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

Landlords in Sullivan County, NY, collectively own a substantial portfolio of 10,902 SFR properties, which accounts for a significant 42.7% of the total 25,556 SFR properties in the county, signaling a highly active investor market.

Individual landlords are the predominant force, owning 9,260 properties (84.9%) within the investor-owned segment, while company-owned properties number 1,979 (18.2%). This highlights that the vast majority of investment is driven by individual owners, not large corporations.

The investor-owned portfolio is heavily geared towards rentals, with 10,860 properties, or 99.6% of all landlord-owned SFR, classified as rented. This indicates that almost all investor activity is focused on generating rental income.

A striking 72.7% of landlord-owned SFR properties (7,930 properties) are held outright in cash, far exceeding the 27.3% (2,972 properties) that are financed. This suggests a preference for unencumbered assets or a market where cash buyers are prevalent.

There are 6.46 individual landlords for every company landlord in Sullivan County, with 11,928 individual entities compared to 1,847 company entities. This emphasizes the fragmented nature of the landlord market, primarily driven by small-scale private investors.

In Q4 2025, landlords in Sullivan County paid an average of $340,728 for SFR properties, securing a notable $42,673 discount, or 11.1% less than traditional homeowners who paid $383,401. This signals landlords' ability to find more favorable acquisition prices compared to owner-occupants.

The landlord-homeowner price gap experienced significant volatility throughout 2025; after paying premiums of 10.7% in Q1 ($34,568), 4.2% in Q2 ($14,218), and a substantial 24.0% in Q3 ($78,715), landlords pivoted to a distinct discount in Q4.

Despite the Q4 discount, overall landlord acquisition prices have shown a healthy appreciation of 11.7% since the pandemic era. The average landlord price jumped from $305,042 during 2020-2023 to $340,728 in Q4 2025, reflecting a significant market value increase over recent years.

Landlord acquisition activity across individual timeframes for 2024 and 2025 reported 0 distinct SFR properties purchased, yet average prices are provided for these periods. This suggests that while formal acquisition counts may be zero for specific data points, pricing data reflects market averages relevant to landlord activity.

The Year 2025 average landlord acquisition price of $366,507 represents a modest increase from the Year 2024 average of $360,029. This indicates a consistent, albeit slight, upward trend in overall landlord buying prices year-over-year, contrasting with the quarterly fluctuations.

Landlords were the dominant force in Sullivan County's SFR market during Q4 2025, acquiring 135 properties, which constitutes a significant 55.6% share of the total 243 SFR purchases made in the quarter.

Mom-and-pop landlords (Tiers 01-04) were overwhelmingly active, responsible for 136 properties, representing 98.6% of all landlord purchases in Q4. This highlights their critical role in shaping the current market, while institutional investors (Tier 09) made no reported purchases.

Single-property landlords (Tier 01) spearheaded Q4 purchasing activity, acquiring 118 properties and accounting for 85.5% of all landlord purchases. This indicates a robust entry of new, smaller-scale investors into the market.

A substantial 155 new entities classified as single-property landlords (Tier 01) entered the market in Q4. This influx of first-time investors signals strong individual confidence and continued expansion of the mom-and-pop segment.

The concentration of Q4 activity among smaller tiers is stark: single-property landlords (Tier 01) purchased 118 properties, followed by two-property landlords (Tier 02) with 14 properties. Larger tiers (11-20 and 101-1000 properties) each acquired only a single property, underscoring the market's reliance on smaller investors for purchase volume.

Mom-and-pop landlords, encompassing those with 1 to 10 properties (Tiers 01-04), collectively control an overwhelming 99.6% of all investor-owned SFR properties in Sullivan County, signifying their near-total dominance of the rental market.

The distribution of ownership is heavily skewed towards the smallest investors, with single-property landlords (Tier 01) alone accounting for 9,970 properties, representing a commanding 90.2% of the entire investor-owned SFR portfolio.

In stark contrast to media narratives, institutional investors (Tier 09, 1000+ properties) own a minimal presence, with only 2 properties, constituting a negligible 0.0% of the investor-owned market in Sullivan County.

The breakdown reveals a rapid decline in property share as portfolio size increases; while Tier 01 holds 90.2%, Tier 02 drops to 5.5% (606 properties), and even the mid-size Tiers (11-1000 properties) represent a tiny fraction of the market.

The absence of institutional players suggests that Sullivan County's SFR investment landscape remains highly accessible and appealing to individual investors, reinforcing a community-centric ownership model rather than corporate control.

Individual investors overwhelmingly dominate the smaller portfolio tiers in Sullivan County, controlling 84.4% of single-property (Tier 01) holdings, 69.5% of two-property (Tier 02) holdings, and 66.4% of small landlord (3-5 properties) portfolios.

A significant shift occurs in the small-medium (11-20 properties) tier, where companies become the majority owners, commanding a dominant 96.9% of properties, compared to a mere 3.1% held by individuals. This represents a critical crossover point in ownership structure.

While individuals maintain a majority in the 6-10 property tier (56.4%), their share progressively decreases as portfolio size increases, demonstrating a clear pattern of increasing company influence in larger investment scales.

The data highlights that the 'mom-and-pop' ethos largely applies to smaller portfolios, with companies only beginning to establish significant control once a landlord's portfolio reaches double-digit property counts.

The strong concentration of company ownership in the 11-20 property tier (31 properties owned by companies) suggests a strategic entry or scaling point for corporate investors in Sullivan County, focusing on accumulating more substantial portfolios.

In Sullivan County, NY, three specific zip codes—NY-Sullivan-12767, NY-Sullivan-12771, and NY-Sullivan-12785—demonstrate a remarkable 100.0% investor ownership rate for SFR properties, suggesting highly specialized or vacation-focused markets within the county.

NY-Sullivan-12701 emerges as the leading sub-geography by sheer volume of investor-owned properties, with 1,383 holdings, indicating a significant concentration of landlord activity, despite its ownership rate being 47.5%.

NY-Sullivan-12720 presents itself as a highly attractive market for investors, appearing in both top 5 lists: it ranks 2nd by investor-owned property count with 873 properties and 5th by ownership percentage at 65.5%, signifying a strong investor footprint.

The presence of zip codes with 100.0% investor ownership highlights unique market dynamics where traditional homeowners may be scarce, potentially signaling areas primarily developed or repurposed for investment purposes, such as resort communities.

Comparing top regions by count versus percentage reveals varied market characteristics; while some regions have high absolute numbers of investor-owned properties, others have an extremely high proportion, indicating differing levels of market penetration and investor saturation.

Landlords in Sullivan County, NY, are exhibiting strong net buying behavior, culminating in a Q4 2025 buy/sell ratio of 18.2:1, driven by 182 purchases against only 10 sales. This signals robust confidence and an accumulation strategy within the market.

The trend of net buying has been consistent throughout 2025, with 839 properties purchased against 74 sold for the entire year, resulting in an annual buy/sell ratio of 11.34:1. This indicates a sustained period of portfolio expansion among landlords.

While transaction volumes have varied quarter-to-quarter (e.g., Q2 250 buys, Q4 182 buys), the buy/sell ratio has increased in Q4, demonstrating landlords' strategic focus on acquisitions while minimizing dispositions, reflecting a tightening hold on existing properties.

The absence of institutional investor (1000+ properties tier) transaction data prevents a comparative analysis of their buying and selling patterns. This limits understanding of how larger, corporate-backed investors are impacting the county's housing market dynamics.

The persistent high buy/sell ratios across multiple quarters and the full year 2025 suggest a market where landlords are actively expanding their portfolios, contributing to a competitive environment for SFR properties in Sullivan County.

Landlords were significant players in the Q4 2025 SFR market in Sullivan County, involved in 182 transactions, which accounts for 52.9% of the total 344 SFR transactions that occurred during the quarter.

Transaction activity is heavily concentrated among single-property landlords (Tier 01), who were responsible for 157 transactions. This indicates that new and small-scale investors are the primary drivers of market liquidity in Q4.

Average purchase prices varied considerably by tier in Q4. While single-property landlords (Tier 01) paid an average of $359,135, smaller landlords (Tier 03-05) secured the lowest average price at $149,600. The highest average price of $379,649 was paid by large landlords (Tier 101-1000).

Inter-landlord trading activity shows a noteworthy pattern: small landlords (Tier 03-05) engaged in the highest percentage of purchases from other landlords at 40.0% (2 out of 5 transactions). This suggests that smaller portfolio owners are more likely to trade properties among themselves.

The significant price spread of $230,049 between the highest ($379,649 for Tier 101-1000) and lowest ($149,600 for Tier 3-5) average purchase prices in Q4 highlights diverse buying strategies and market segments catering to different investor sizes.

The overwhelming transaction activity from mom-and-pop landlords (180 transactions from Tiers 01-04) and zero transactions from institutional investors (Tier 09) reinforces that the Sullivan County market is primarily driven by smaller, individual investors.