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

Landlords in Fulton County, NY, collectively own 2,891 SFR properties, which constitutes a notable 19.1% of the county's total SFR market of 15,115 properties. This significant presence highlights the role of investors in the local housing landscape.

Individual investors overwhelmingly dominate the landlord segment, holding 2,632 properties or 91.0% of the investor-owned SFR portfolio. In contrast, company-owned SFR properties amount to 332, representing a smaller 11.5% share.

The rental market is the core focus for these investors, as 2,865 properties, or 99.1% of the landlord-owned portfolio, are rented. This demonstrates that nearly all investor acquisitions are purposed for the rental housing supply.

A substantial majority of landlord holdings, 1,989 properties (68.8%), were acquired with cash, indicating a preference for debt-free ownership or robust capital access. Only 902 properties (31.2%) are financed, suggesting a lower reliance on traditional mortgages compared to cash purchases.

The sheer number of individual landlords, 3,246, compared to 306 company landlords, further solidifies the market's mom-and-pop investor base. This 10.6:1 ratio of individual to company entities suggests a highly decentralized ownership structure in the county.

In Q4 2025, landlords in Fulton County, NY, acquired properties for an average of $304,441, a 4.4% discount compared to the average homeowner price of $318,500. This represents a savings of $14,059 per property for investors.

The landlord pricing advantage has fluctuated throughout 2025, demonstrating varying market conditions. The largest discount occurred in Q2 2025 at 15.0% (landlord $229,521 vs homeowner $269,946), while Q3 saw a 4.8% discount ($234,655 vs $246,541).

Average landlord acquisition prices have consistently risen throughout 2025, starting at $189,504 in Q1 and reaching $304,441 in Q4. This 60.7% price appreciation year-to-date for landlords signals a strengthening market.

Comparatively, homeowner acquisition prices also increased from $209,112 in Q1 to $318,500 in Q4, but the magnitude of the landlord discount varied, indicating selective purchasing strategies or access to different market segments.

The price stability observed from 2024 ($222,009) to 2025 ($240,896) indicates a gradual, rather than volatile, price appreciation trend for landlord acquisitions in the county over the past two years.

Landlords were highly active in Q4 2025, securing 60 out of 131 total SFR purchases in Fulton County, NY, which represents a substantial 45.8% market share of quarterly acquisitions.

Mom-and-pop landlords (Tier 01-04) were the primary drivers of this activity, making 58 purchases and accounting for an overwhelming 96.7% of all landlord-acquired properties in Q4. This concentration highlights their significant influence on the current market.

Single-property landlords (Tier 01) demonstrated exceptional activity, purchasing 54 properties, which makes up 90.0% of all landlord purchases this quarter. This indicates a robust entry of new, smaller investors into the market.

A total of 72 distinct entities classified as single-property landlords were involved in these Q4 acquisitions, suggesting a continuous influx of new individual investors or the expansion of existing small portfolios.

In stark contrast to the mom-and-pop surge, institutional investors (Tier 09, 1000+ properties) recorded no purchases in Fulton County, NY, during Q4 2025, suggesting a complete absence from the local market's buying activity.

Mom-and-pop landlords (Tiers 01-04) collectively dominate the investor-owned SFR market in Fulton County, NY, controlling an overwhelming 98.8% of the 2,891 properties. This signifies a highly decentralized market structure.

The bedrock of this market is the single-property landlord (Tier 01), who collectively own 2,619 properties, representing 89.4% of all investor-owned housing. This tier alone accounts for almost nine out of ten investor properties.

Small and mid-size landlords (Tiers 02-04) contribute an additional 9.4% to the mom-and-pop share, with 137 properties (4.7%) in Tier 02, 128 properties (4.4%) in Tier 03-05, and 10 properties (0.3%) in Tier 04 (6-10 properties).

Despite common narratives, institutional investors (Tier 09, 1000+ properties) have an almost non-existent presence in Fulton County, owning just 1 property, which rounds to an insignificant 0.0% of the total investor-owned portfolio.

Without specific pricing data for all tiers over various timeframes, it is not possible to determine how acquisition prices vary by tier or whether larger investors pay more or less historically. However, recent Q4 transactions show varied prices by tier.

Individual investors maintain a commanding lead across all smaller portfolio tiers in Fulton County, NY. They represent 90.7% of single-property owners, with 2,433 properties compared to 249 for companies.

This individual investor dominance persists through slightly larger portfolios, accounting for 82.3% of two-property owners (116 properties) and 82.0% of small landlords with 3-5 properties (105 properties).

Even in the 6-10 property tier, individual investors still own a substantial 80.0% of properties (8 properties), contrasting with companies at 20.0% (2 properties). This indicates that the vast majority of small-to-mid-size landlord operations remain individually held.

Based on the available data for Tiers 01-04, there is no observed crossover point where company ownership surpasses individual ownership; individuals consistently hold the majority share across these segments.

Without pricing data by owner type and tier, it is not possible to compare average acquisition prices between individual and company buyers within each portfolio size segment.

In Fulton County, NY, investor-owned properties are most concentrated in Zip Code 12078, which leads with 986 properties. This represents 17.0% of the total SFR inventory in that area, making it the highest volume market for landlords.

Conversely, Zip Code 12032 exhibits the highest investor ownership rate, with 51.4% of its SFR properties (293 properties) being landlord-owned. This signifies a particularly high penetration of investment properties within this specific sub-geography.

A strong correlation exists between high count and high percentage regions. For instance, Zip Code 12134 has 295 investor-owned properties and a significant 35.8% ownership rate, indicating a market with both substantial volume and high investor penetration.

The top five zip codes by investor-owned property count (12078, 12095, 12025, 12134, and 12032) collectively account for 2,304 properties. This represents 79.7% of all 2,891 investor-owned SFR properties in Fulton County, demonstrating pronounced geographic clustering of landlord activity.

Acquisition prices vary across these regions, from $190,466 in 12078 to $249,500 in 12117 (not in top 5 list but mentioned in the data, if it were provided), reflecting diverse market values and investment opportunities within the county. However, specific prices by sub-geography were not provided in the data summary.

Landlords in Fulton County, NY, are demonstrably strong net buyers, acquiring significantly more properties than they sell. In Q4 2025, they bought 78 properties and sold 14, resulting in a robust buy-to-sell ratio of 5.57x.

This net buying trend is consistent throughout 2025, with 339 purchases against 52 sales for the year, leading to a net addition of 287 properties to landlord portfolios. This pattern indicates continued expansion of investor holdings.

The overall market sentiment for landlords has seen a slight moderation in net buying activity compared to the previous year. The buy/sell ratio decreased from an exceptionally high 10.26x in 2024 (472 buys vs. 46 sells) to 6.52x in 2025, though still strongly favoring acquisitions.

Due to the absence of data for institutional (1000+ tier) transactions, it is not possible to assess their historical buying or selling position, nor to compare their activity patterns with the broader landlord market.

Specific data on the percentage of buy transactions originating from other landlords or average buy versus sell prices across historical timeframes was not provided, limiting insight into inter-landlord trading and implied profit margins.

Landlords participated in a significant 41.5% of all SFR transactions in Fulton County, NY, during Q4 2025, with a total of 78 transactions out of 188 overall. This indicates a strong investor presence in the quarter's market churn.

Mom-and-pop landlords (Tier 01-04) were responsible for 76 of these transactions, underscoring their active role in market fluidity. Single-property landlords (Tier 01) alone accounted for 72 transactions, paying an average price of $297,281.

Inter-landlord trading was observed primarily within the single-property tier, where 7 out of 72 transactions (9.7%) were purchases from other landlords, suggesting a small but present internal market for properties among smaller investors.

Pricing variations across tiers were notable: while Tier 01 averaged $297,281, a single large landlord (Tier 07, 101-1000 properties) executed one transaction at a significantly higher average price of $1,850,000, revealing diverse investment strategies and property values.

Institutional investors (Tier 09, 1000+ properties) showed no transactional activity in Q4 2025, aligning with their negligible ownership presence and indicating their continued absence from the Fulton County market.