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

Landlords in Union County, TN collectively own 1,631 Single Family Residential (SFR) properties, representing a significant 27.5% share of the total 5,937 SFR properties in the market.

Individual investors overwhelmingly dominate the landlord landscape, holding 1,526 properties, which accounts for 93.6% of all investor-owned SFR. In stark contrast, companies own just 123 properties, or 7.5% of the total landlord portfolio, challenging narratives of corporate dominance in this county.

The rental focus of these investments is clear, with 1,617 properties (99.1% of landlord-owned SFR) classified as rented. This indicates a highly active rental market driven by investor demand.

A substantial 84.4% of landlord properties (1,377 properties) were acquired with cash, signaling a preference for unleveraged investments. Only 15.6% (254 properties) are financed, suggesting a lower reliance on debt compared to many other markets.

In terms of entity counts, individual landlords are 16.2 times more prevalent than company landlords, with 1,961 individual entities compared to just 121 company entities. This high ratio reinforces the mom-and-pop structure of the investor market in Union County, TN.

In Q4 2025, landlords in Union County, TN secured a substantial average discount of $98,555, paying $285,011 per property compared to homeowners who paid $383,566. This represents a significant 25.7% price advantage for landlords, though it's important to note this average is based on 0 reported landlord acquisitions in the quarter.

The landlord-homeowner price gap in Union County, TN demonstrated extreme volatility throughout 2025. Landlords experienced a massive 57.2% discount in Q1 (paying $152,801 vs homeowners' $356,971), then paid premiums of 24.8% in Q2 and 39.2% in Q3, before reverting to a discount in Q4.

Despite the quarterly fluctuations in price advantage, the average landlord acquisition price has trended upwards annually, increasing from $315,281 during the 2020-2023 period to $350,211 in 2024, and further to $384,254 in 2025. This indicates a consistent appreciation in property values for investors over the past few years.

The reported average landlord acquisition price for Q4 2025 stands at $285,011, which is notably lower than the 2025 annual average of $384,254. However, with 0 reported landlord properties purchased in Q4, this specific quarterly average should be interpreted with caution regarding actual market activity.

The inconsistency in landlord pricing relative to homeowners suggests that investor strategies in Union County, TN are highly opportunistic, capitalizing on specific market conditions or distressed properties to achieve significant discounts when available, rather than a consistent pricing strategy across all quarters.

In Q4 2025, landlords in Union County, TN were active buyers, securing 16 of the 55 total SFR purchases, which represents a 29.1% share of the market. This indicates a substantial portion of residential sales are transitioning to rental stock.

Mom-and-pop landlords (Tier 01-04) overwhelmingly dominated Q4 acquisitions, purchasing 15 properties, or 93.8% of all landlord purchases. This high concentration underscores their continued influence as the primary growth engine for the investor-owned market in this county.

Single-property landlords (Tier 01) were particularly active, responsible for acquiring 13 properties, making up 81.2% of all landlord purchases. This tier also saw 19 distinct entities make purchases, suggesting a healthy influx of new or expanding small-scale investors.

In contrast to the significant mom-and-pop activity, institutional investors (Tier 09, 1000+ properties) made only 1 purchase in Q4, representing a minor 6.2% of total landlord acquisitions. This highlights the limited direct large-scale corporate investment in Union County, TN for the quarter.

The combined activity from Tier 02 (two-property owners) and Tier 04 (small landlords with 6-10 properties) each contributed 1 purchase, collectively adding 12.4% to the landlord acquisition volume. This distribution further emphasizes the decentralized, small-investor driven nature of the market.

Mom-and-pop landlords (Tier 01-04), defined as owning 1 to 10 properties, command an overwhelming 99.2% share of all investor-owned SFR properties in Union County, TN, totaling 1,642 properties. This indicates a highly fragmented market structure dominated by small-scale investors.

The single-property landlord tier (Tier 01) alone accounts for 1,494 properties, comprising 90.3% of the entire investor-owned SFR portfolio. This massive concentration highlights the foundational role of first-time or minimal landlords in the county's rental housing supply.

Following Tier 01, the two-property landlord tier (Tier 02) holds 70 properties (4.2%), and small landlords with 3-5 properties (Tier 03) own 48 properties (2.9%), further solidifying the dominance of smaller portfolios in the market.

Institutional investors (Tier 09, 1000+ properties) have a negligible footprint in Union County, TN, controlling only 4 properties, which translates to a mere 0.2% of all investor-owned SFR. This significantly contrasts with national trends and media perceptions of institutional buying.

The distribution clearly illustrates that the overwhelming majority of investor-owned SFR housing in Union County, TN is held by individuals and small businesses, providing a localized, decentralized rental market structure.

In Union County, TN, individual investors maintain a dominant position in the smaller landlord tiers. They hold 94.4% of single-property portfolios (1,425 properties) and 92.9% of two-property portfolios (65 properties), underscoring the strong presence of individual, small-scale owners at the market's entry points.

The shift towards corporate ownership becomes evident in the mid-size tiers. While individuals still account for 77.1% of properties in the 3-5 property tier and 60.0% in the 6-10 property tier, companies begin to increase their proportional holdings significantly.

The crossover point where companies gain majority control occurs at the Small-medium (11-20 properties) tier. In this tier, companies own 3 properties (75.0% of the tier's total), while individuals hold only 1 property (25.0%). This marks a critical transition in ownership dynamics by portfolio size.

Companies demonstrate their highest concentration in the Small-medium (11-20) tier at 75.0%, indicating that as portfolios grow beyond 10 properties, corporate structures become the preferred ownership model. This pattern suggests strategic scaling by companies at specific investment thresholds.

Conversely, individual investors show their highest concentration in the single-property tier, where they own 1,425 properties, representing 94.4% of that tier's holdings. This reinforces the idea that the vast majority of 'new' or first-time landlords in Union County, TN are individuals.

Within Union County, TN, the zip code 37807 stands out with the highest number of investor-owned properties, totaling 757 SFR units. This sub-geography represents a major hub for landlord activity in the county, even though its investor ownership rate is 24.8%.

However, the highest concentration of investor ownership is found in zip code 37870, where a remarkable 60.9% of all SFR properties are investor-owned. This indicates an extremely high landlord penetration rate, suggesting a market heavily geared towards rental housing in this specific area.

The zip code 37866 demonstrates significant dual importance, ranking second in investor-owned property count with 402 properties and third in investor ownership rate at 41.2%. This area combines both a substantial volume of investor-owned homes and a high market penetration.

While 37807 has the highest number of investor properties, its 24.8% ownership rate is the lowest among the top five by percentage. Conversely, 37870, with the highest percentage, is only fifth in total investor-owned properties (84), illustrating distinct patterns of investor preference for volume versus market saturation.

These geographic distributions reveal that investor activity in Union County, TN is not uniform. Investors are either targeting areas with a large inventory of properties (e.g., 37807) or areas where they can achieve high market penetration (e.g., 37870 and 37825 with 41.4% investor-owned rate).

Landlords in Union County, TN consistently maintain a strong net buyer position, actively expanding their portfolios. In Q4 2025 alone, they purchased 24 properties while selling only 4, resulting in a robust 6.0x buy-to-sell ratio, indicating significant accumulation.

This trend of accumulation is sustained across longer timeframes. For the entire year 2025, landlords bought 95 properties against 20 sells, yielding a 4.75x buy/sell ratio. Year 2024 saw an even higher ratio of 6.06x (103 buys vs 17 sells), demonstrating persistent growth in investor-owned stock.

In stark contrast to the overall landlord market, institutional investors (1000+ properties) show a more balanced transaction pattern. In Q4 2025, they were neutral with 1 buy and 1 sell, signifying neither growth nor divestment. Similarly, in 2024, they were also neutral with 2 buys and 2 sells.

Despite being net buyers for the full year 2025 (5 buys vs 2 sells), institutional activity remains at very low volumes, making their impact on the overall market significantly less than that of smaller, mom-and-pop landlords. Their transaction patterns suggest highly selective or strategic moves rather than broad market accumulation.

The high buy/sell ratios among all landlords, particularly in recent quarters, indicate a confident and growing investor market in Union County, TN, primarily driven by smaller investors, while larger institutional players appear to be largely on the sidelines for active expansion.

In Q4 2025, landlords in Union County, TN were involved in 24 of the 95 total SFR transactions, capturing a substantial 25.3% market share. This highlights the significant role investors play in the local housing market's liquidity and property flow.

The vast majority of landlord transaction activity came from single-property owners (Tier 01), who participated in 19 transactions. These buyers paid an average price of $307,363, demonstrating that smaller landlords are actively acquiring properties at a mid-market price point.

Institutional investors (Tier 09, 1000+ properties) had minimal transaction activity in Q4 2025, with only 1 reported transaction at an average purchase price of $285,000. This price is 7.3% lower than that paid by single-property landlords, suggesting a potential for higher efficiency or targeting of different property types by larger entities.

Inter-landlord trading activity varied significantly by tier. Two-property landlords (Tier 02) showed the highest reliance on buying from other landlords, with 100.0% of their 1 transaction originating from another investor. Single-property landlords (Tier 01) sourced 2 out of their 19 transactions (10.5%) from other landlords.

The wide price spread between tiers is notable; the highest average purchase price was $307,363 for Tier 01, while the lowest was $37,500 for Tier 04 (6-10 properties). This suggests diverse acquisition strategies and property types targeted by different investor sizes, with smaller landlords potentially entering at higher price points.