The recovering for-sale housing market has created opportunities and challenges for bulk owners of single-family rentals, including both REITs and other investors. The U.S. median existing home price climbed 11.4 percent in 2013, according to the National Association of Realtors. On one hand, single-family owners benefit when the value of their existing homes increases, both from the appreciation and as price gains make renting more attractive.

However, increasing home values also mean less distress and fewer opportunities to strike good deals on home purchases that enable companies to grow. The Mortgage Bankers Association noted in March that delinquency and foreclosure rates have fallen to their lowest level in six years. As home purchasing opportunities slow down, REITs and other investors are looking for ways to maintain