It’s both and local factors are huge. Over 30% of the single family homes bought in the last two years where I live have been from investors that are turning them into short term rentals. It’s completely fucked the market.
The figure cited was 30% of 2 years’ worth of sales of a segment of the market (SFRs) going to investors. That might be a net total of a mid-single digit percentage of the total market.
