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

Landlords in Lewis County own 1,527 Single Family Residential (SFR) properties, representing a substantial 21.1% of the total 7,254 SFR properties in the market. This indicates a significant investor presence within the local housing landscape.

Individual investors overwhelmingly dominate the landlord sector, owning 1,411 properties, which accounts for 92.4% of all investor-owned SFRs. In contrast, company-owned SFR properties stand at 153, making up 10.0% of the market, showcasing a clear preference for individual ownership.

The ownership structure is further highlighted by the entity count, with 1,862 individual landlords compared to just 154 company landlords. This ratio of approximately 12:1 underscores that the vast majority of rental housing providers are individual, often local, investors.

A strong rental-focused strategy is evident, as 1,520 of the 1,527 landlord-owned properties are rented. This means nearly all investor-held SFR properties are actively part of the rental supply, reflecting the core business model of these landlords.

Cash transactions play a significant role in landlord acquisitions, with 1,042 properties acquired by cash compared to 485 that were financed. This suggests a preference for unencumbered assets or a strong financial capacity among Lewis County's investor base.

In Q4 2025, landlords in Lewis County demonstrated a notable pricing advantage, acquiring properties at an average of $191,639. This was $18,420 less than traditional homeowners, who paid $210,059, translating to an 8.8% discount for landlords.

The pricing dynamics between landlords and homeowners have shown significant quarter-over-quarter volatility in 2025. Landlords paid a 15.6% premium in Q1 ($219,570 vs $189,924), but then secured discounts of 9.6% in Q2 ($165,216 vs $182,849) and 14.8% in Q3 ($185,155 vs $217,360), highlighting rapidly shifting market conditions.

Comparing annual trends, the average landlord acquisition price for 2025 reached $188,022, representing an approximately 15.7% increase from the $162,571 average seen during the 2020-2023 period. This indicates a steady appreciation in property values for landlord purchases over recent years.

Despite the current quarter's discount, the significant price premium paid by landlords in Q1 2025 ($219,570) compared to homeowners ($189,924) suggests that landlords were willing to pay above market rates when conditions favored aggressive acquisition, possibly due to limited inventory or strong demand early in the year.

The continuous fluctuation in the landlord-homeowner price gap over 2025, ranging from a 15.6% premium to a 14.8% discount, underscores the dynamic nature of Lewis County's housing market and the varying strategies employed by different buyer types across quarters.

In Q4 2025, landlords in Lewis County played a significant role in the housing market, accounting for 29 of the total 76 SFR purchases. This means landlords were responsible for 38.2% of all SFR properties bought in the quarter.

The Q4 purchasing activity was exclusively dominated by mom-and-pop landlords (Tiers 01-04), who made all 29 landlord acquisitions. This highlights the foundational role of smaller investors in the local market, with no recorded purchases by institutional investors (Tier 09).

Specifically, single-property landlords (Tier 01) drove all of the landlord purchasing activity, with 39 entities acquiring 29 distinct SFR properties. This indicates a robust entry of new, smaller investors into the Lewis County rental market.

The fact that 39 entities classified as single-property landlords collectively acquired 29 distinct properties suggests a strong influx of first-time investors or existing landlords expanding their smallest portfolios. This trend underscores the accessibility of the market to individual buyers.

The complete absence of institutional investor purchases in Q4, coupled with the high percentage of purchases by mom-and-pop landlords, reinforces the narrative of Lewis County as a market driven by local, smaller-scale real estate investment.

Lewis County's investor-owned SFR market is overwhelmingly dominated by mom-and-pop landlords (Tiers 01-04), who control an astounding 99.7% of all investor-owned properties. This distribution signals a market largely comprised of local, individual investors rather than large corporations.

The single-property landlord tier (Tier 01) is the backbone of the investor market, owning 1,437 properties, which accounts for 92.9% of the total investor-owned SFR portfolio. This highlights the significance of individual owners holding just one rental property.

The distribution rapidly tapers off after Tier 01, with two-property landlords (Tier 02) owning 74 properties (4.8%), and landlords with 3-5 properties owning 29 properties (1.9%). This steep decline underscores the rarity of larger portfolios in Lewis County.

Mid-size landlords (Tiers 05-08) hold a minimal presence, with 1 property each in Tiers 11-20, 21-50, 51-100, and 101-1000. This indicates an extremely fragmented market where very few entities hold more than 10 properties.

Notably, institutional investors (Tier 09, 1000+ properties) have no recorded ownership in Lewis County, holding 0.0% of the investor-owned SFR market. This definitively positions Lewis County as a non-institutional investor market.

Individual investors are the driving force behind smaller portfolios in Lewis County, accounting for 1,343 (91.6%) of single-property (Tier 01) investor-owned SFRs. This concentration underlines the widespread activity of individual, often first-time, landlords.

In the two-property tier (Tier 02), individual investors continue their dominance, owning 61 properties (80.3%) compared to companies owning 15 properties (19.7%). This confirms the strong preference for individual ownership across the smallest portfolio sizes.

The 3-5 property tier (Small landlord) represents the highest concentration of company ownership, with companies holding 12 properties (41.4%) while individuals own 17 properties (58.6%). This indicates companies start to gain a more significant foothold as portfolios grow beyond a single property.

However, the trend reverses sharply in the 6-10 property tier (Small landlord), where individuals own all 3 properties (100.0%) and companies own none. This suggests that Lewis County does not have a sustained pattern of increasing company dominance with portfolio size, unlike many larger markets.

Based on the available data, there is no clear crossover point where companies become the majority owners over individuals within Lewis County's investor tiers. Individual investors maintain majority control across all reported tiers where both types of ownership exist.

Within Lewis County, the 13367 zip code stands out as the area with the highest concentration of investor-owned properties, totaling 317 SFRs. This represents a 15.4% investor ownership rate, making it a key hub for landlord activity.

Following closely, the 13312 zip code shows a substantial 133 investor-owned properties and notably has the highest investor ownership percentage at 50.2%. This indicates that over half of the SFR properties in 13312 are landlord-owned, signifying high market penetration.

Other significant areas by investor property count include 13343 with 106 properties (20.2% ownership rate), 13433 with 99 properties (23.6% ownership rate), and 13626 with 93 properties (21.2% ownership rate). These zip codes collectively showcase the geographic spread of landlord activity within Lewis County.

The investor ownership rate varies considerably across Lewis County's zip codes, from 50.2% in 13312 to 15.4% in 13367. This demonstrates that while landlord activity is present throughout the county, its intensity differs significantly at the local level.

There is a correlation between high property count and high ownership rates in Lewis County; for instance, 13312 is both among the top by count and leads by percentage, indicating that areas with more investor-owned homes also tend to have a higher proportion of their housing stock controlled by landlords.

Lewis County landlords consistently remained strong net buyers in Q4 2025, acquiring 39 properties while selling only 5, resulting in a net gain of 34 properties. This reflects a robust appetite for acquisition within the local market.

The overall trend for 2025 reinforces this net buyer status, with landlords purchasing a total of 164 properties and selling just 10, leading to a net accumulation of 154 properties. This highlights sustained growth in landlord portfolios throughout the year.

Looking back to 2024, landlords similarly demonstrated a strong net buyer position, with 188 properties acquired against 15 sold, for a net increase of 173 properties. This consistent pattern over multiple years signals a stable and growing landlord presence in Lewis County.

The complete absence of transaction data for institutional investors (1000+ tier) indicates that this segment of the market has not been active in Lewis County during 2025 or 2024. This further emphasizes the dominance of smaller, individual landlords in the region.

The significant disparity between buy and sell volumes across all timeframes suggests that landlords in Lewis County are primarily focused on expanding their portfolios rather than divesting, contributing to a tightening of the rental market supply.

In Q4 2025, landlords in Lewis County were involved in 39 transactions, representing a substantial 36.1% share of the total 108 SFR transactions in the quarter. This demonstrates their significant influence on market activity.

The transaction volume was exclusively driven by mom-and-pop landlords, specifically single-property (Tier 01) landlords, who completed all 39 transactions. This aligns with the overall ownership distribution in the county, emphasizing the importance of smaller investors.

The average purchase price for Tier 01 landlords in Q4 was $191,639. This figure is consistent with the general landlord acquisition pricing for the quarter, indicating that new or single-property landlords are buying at market rates for their size.

A notable pattern in Q4 was the inter-landlord trading activity, with 4 (10.3%) of the 39 single-property landlord transactions involving properties bought from other landlords. This indicates a degree of internal market circulation within the investor community.

The complete absence of transaction activity from institutional investors (Tier 09) in Q4 further solidifies the view that Lewis County's real estate investment market is primarily fueled by local and smaller-scale investors.