Fewer landlords are planning to buy or sell properties this year, but more intend to make asset improvements and optimize their operations, according to a June 2025 survey that compares results with a similar survey conducted in November 2024.
The information was gathered by RentRedi, which produces rental management software and BiggerPockets, an online community of real estate investors.
In the interval between surveys, the share of landlords planning to buy new properties dropped from 67% in November 2024 to 53% in June 2025—a 14-point decline. The number who planned no changes to their portfolios rose from 32% to 43%. Less than one in four intended to sell a rental property this year.
More than half of Western landlords responding in June planned no changes in their portfolios, up from 39% with this intention in November. But in the Northeast, the reverse was true, with 57% of investors still aiming to buy.
Landlord goals also varied by size. More than 20% of large property owners aim to buy and sell this year, compared to only 5% of small landlords.
Home improvement is on the drawing board for many this year. The highest spending levels are likely to be in the Midwest and West, where there was a 10-point increase in the share of landlords looking to spend more than $20,000.
Nationally, the share of landlords in this category rose from 27% to 34.8%. The percentage of planning expenditures of $5,000 to $19,999 climbed from 24.7% to 29.6%. The balance had budgets under $5,000. However, half of all landlords have paused all home improvement projects for this year, the report noted, “suggesting a range of financial strategies and priorities depending on portfolio structure and resources.”
A July survey by both companies found that the biggest barriers to new investments were property prices (55%) and interest rates (23%). The prospect of slow revenue growth discouraged 10% and for time commitment, 11%.
Income generation continued to be the top reason for managing rental properties – especially among larger landlords – followed by long-term investment and financial freedom.
“Diversification appears to be a low priority in 2025. About 40% of landlords said they do not plan to diversify their portfolios by property type or location, and another quarter are unsure. Slightly more than 1 in 3 landlords say they plan to diversify in any way this year,” the report said.
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