with pockets of intense investor activity. Investors are not uniformly spread but rather clustered in specific zip codes, indicating targeted investment strategies within Franklin County.

Landlords in Franklin County, NY, are exhibiting extremely strong net buying behavior, particularly in Q4 2025, with 77 property acquisitions against only 4 sales, leading to a remarkable 19.25x buy-to-sell ratio. This indicates a clear strategy of significant portfolio expansion within the quarter.

The trend of net buying extends throughout the year, with landlords accumulating 266 properties in Year 2025 while divesting only 32, resulting in an 8.31x buy-to-sell ratio. This sustained pattern demonstrates a robust and consistent appetite for SFR property acquisition over the past year.

In contrast to the overall landlord trend, institutional investors (1000+ properties) show a more cautious and balanced transaction pattern. For Year 2025, institutions were net buyers with 6 acquisitions versus 3 sales, but in individual quarters like Q3 and Q2, they maintained a neutral position (1 buy, 1 sell), or were net sellers, indicating strategic rather than aggressive accumulation.

The buy-to-sell ratio for all landlords has shown volatility, surging to 19.25x in Q4 2025 from 5.75x in Q3 2025 and 7.75x in Q2 2025, suggesting a recent acceleration in acquisition relative to disposition. This marks a sharp increase compared to Year 2024's 11.42x ratio, highlighting intensified market activity.

The contrasting transaction patterns between all landlords and institutional investors suggest a bifurcated market. Small to mid-size landlords are actively expanding their portfolios, while larger institutional players appear to be either maintaining their current holdings or making more selective, limited acquisitions.

Landlords were central to the Q4 2025 real estate market in Franklin County, participating in 77 of the 157 total SFR transactions. This substantial activity accounts for 49.0% of all transactions, underscoring their critical role in market liquidity and activity.

Transaction volumes were heavily skewed towards the smallest investors, with single-property landlords (Tier 01) driving 72 of the total 77 landlord transactions. This reinforces the finding that mom-and-pop investors are the primary engine of market activity in the county.

A notable price difference emerged in Q4, where institutional investors (1000+ properties) acquired properties at an average price of $175,976. This is significantly lower, by $42,745 or 19.5%, than the average $218,721 paid by single-property landlords, suggesting that larger players may target properties at a different price point or distress level.

Inter-landlord trading activity varied significantly by tier; single-property landlords sourced only 4.2% (3 transactions) of their purchases from other landlords, indicating a preference for buying from traditional homeowners or new builds. In contrast, small landlords (Tier 03-05) showed a higher reliance, with 50.0% (1 transaction) of their purchases coming from other landlords.

The overall transaction patterns in Q4 mirror the existing ownership distribution, with the overwhelming majority of activity concentrated in the mom-and-pop tiers. This indicates a consistent market structure where smaller investors are both the dominant owners and the most active participants in buying and selling properties.