DeKalb (TN) Investor Pulse Report (2025-Q4)

Landlords in DeKalb County, TN, collectively own 2,438 Single Family Residential (SFR) properties, which constitutes 32.9% of the entire SFR market in the county, highlighting a substantial investor presence.

Individual landlords are the predominant owners, controlling 2,134 properties (87.5% of investor-owned SFR), compared to companies which own 350 properties (14.4%). This signifies that local, individual investors form the backbone of the rental market rather than large corporate entities.

The ownership structure by entity count reinforces individual dominance, with 2,722 individual landlords far outnumbering the 255 company landlords, representing 91.4% of all landlords in DeKalb County, TN.

An overwhelming 99.5% of all investor-owned properties are rented, totaling 2,426 properties, underscoring that the vast majority of these holdings are non-owner-occupied and actively serving the rental market.

A significant 82.7% of investor-owned properties, or 2,016 properties, were acquired with cash, while only 422 properties (17.3%) are financed. This indicates a preference for cash acquisitions, potentially signaling strong balance sheets or a strategy to minimize debt.

The ratio of individual to company landlords stands at approximately 10.7:1 (2,722 individual landlords vs. 255 company landlords), confirming that the market is highly fragmented and driven by a large number of smaller, independent investors.

In Q4 2025, landlords demonstrated a significant purchasing advantage in DeKalb County, TN, acquiring properties at an average price of $252,519 – a substantial $96,096 (27.6%) less than traditional homeowners, who paid an average of $348,615.

The price differential between landlords and homeowners has fluctuated wildly throughout 2025. Landlords paid an 18.3% premium ($418,040 vs $353,448) in Q1, then secured a 24.6% discount ($260,684 vs $345,862) in Q2, before returning to a minor 0.2% premium ($338,988 vs $338,259) in Q3.

Despite the recent Q4 dip, landlord acquisition prices have shown a general upward trend since the pandemic era, with average prices increasing from $301,983 in 2020-2023 to $317,454 in 2024, and further to $324,469 in 2025.

The notable Q4 discount of 27.6% suggests a strategic shift or opportunistic buying by landlords, potentially leveraging unique market conditions or seller motivations that are not available to the broader homeowner market.

The inconsistency of the landlord discount quarter-over-quarter indicates a dynamic market where price advantages are not constant, requiring agile acquisition strategies from investors.

Landlords in DeKalb County, TN, accounted for a substantial 29.5% of all SFR purchases in Q4 2025, acquiring 28 out of 95 total properties, showcasing their active role in the market.

Single-property landlords (Tier 01) were the primary drivers of this activity, purchasing 21 properties, representing 72.4% of all landlord acquisitions in Q4. This highlights the ongoing importance of small-scale investors in the housing market.

The vast majority of Q4 landlord purchases came from mom-and-pop landlords (Tiers 01-04), who acquired 23 properties, constituting an overwhelming 79.3% of all landlord purchases. This underscores their market dominance over larger entities.

A notable 30 entities, primarily single-property landlords, made purchases in Q4, indicating a healthy influx of new or expanding small investors into the market, despite only 21 properties being added to Tier 01 portfolios.

In stark contrast to mom-and-pop activity, institutional investors (Tier 09, 1000+ properties) made only 1 purchase in Q4, accounting for a marginal 3.4% of landlord acquisitions, revealing their minimal direct participation in this quarter's buying in DeKalb County.

The average property acquisition per entity in Tier 01 for Q4 stands at 0.7 properties (21 properties by 30 entities), suggesting a significant number of new or existing small landlords were active in the market without necessarily increasing their portfolio count beyond one property, or that some entities made purchases that fell into Tier 01 but were not their first property.

The investor-owned SFR market in DeKalb County, TN, is overwhelmingly dominated by mom-and-pop landlords (1-10 properties), who collectively control 93.4% of all investor-held properties across Tiers 01-04.

Single-property landlords (Tier 01) form the largest segment, owning 2,028 properties, which accounts for a substantial 80.8% of the total investor-owned housing, cementing their role as the bedrock of the rental market.

In stark contrast, institutional investors (Tier 09, 1000+ properties) hold a negligible share of only 0.1% of the market, representing just 2 properties. This defies common narratives about widespread corporate takeover of single-family rentals.

The distribution shows a steep decline in property counts as portfolio size increases; for example, Tier 01 (80.8%) is dramatically larger than Tier 02 (6.3%), indicating that most landlords remain small-scale operators.

The presence of 52 properties owned by individual investors in the Large (101-1000) tier (100% individual) further highlights that even larger portfolios within DeKalb County are predominantly managed by individuals rather than companies, outside of the institutional definition.

Individual investors overwhelmingly dominate the smaller portfolio tiers in DeKalb County, TN, owning 91.0% of single-property (Tier 01) holdings and 79.4% of two-property (Tier 02) holdings, demonstrating their foundational role in the market.

A notable shift occurs in the small-medium (11-20 properties) tier, where companies become the majority owners, holding 41 properties (89.1%) compared to only 5 properties (10.9%) owned by individuals.

Despite this crossover, the dominance of companies is not linear; in the next tier, small-medium (21-50 properties), individual investors surprisingly reclaim the majority, owning 55.6% of properties (5 properties vs 4 for companies).

Individual investors maintain 100% ownership in the large (101-1000 properties) tier, controlling all 52 properties in this segment, showcasing that even larger, but not institutional, portfolios are exclusively managed by individuals.

The highest concentration of individual ownership is found in the Large (101-1000) tier at 100%, while the highest company concentration occurs in the Small-medium (11-20) tier at 89.1%, highlighting specific niches for different owner types.

The zip code TN-DeKalb-37166 stands out as the primary hub for investor activity in DeKalb County, TN, holding 1,558 investor-owned properties, which alone represents 64% of the county's total investor-owned SFR.

This market exhibits high geographic concentration, with the top 5 zip codes by investor-owned property count (TN-DeKalb-37166, 37059, 38583, 38582, and 37012) collectively accounting for 2,132 properties, or 87.4% of all investor-owned properties in the county.

While TN-DeKalb-37166 leads by sheer volume, TN-DeKalb-38569 boasts the highest investor ownership rate at 62.5%, suggesting a smaller overall market where a majority of SFR are investor-owned, indicating high market penetration.

Two zip codes, TN-DeKalb-38583 and TN-DeKalb-38582, appear on both the top 5 list by count and by percentage (37.0% and 57.7% respectively), demonstrating a dual significance of high volume and high investor penetration within these regions.

The diversity between areas with high property counts versus high ownership percentages indicates varied market dynamics, where some regions attract a high volume of investors, while others are characterized by a higher proportion of investor-owned properties within a smaller inventory.

Landlords in DeKalb County, TN, consistently demonstrate a strong net buyer position, with 40 buy transactions against only 9 sell transactions in Q4 2025, resulting in a robust 4.44x buy/sell ratio.

This persistent accumulation trend is evident throughout the year, with total buy transactions for 2025 reaching 167 compared to 34 sells, yielding an annual buy/sell ratio of 4.91, indicating strong demand for new acquisitions.

Institutional investors (1000+ tier) presented a balanced transaction profile in Q4 2025, with 1 buy and 1 sell, leading to a net position of 0 for the quarter and for the entire year 2025 (2 buys, 2 sells).

In contrast to their balanced activity in 2025, institutional investors were net sellers in 2024, with 1 buy and 2 sells, indicating a shift from divestment to a more stable holding or rebalancing strategy.

The sustained high buy-to-sell ratios for all landlords suggest a market where investor confidence remains high, and properties are being accumulated at a much faster rate than they are being divested, potentially tightening available inventory.

Landlords in DeKalb County, TN, played a significant role in Q4 2025, participating in 40 of the total 150 SFR transactions, which accounts for 26.7% of the quarter's market activity.

Single-property landlords (Tier 01) dominated transaction volumes, conducting 31 transactions, comprising 77.5% of all landlord-involved transactions in Q4, highlighting their critical role in market liquidity and activity.

The average purchase price varied across tiers in Q4, with single-property landlords (Tier 01) paying the highest average at $263,584 among the actively purchasing mom-and-pop tiers.

Institutional investors (Tier 09) had minimal transaction activity, with only 1 transaction in Q4 2025, which was notably sourced 100% from another landlord, suggesting a targeted, internal market transaction.

The average purchase price for institutional investors in Q4 was $259,560, which is approximately 1.5% less than the average price paid by single-property landlords ($263,584), indicating a slight price advantage for larger entities.

Mom-and-pop landlords (Tier 01-04) collectively executed 34 transactions in Q4, solidifying their position as the most active and influential segment of the investor market in DeKalb County, TN.