Federal Register / Vol. 90, No. 15 / Friday, January 24, 2025 / Notices 8133 

1See U.S. Gov’t Accountability Off., GAO–24– 

106643, Rental Housing: Information on 

Institutional Investment in Single-Family Homes 

(2024), https://www.gao.gov/assets/gao-24- 

106643.pdf. 

2 Id. at 9–10. 

3Brett Christophers, ‘‘How and Why U.S. SingleFamily Housing Became an Investor Asset Class’’, 

49 J. Urb. Hist. 430, 434–35 (2023). 

4Laurie Goodman et al., Urban. Inst. A Profile of 

Institutional Investor-Owned Single-Family Rental 

Properties 2 (Apr. 25, 2023). 

5See, e.g., Brett Pulley & Michael Sasso, Atlanta’s 

Mayor Calls For Limits on Investors Buying Up 

Homes, Bloomberg (June 15, 2022), https://

www.bloomberg.com/news/articles/2022-06-15/ 

atlanta-s-mayor-calls-for-limits-on-investorsbuying-up-homes. 

6See, e.g., Joshua Fechter, ‘‘Gov. Greg Abbott 

Wants the Texas Legislature to Rein in Investors 

Behind Large-Scale Home Purchases’’, Tx. Tribune 

(Mar. 15, 2024), https://www.texastribune.org/2024/ 

03/15/texas-greg-abbott-institutional-homebuyers/. 

7See, e.g., Press Release, U.S. Senate Comm. on 

Banking, Hous., & Urb. Affairs, Brown, Colleagues 

Introduce Bill to Crack Down on Big Corporate 

Investors that Buy Up Local Homes, Drive Up 

Housing Prices (July 11, 2023), https://

www.banking.senate.gov/newsroom/majority/ 

brown-colleagues-introduce-bill-crack-down-bigcorporate-investors-buy-up-local-homes-drivehousing-prices. 

8Press Release, Fed. Trade Comm’n, FTC and DOJ 

Seek Info on Serial Acquisitions, Roll-Up Strategies 

Across U.S. Economy (May 23, 2024), https://

www.ftc.gov/news-events/news/press-releases/2024/ 

05/ftc-doj-seek-info-serial-acquisitions-rollstrategies-across-us-economy. 

225), and all other applicable statutes 

and regulations to become a bank 

holding company and/or to acquire the 

assets or the ownership of, control of, or 

the power to vote shares of a bank or 

bank holding company and all of the 

banks and nonbanking companies 

owned by the bank holding company, 

including the companies listed below. 

The public portions of the 

applications listed below, as well as 

other related filings required by the 

Board, if any, are available for 

immediate inspection at the Federal 

Reserve Bank(s) indicated below and at 

the offices of the Board of Governors. 

This information may also be obtained 

on an expedited basis, upon request, by 

contacting the appropriate Federal 

Reserve Bank and from the Board’s 

Freedom of Information Office at 

https://www.federalreserve.gov/foia/ 

request.htm. Interested persons may 

express their views in writing on the 

standards enumerated in the BHC Act 

(12 U.S.C. 1842(c)). 

Comments received are subject to 

public disclosure. In general, comments 

received will be made available without 

change and will not be modified to 

remove personal or business 

information including confidential, 

contact, or other identifying 

information. Comments should not 

include any information such as 

confidential information that would not 

be appropriate for public disclosure. 

Comments regarding each of these 

applications must be received at the 

Reserve Bank indicated or the offices of 

the Board of Governors, Ann E. 

Misback, Secretary of the Board, 20th 

Street and Constitution Avenue NW, 

Washington, DC 20551–0001, not later 

than February 24, 2025. 

A. Federal Reserve Bank of Kansas 

City (Jeffrey Imgarten, Assistant Vice 

President) 1 Memorial Drive, Kansas 

City, Missouri 64198–0001. Comments 

can also be sent electronically to 

KCApplicationComments@kc.frb.org: 

1. First Missouri Bancshares, Inc., 

Brookfield, Missouri; to acquire CCSB 

Financial Corp., and thereby indirectly 

acquire Clay County Savings Bank, both 

of Liberty, Missouri. 

Board of Governors of the Federal Reserve 

System. 

Michele Taylor Fennell, 

Associate Secretary of the Board. 

[FR Doc. 2025–01697 Filed 1–23–25; 8:45 am] 

BILLING CODE P 

FEDERAL TRADE COMMISSION 

[File No. P251200] 

Agency Information Collection 

Activities; Proposed Collection; 

Comment Request 

AGENCY: Federal Trade Commission 

(FTC). 

ACTION: Notice; request for public 

comment. 

SUMMARY: The FTC is soliciting public 

comments on proposed information 

requests to large-scale Single-Family 

Rental (SFR) owner operators, known as 

mega investors. Mega SFR investors are 

those entities that own over 1,000 

single-family rental properties. These 

comments will be considered before the 

FTC submits a request for Office of 

Management and Budget (OMB) review 

of the compulsory process orders 

described in this notice under the 

Paperwork Reduction Act (PRA). The 

compulsory process orders will seek 

information from those firms concerning 

their corporate structure, current and 

historical housing inventory 

information, as well as strategic 

business plans and other investor 

information regarding growth plans, 

competition, prices, and expenses. 

DATES: Comments must be received on 

or before March 25, 2025. 

ADDRESSES: Interested parties may file a 

comment online by following the 

instructions in the Request for Comment 

part of the SUPPLEMENTARY INFORMATION

section below. File your comment 

online at https://www.regulations.gov. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information 

should be addressed to Katherine 

Ambrogi, Office of Policy Planning, 

Federal Trade Commission, 600 

Pennsylvania Avenue NW, Washington, 

DC 20580; (202) 326–2205; kambrogi@

ftc.gov. 

SUPPLEMENTARY INFORMATION: 

Historically, individuals and other small 

businesses owned and operated singlefamily rental properties. However, 

following the 2007–2008 financial 

crisis, this market structure changed 

with the rise of large-scale investors, 

also known as mega SFR investors, that 

own large regional SFR inventories.1 In 

response to regulatory incentives and 

other market conditions, large-scale 

investors—those entities that own more 

than 1,000 SFR properties—began 

channeling their investment capital into 

the single-family rental housing 

market.2 Since this time, the volume of 

properties purchased by mega SFR 

investors has grown considerably. By 

2017, the five largest entities in the SFR 

industry—Invitation Homes, Starwood 

Property Trust, Colony American 

Homes, Waypoint Residential Trust, and 

American Homes 4 Rent—had 

consolidated into two firms.3

Researchers estimate that mega SFR 

investors collectively own and operate 

446,000 homes nationwide.4

The FTC is aware that the growth of 

mega SFR investors in markets may 

affect competition and consumers. 

Local,5 State,6 and Federal 7

policymakers have expressed concerns 

about the growth of mega SFR investors 

in local markets. In an FTC listening 

session for renters in Atlanta, Georgia, 

participants expressed concerns about 

the effects of mega SFR investor 

expansion. In response to a recent FTC 

and U.S. Department of Justice request 

for information to identify industries 

impacted by serial acquisitions,8

members of the public submitted 

numerous comments specifically 

identifying SFR investors as responsible 

for buying up inventories of singlefamily residential properties in local 

markets across the United States. 

Members of the Senate and U.S. House 

of Representatives have also sent the 

FTC letters urging the Commission to 

use its existing authority to require 

reporting of residential real estate 


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8134 Federal Register / Vol. 90, No. 15 / Friday, January 24, 2025 / Notices 

9Letter from Amy Klobuchar, Sen., U.S. Senate, 

to Lina M. Khan, Chair, Fed. Trade Comm’n (May 

10, 2024), https://www.klobuchar.senate.gov/ 

public/_cache/files/6/b/6b97e21b-3594-4b82-81fbb1a5dd54989f/8962AAFE6786417298506ACF

44ABDE47.2024.5.10---letter-to-ftc-re-housing-andhsr.pdf; Press Release, Pat Ryan, Member, U.S. 

House of Representatives, Congressman Pat Ryan 

Demands Investigation into Price Gouging By Wall 

Street Private Equity Firms Driving Up Housing 

Costs (Aug. 12, 2024), https://patryan.house.gov/ 

media/press-releases/congressman-pat-ryandemands-investigation-price-gouging-wall-streetprivate (quoting Congressman Ryan’s letter to Chair 

Khan). For various reasons, residential real estate 

transactions do not undergo mandatory premerger 

review by the Federal antitrust agencies. 

10 Goodman et al., supra note 4, at 2. Goodman 

et al. state that there are 32 mega investors in the 

United States, where mega investor is defined as an 

investor that owns more than 1,000 SFR properties 

in at least three MSAs. As proposed, the 

Commission’s definition of mega investor 

encompasses those investors that own 1,000 or 

more SFR properties regardless of the number of 

MSAs where those properties are located.. Given 

the Commission’s broader definition of mega 

investor, consolidation among SFR mega investors, 

and the possibility of new market entrants, 32 is an 

approximation of the number of respondents that 

will receive a special order. 

11See, e.g., Eleanor Noble, Yipeng Su & Yonah 

Freemark, Urb. Inst., ‘‘How We Used Open Data to 

Identify Investor-Owned Single-Family Rental 

Properties’’ (July 1, 2021), https://urban-institute.

medium.com/how-we-used-open-data-to-identifyinvestor-owned-single-family-rental-propertieslessons-learned-6b452a950ad3; Testimony of Dr. 

Elora Lee Raymond, Ass’t Prof., GA Inst. Of Tech., 

Hearing of the Financial Services Committee of the 

U.S. House of Representatives, ‘‘Where Have All the 

Houses Gone? Private Equity, Single Family 

Rentals, and America’s Neighborhoods’’ (June 28, 

2022), https://www.congress.gov/117/meeting/ 

house/114969/witnesses/HHRG-117-BA09-WstateRaymondE-20220628.pdf; Testimony of Jenny 

Schuetz, Senior Fellow, Brookings Institute, 

Hearing of the Financial Services Committee of the 

U.S. House of Representatives, ‘‘Where Have All the 

Houses Gone? Private Equity, Single Family 

Rentals, and America’s Neighborhoods’’ (June 28, 

2022), https://www.congress.gov/117/meeting/ 

house/114969/witnesses/HHRG-117-BA09-WstateSchuetzJ-20220628.pdf; Amalie Zinn, Urb. Inst., 

What Policymakers Should Know About 

Institutional Investors’ Role in the Housing Market 

(Oct. 4, 2023), https://housingmatters.urban.org/ 

articles/what-policymakers-should-know-aboutinstitutional-investors-role-housing-market; Ben 

Horowitz & Libby Starling, ‘‘Rise in Investor-Owned 

Single-Family Rentals Prompts Policy Responses’’, 

Minneapolis Fed. Rsrv. (Mar. 24, 2024), https://

www.minneapolisfed.org/article/2024/rise-ininvestor-owned-single-family-rentals-promptspolicy-responses. 

transactions under the Hart-ScottRodino Act.9

Responding to these concerns and 

recognizing its role in conducting 

research to support potential changes in 

competition policy, the Commission 

proposes a section 6(b) study of mega 

SFR investors. This study will provide 

a better understanding of mega SFR 

investors: where they do business, their 

business models, their strategic plans, 

their growth plans, and the competitive 

effects of the rise of mega SFR investors 

in local markets. The FTC proposes to 

send information requests to mega SFR 

investors in the United States, which 

the Commission expects to be 

approximately 32 mega SFR investors.10

The Commission invites comment on 

market participants that may qualify as 

mega SFR investors. 

From the information obtained, the 

FTC plans to publish, consistent with its 

obligations under section 6(f) of the FTC 

Act, comprehensive property lists that 

improve the transparency of SFR 

markets. The property lists will, to the 

maximum extent possible, match 

individual SFR properties to their 

affiliated owner entities. Although this 

information is already publicly available 

at the State and county level, its 

disaggregated nature and indirect 

ownership structures involving 

opaquely named shell companies 

complicates the ability to fully assess 

the scale and scope of mega SFR 

investors’ property holdings. Numerous 

researchers and other policy 

stakeholders have called for greater 

transparency to better understand 

where, and to what extent, these SFR 

investors operate.11 The FTC plans to 

publish this information publicly on a 

current and historical basis to the 

maximum extent possible. The 

Commission invites comments on the 

benefits and risks of making the 

property lists publicly available, 

including any privacy considerations. 

Separately, the FTC will collect nonpublic data and documents to better 

understand this growing industry, and it 

may publish studies or research papers 

to share insights with the public and 

policymakers, consistent with its 

obligations under section 6(f) of the FTC 

Act. 

The information obtained in this 

section 6(b) study can help the FTC 

understand how the entry of mega 

investors into local markets has affected 

house prices and rents, as well as the 

effects of ongoing consolidation in the 

industry. This information may also 

inform future Commission priorities. 

I. Description of the Collection of 

Information and Proposed Use 

The proposed study will add 

significantly to existing literature by 

providing a more complete picture and 

better understanding of mega SFR 

investors’ presence and behavior. There 

is no public repository of all the SFR 

properties owned in the United States 

by mega SFR investors. The 

Commission, however, has unique 

authority under section 6(b) to collect 

this information that will enhance the 

competition policy debate around 

consolidation of SFR investors and their 

property holdings. 

Because the Commission believes this 

study will enhance the Commission’s 

and the public’s understanding of issues 

surrounding mega SFR investors, it 

proposes to issue information requests 

generally directed to the following areas 

of inquiry: 

• What are the types of corporate 

structures and organizational forms held 

by mega SFR investors? 

• What are the specific locations 

where mega SFR investors currently 

own or manage properties? 

• What are the specific locations 

where mega SFR investors have 

historically owned or managed 

properties? 

• Has the level of concentration of 

mega SFR investor operations in certain 

geographies changed over time, and if 

so, how? 

• What are the general strategic and 

growth plans of mega SFR investors? 

How do mega SFR investors set prices? 

What are mega SFR investors’ principal 

expenses? 

• How has the entry into, and 

subsequent consolidation of, mega 

investors affected competitive dynamics 

in SFR housing? What are the effects on 

consumers? 

The draft special order specifications 

and definitions contain the specific 

information requests contemplated by 

the Commission. The Commission 

welcomes comments on whether and 

how to refine these information requests 

to best obtain insights into these areas 

of inquiry. 

Specifications 

1. Identify all [COMPANY] entities 

including all predecessors, parents, partners, 

subsidiaries, managers, unincorporated 

divisions, joint ventures, operations under 

assumed names, trusts including real estate 

investment trusts, investment funds and 

portfolios, and affiliates; and describe and 

provide a chart visually depicting the legal 

relationship between each such entity. For 

each entity: 

a. State the entity’s full legal name and all 

other names under which the entity has done 

business (e.g., d/b/a names); 

b. State the mailing address, street address, 

and telephone number of the entity’s 

principal place of business; 

c. State the entity’s date and State of 

incorporation; 

d. Describe the entity’s function or 

business purpose; 

e. Describe the nature of the entity’s 

relationship to the Company; 

f. Identify the entity’s respective officers, 

directors, members, principals, and owners; 

g. Identify all shareholders with at least 

five percent ownership in the entity (stating 

each shareholder’s percentage of ownership). 

2. For each entity listed in Specification 1, 

provide a list of every U.S. State in which the 

entity is registered to do business. For each 


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Federal Register / Vol. 90, No. 15 / Friday, January 24, 2025 / Notices 8135 

State in which an entity is registered to do 

business include: 

a. The start and end dates (if applicable) of 

when the entity has done business in each 

State; 

b. The name of the entity as registered in 

that State and all names under which the 

entity has done business in each State (e.g., 

d/b/a names); 

c. The entity’s Business Entity Number; 

d. Whether the entity is classified as 

domestic or foreign within that State 

(0=Domestic, 1=Foreign); 

e. The Registered Agent; 

f. The Registered Agent Address. 

3. Identify each electronic database used or 

maintained by You in connection with any 

Single-Family Residential Property that 

contains information concerning Your 

products or services; facilities; production; 

shipments; bids or sales proposals; sales; 

prices; margins; costs, including but not 

limited to production costs, distribution 

costs, standard costs, expected costs, and 

opportunity costs; patents or other 

intellectual property; research or 

development projects; or customers. For each 

database provided in response, provide a 

data dictionary that includes: 

a. a list of field names and a definition for 

each field contained in the data set; 

b. the meaning of each code that appears 

as a field value in the data set; and 

c. the primary key in the data set or table 

that defines a unique observation. 

4. In a comma- or tab-delimited file, for 

each Single-Family Residential Property that 

You own as of 12/31/2024, provide the 

following information: 

a. Unique Property Identifier; 

b. Street Address; 

c. City; 

d. State; 

e. Zip Code (9-digit); 

f. Property Type (e.g., detached home, 

townhouse, duplex, triplex, quadruplex); 

g. Assessor Parcel ID Number; 

h. Tax Account ID Number; 

i. Tax Record Owner (as of 12/31/2024); 

j. Tax Record Owner Address; 

k. Property Record Owner (as of 12/31/ 

2024); 

l. Property Record Owner Address; 

m. Property Manager; 

n. Acquisition Date; 

o. Acquisition Channel; 

p. Acquisition Price; 

q. Previous Owner; 

r. Whether, before Your acquisition the 

Single-Family Residential Property was 

owner occupied or operated as a rental 

property (0=Owner Occupied, 1=Rental); 

s. Whether the Single-Family Residential 

Property is part of Your Core Portfolio (0=No, 

1=Yes). 

5. In a comma- or tab-delimited file, for 

each Single-Family Residential Property that 

You owned at any time between 01/01/2010 

and 12/31/2024, but no longer own, provide 

the following information: 

a. Unique Property Identifier; 

b. Street Address; 

c. City; 

d. State; 

e. Zip Code (9-digit); 

f. Property Type (e.g., detached home, 

townhouse, duplex, triplex, quadruplex); 

g. Assessor Parcel ID Number; 

h. Tax Account ID Number; 

i. Tax Record Owner (immediately prior to 

the Disposition Date); 

j. Tax Record Owner Address; 

k. Property Record Owner (immediately 

prior to the Disposition Date); 

l. Property Record Owner Address; 

m. Property Manager; 

n. Acquisition Date; 

o. Acquisition Channel; 

p. Acquisition Price; 

q. Previous Owner; 

r. Whether, before Your acquisition the 

Single-Family Residential Property was 

owner occupied or operated as a rental 

property (0=Owner Occupied, 1=Rental); 

s. Disposition Date; 

t. Disposition Channel; 

u. Disposition Price; 

v. Buyer; 

w. Whether, after Your disposition the 

Single-Family Residential Property was 

owner occupied or operated as a rental 

property (0=Owner Occupied, 1=Rental). 

6. In a comma- or tab-delimited file, for 

every Single-Family Residential Property that 

You manage as a Third Party Property 

Manager as of 12/31/2024, provide: 

a. Unique Property Identifier; 

b. Street Address; 

c. City; 

d. State; 

e. Zip Code (9-digit); 

f. Property Type (e.g., detached home, 

townhouse, duplex, triplex, quadruplex); 

g. Assessor Parcel ID Number; 

h. Tax Account ID Number; 

i. Tax Record Owner (as of 12/31/2024); 

j. Tax Record Owner Address; 

k. Property Record Owner (as of 12/31/ 

2024); 

l. Property Record Owner Address; 

m. Property Manager; 

n. Date when Third Party Property 

Management commenced. 

7. In a comma- or tab-delimited file, for 

each Single-Family Residential Property 

listed in Specifications 4, 5, or 6 above, and 

for each month that you owned the property, 

provide the following information: 

a. Unique Property Identifier; 

b. Street Address; 

c. City; 

d. State; 

e. Zip Code (9-digit); 

f. Assessor Parcel ID Number; 

g. Tax Account ID Number; 

h. Property Manager; 

i. Rental Revenue; 

j. Other Property Income. 

8. For each Single-Family Residential 

Property listed in Specifications 4, 5, or 6 

above, describe how You determine Rental 

Revenue and Other Property Income, 

including each pricing tool You use to help 

set Rental Revenue and Other Property 

Income, including but not limited to: 

a. The name of each pricing tool and when 

You purchased, licensed, developed, or 

otherwise began using it; 

b. Whether each pricing tool was 

developed in-house, and if so, the Identity of 

all Persons who developed the tool; 

c. All inputs into each pricing tool, how 

each tool uses these inputs to generate a 

rental price, and any other modifications or 

adjustments made to the generated rental 

price; 

d. All features, geographic or otherwise, 

used to determine which inputs are included 

in or excluded from each pricing tool; 

e. The Identity of all Persons who manage 

and operate each tool. 

9. All Documents, as of 01/01/2021, 

including but not limited to strategic plans 

provided to management committees, 

executive committees, investment 

committees, or boards of directors, that 

discuss, analyze, or report: 

a. Your past, current, and intended future 

presence in markets; 

b. Market shares, competition, and 

competitors; 

c. Prices, margins, and expenses, including 

but not limited to guidelines or proposed 

guidelines for negotiating new rentals or 

renewals. 

10. To the extent not provided in response 

to previous Specifications, provide a written 

description of all mergers and acquisitions 

(regardless of their organizational structure 

and the structure of the transaction) that 

relate to Your Single-Family Rental 

operations that you have conducted since 01/ 

01/2010. The description should include: 

a. The legal name of the acquired entity 

and the legal name of the entity acquiring the 

target; 

b. The date on which the transaction was 

finalized; 

c. A description of the structure of the 

transaction (e.g., stock purchase, asset 

purchase, merger, or other); 

d. A description of the assets, operations, 

or business units acquired; 

e. The geographic regions or markets 

impacted by the transaction; 

f. The total amount of consideration paid 

or agreed upon, including details of cash, 

stock, or other forms of payment; 

g. A description of the transaction’s 

strategic objectives as it relates to Your 

Single-Family Rental operations. 

Definitions 

For the purposes of this Order, the 

following Definitions apply: 

D1. The terms ‘‘You,’’ ‘‘Your,’’ and ‘‘the 

Company’’ mean [COMPANY] together with 

its parents (including, but not limited to any 

private fund with an ownership stake greater 

than five percent in the Company), 

successors, predecessors, divisions, partially 

(five percent or more) or wholly owned 

subsidiaries, domestic or foreign parents, 

affiliates, partnerships, and joint ventures 

(including but not limited to [COMPANY] 

entities); and all directors, officers, 

employees, agents, and representatives of the 

foregoing. 

D2. The term ‘‘Acquisition Channel’’ 

means the type of transaction through which 

You acquired a Single-Family Residential 

Property from a Previous Owner. These 

include but are not limited to mergers, joint 

ventures, bulk purchases (asset acquisition or 

corporate acquisition), MLS and market 

listings, sale-leasebacks, and foreclosure 

auction. 

D3. The term ‘‘Acquisition Date’’ means 

the date You acquired ownership of a SingleVerDate Sep<11>2014 16:21 Jan 23, 2025 Jkt 265001 PO 00000 Frm 00021 Fmt 4703 Sfmt 4703 E:\FR\FM\24JAN1.SGM 24JAN1

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12Note that 32 refers to the total number of mega 

investor recipients of the special order. The actual 

number of ‘‘persons’’ as defined by the Office of 

Management and Budget for Paperwork Reduction 

Act purposes may exceed 32 if it includes various 

Family Residential Property from a Third 

Party. 

D4. The term ‘‘Acquisition Price’’ refers to 

the amount You paid a Previous Owner to 

purchase a Single-Family Residential 

Property, net of associated transactions costs 

(e.g., closing costs, taxes, and fees). If a 

Single-Family Residential Property was 

purchased from a Previous Owner as part of 

a larger transaction wherein multiple 

properties were acquired, the ‘‘Acquisition 

Price’’ is the total amount paid for the entire 

portfolio divided by the number of properties 

in the portfolio. 

D5. The term ‘‘affiliate’’ means an entity, 

five percent or more of whose outstanding 

voting securities are directly or indirectly 

owned, controlled, or held with the power to 

vote, by an entity associated with 

[COMPANY]. 

D6. The term ‘‘Assessor Parcel ID Number’’ 

means the publicly available identification 

number assigned to a Single-Family 

Residential Property by a county Assessor or 

Register. 

D7. The term ‘‘Business Entity Number’’ 

means the unique identification number 

assigned to each entity incorporated, formed, 

qualified, or registered within a State. Other 

names for the Business Entity Number 

include but are not limited to Entity ID and 

Control Number. 

D8. The term ‘‘Buyer’’ means the full legal 

name of a Third Party to whom You sold a 

Single-Family Residential Property. 

D9. The term ‘‘Core Portfolio’’ means those 

properties that You intend to keep in your 

portfolio for at least one year. 

D10. The term ‘‘Disposition Channel’’ 

means the type of transaction through which 

You disposed of a Single-Family Residential 

Property to a Buyer. These include but are 

not limited to mergers, joint ventures, bulk 

purchases (asset acquisition or corporate 

acquisition), MLS and market listings, saleleasebacks, and foreclosure auction. 

D11. The term ‘‘Disposition Date’’ means 

the date You transferred ownership of a 

Single-Family Residential Property to a 

Buyer. 

D12. The term ‘‘Disposition Price’’ refers to 

the amount a Buyer paid You to purchase a 

Single-Family Residential Property, net of 

associated transactions costs (e.g., closing 

costs, taxes, and fees). If a Buyer purchased 

a Single-Family Residential Property as part 

of a larger transaction wherein multiple 

single-family residential properties were 

acquired, the ‘‘Disposition Price’’ is the total 

amount paid for the entire portfolio divided 

by the number of properties in the portfolio. 

D13. The term ‘‘Documents’’ means any 

information, on paper or in electronic format, 

including written, recorded, and graphic 

materials of every kind, in the possession, 

custody, or control of the Company. This 

includes, without limitation: computer files; 

email messages, metadata and other 

bibliographic or historical data describing or 

relating to documents created, revised, or 

distributed electronically; and copies of 

documents the originals of which are not in 

the possession, custody, or control of the 

Company. 

D14. The terms ‘‘Identify’’ or ‘‘the Identity 

of’’ requires identification of (a) natural 

persons by name, title, present business 

affiliation, present business address, 

telephone number, email address, and 

username, screen name, handle, or any other 

identifiers used in communications; or, if a 

present business affiliation or present 

business address is not known, the last 

known business and home addresses; and (b) 

businesses or other organizations by name, 

address, and the identities of Your contact 

persons at the business or organizations. 

D15. The term ‘‘margin’’ means any metric 

you use to track the profitability of your 

business or any part of your business. 

D16. The term ‘‘Other Property Income’’ 

means those mandatory fees not included in 

Rental Revenue that include, but are not 

limited to, reimbursements from residents for 

utilities; HOA penalties and other 

assessments or charge-backs; pet-related 

income such as rent or non-refundable 

deposits; earnings from enhanced services 

like smart home systems or landscaping; and, 

miscellaneous fees such as penalties for late 

payments, lease termination fees, and others. 

D17. The term ‘‘Tax Record Owner 

Address’’ means the non-residential address 

listed for a Tax Record Owner on publicly 

available tax records. 

D18. The term ‘‘Tax Record Owner’’ means 

any entity listed as the Single-Family 

Residential Property owner on publicly 

available tax records. 

D19. The term ‘‘Person’’ or ‘‘Persons’’ 

means all natural persons, corporations, 

partnerships, or other business associations 

and all other legal entities, including all 

members, officers, predecessors, assigns, 

divisions, affiliates, and subsidiaries. 

D20. The term ‘‘Property Record Owner 

Address’’ means the non-residential address 

listed for a Property Record Owner on 

publicly available deeds or real property 

records. 

D21. The term ‘‘Property Record Owner’’ 

means any entity listed as the property owner 

in publicly available deeds or real property 

records. 

D22. The term ‘‘Previous Owner’’ means 

the full legal name of the Third Party from 

whom You acquired the Single-Family 

Residential Property. 

D23. The term ‘‘Property Management 

Services’’ means the professional 

management of properties. This can include 

oversight of day-today operations such as 

maintenance, revenue and pricing 

management, leasing strategy, and tenant 

relations. 

D24. The term ‘‘Property Manager’’ means 

the entity that provides Property 

Management Services. 

D25. The term ‘‘Registered Agent Address’’ 

means the physical address (within a State 

where an entity is registered to do business) 

where the Registered Agent can receive 

documents. 

D26. The term ‘‘Registered Agent’’ means 

the agent designated by an entity to do 

business in a State. The Registered Agent 

receives official communications and legal 

documents on the entity’s behalf. These 

documents include service of process or 

notice. 

D27. The term ‘‘relating to’’ means in 

whole or in part constituting, containing, 

concerning, discussing, describing, 

analyzing, identifying, or stating. 

D28. The term ‘‘Rental Revenue’’ means 

rent collected under lease agreements net of 

any rental concessions and does not include 

Other Property Income. When responding as 

the Third Party Property Manager, ‘‘Rental 

Revenue’’ refers to the rents paid to the 

property owner, not management fees or 

other revenue paid to the Third Party 

Property Manager. 

D29. The terms ‘‘Single-Family Residential 

Property’’ or ‘‘Single-Family Residential 

Properties’’ mean housing structures 

designed to accommodate one household per 

unit. These homes can take many forms 

including, but not limited to detached 

homes, townhomes, and two- to four-unit 

properties. 

D30. The term ‘‘Tax Account ID Number’’ 

means the publicly available identification 

number assigned to the property Owner by 

the local property tax and assessment 

authority. 

D31. The term ‘‘Third Party Property 

Manager’’ means an entity that provides 

Property Management Services for properties 

owned by a Third Party. 

D32. The term ‘‘Third Party’’ means any 

entity that is not a [COMPANY] entity. An 

‘‘affiliate’’ is not a Third Party. 

D33. The term ‘‘Unique Property 

Identifier’’ means an alphanumeric or other 

code uniquely associated with a SingleFamily Residential Property used by You 

internally or externally for record-keeping, 

tracking, or other purposes. 

D34. The terms ‘‘and’’ and ‘‘or’’ have both 

conjunctive and disjunctive meanings. 

D35. The terms ‘‘each,’’ ‘‘any,’’ and ‘‘all’’ 

mean ‘‘each and every.’’ 

II. Estimated Burden Hours 

Staff will ask respondents to submit 

information and documents for several 

written questions. Because the 

responses will necessarily vary 

depending on the respondent, we have 

provided a range of estimated response 

times from 150 to 600 hours. The total 

estimated burden of providing the 

information and documents per 

respondent is based on the following. 

Organize retrieval of information and 

documents: 15–60 hours 

Identify requested information and 

documents: 25–100 hours 

Retrieve responsive information and 

documents: 50–200 hours 

Review responsive information and 

documents: 40–160 hours 

Prepare response: 20–80 hours 

The total aggregate hours burden 

across all respondents to produce 

information and documents to prepare 

the response sought will be between 

4,800 (150 hours × 32 entities 12) to 


khammond on DSK9W7S144PROD with NOTICES
Federal Register / Vol. 90, No. 15 / Friday, January 24, 2025 / Notices 8137 

separately incorporated companies that are 

subsidiaries and affiliates of any of the 32 parent 

companies. See ‘‘Burden and the Paperwork 

Reduction Act: An Overview’’, Cong. Res. Serv. 

(May 22, 2024) (for definition of ‘‘person’’), https:// 

crsreports.congress.gov/product/pdf/IF/IF12673. 

13These wage estimates are based on the ‘‘Bureau 

of Labor Statistics, Economic News Release,’’ Apr. 

3, 2024, Table 1, ‘‘National employment and wage 

data from the Occupational Employment Statistics 

survey by occupation, May 2023,’’ available at 

http://www.bls.gov/news.release/ocwage.t01.htm. 

14Estimated lower and upper bounds for task 

completion times and costs are indicated in 

brackets: [estimated lower bound, estimated upper 

bound]. 

19,200 (600 hours × 32 companies). The 

number of hours required may be 

significantly lower depending on the 

format in which mega investors 

currently store the requested 

information. 

III. Estimated Cost Burden 

It is not possible to calculate labor 

costs associated with producing the 

information and documents requested 

with precision, as each respondent will 

have various levels of management and/ 

or support staff among many different 

companies. Individuals among some or 

all of those labor categories may be 

involved in the information collection 

process. Nonetheless, we have assumed 

that general and operations managers, 

data scientists, and outside legal 

counsel will handle the vast majority of 

the tasks involved in gathering and 

producing the responsive information. 

Using mean hourly wage estimates from 

the Bureau of Labor (BLS) statistics, we 

assume an hourly wage of $62.18 for the 

labor of general and operations 

managers, $57.23 for the labor of data 

scientists, and $84.84 for the labor of 

outside legal counsel.13 To account for 

non-salary benefits and other indirect 

costs, we double BLS mean wage 

estimates, to arrive at fully loaded 

hourly wages of $124.36, $114.46, and 

$169.68 for general and operations 

managers, data scientists, and outside 

legal counsel, respectively. We combine 

these wage estimates with our estimates 

of how many hours each type of 

employee will spend on each task to 

arrive at total labor costs. See Table 1 

below for a detailed breakdown of this 

calculation. 

Based on our estimates, the labor 

costs per entity should range between 

$21,274 and $85,094, for a total cost of 

between $680,753 and $2,723,013 across 

all 32 respondents. Costs may be 

significantly lower depending on the 

format in which mega investors 

currently store the requested 

information. Commission staff will 

endeavor to work with respondents to 

minimize compliance costs where 

possible. 

TABLE 1—DETAILED ESTIMATED PER FIRM BURDEN CALCULATIONS 14

Managers Data scientists Outside 

counsel Total hours Total cost 

Rate ($/hour) ........................................................ $124.36 $114.46 $169.68 ........................ ........................................

Organize retrieval of information and documents [5, 20] [5, 20] [5, 20] [15, 60] [$2,043, $8,170] 

Identify requested information and documents ... [1, 4] [12, 48] [12, 48] [25, 100] [$3,534, $14,136] 

Retrieve responsive information and documents [0, 0] [30, 120] [20, 80] [50, 200] [$6,827, $27,310] 

Review responsive information and documents .. [5, 20] [15, 60] [20, 80] [40, 160] [$5,732, $22,929] 

Prepare response ................................................ [2, 8] [3, 12] [15, 60] [20, 80] [$3,137, $12,549] 

Total per Firm ............................................... [13, 52] [65, 260] [72, 288] [150, 600] [$21,274, $85,094] 

Staff anticipates that the capital or 

other non-labor costs associated with 

the information requests will be 

minimal. Although the information 

requests may require the respondent to 

store copies of the requested 

information provided to the 

Commission, industry members should 

already have in place the means to store 

information of the volume requested. 

IV. Request for Comment 

Under the PRA, 44 U.S.C. 3501–3521, 

Federal agencies must obtain approval 

from OMB for each collection of 

information they conduct or sponsor. 

‘‘Collection of information’’ means 

agency requests or requirements that 

members of the public submit reports, 

keep records, or provide information to 

a third party. 44 U.S.C. 3502(3); 5 CFR 

1320.3(c). As required by section 

3506(c)(2) of the PRA, 44 U.S.C. 

3506(c)(2), the FTC is providing this 

opportunity for public comment before 

requesting that OMB approve the study. 

Specifically, the FTC invites comments 

on: (1) whether the proposed collection 

of information is necessary for the 

proper performance of the functions of 

the FTC, including whether the 

information will have practical utility; 

(2) the accuracy of the FTC’s estimate of 

the burden of the proposed collection of 

information; (3) ways to enhance the 

quality, utility, and clarity of the 

information to be collected; and (4) 

ways to minimize the burden of 

collecting information. The FTC 

encourages recipients of prior 

compulsory process orders to offer 

suggestions on how the burden of the 

proposed collection may be reduced. All 

comments should be filed as prescribed 

below, and must be received on or 

before March 25, 2025. 

You can file a comment online or on 

paper. For the Commission to consider 

your comment, we must receive it on or 

before March 25, 2025. Write ‘‘SFR 

Housing Study, P251200’’ on your 

comment. Your comment—including 

your name and State—will be placed on 

the public record of this proceeding, 

including, to the extent practicable, on 

the https://www.regulations.gov/ 

website. 

Because of the agency’s security 

screening, postal mail addressed to the 

Commission will be subject to delay. We 

strongly encourage you to submit your 

comment online through https://

www.regulations/gov/. To ensure the 

Commission considers your online 

comment, please follow the instructions 

on the web-based form. 

If you file your comment on paper, 

write ‘‘SFR Housing Study, P251200’’ 

on your comment and on the envelope, 

and mail your comment to the following 

address: Federal Trade Commission, 

Office of the Secretary, 600 

Pennsylvania Avenue NW, Suite CC– 

5610, (Annex H), Washington, DC 

20580. If possible, please submit your 

paper comment to the Commission by 

overnight service. 

Because your comment will be placed 

on the publicly accessible website, 

https://www.regulations.gov/, you are 

solely responsible for making sure that 

your comment does not include any 

sensitive or confidential information. In 

particular, your comment should not 

contain sensitive personal information, 

such as your or anyone else’s Social 


khammond on DSK9W7S144PROD with NOTICES
8138 Federal Register / Vol. 90, No. 15 / Friday, January 24, 2025 / Notices 

1 15 U.S.C. 46(b). 

2See, e.g., Gov. Greg Abbott Wants the Texas 

Legislature to Rein in Investors Behind Large-Scale 

Home Purchases, Tx. Tribune (Mar. 15, 2024), 

https://www.texastribune.org/2024/03/15/texasgreg-abbott-institutional-homebuyers/; New York 

Governor Wants to Limit Hedge Funds From Buying 

Up Homes, The Intelligencer (Jan. 9, 2025), https:// 

www.theintelligencer.com/business/article/newyork-governor-wants-to-limit-hedge-funds-from20025292.php; Atlanta’s Mayor Calls for Limits on 

Investors Buying Up Homes, Bloomberg (June 14, 

2022), https://www.bloomberg.com/news/articles/ 

2022-06-15/atlanta-s-mayor-calls-for-limits-oninvestors-buying-up-homes; Wall Street Has Spent 

Billions Buying Homes, A Crackdown Is Looming, 

Fox Business (Apr. 29, 2024), https://

www.foxbusiness.com/markets/wall-street-spentbillions-buying-homes-a-crackdown-is-looming 

(‘‘Democrats in the U.S. Senate and House have 

sponsored legislation that would force large owners 

of single-family homes to sell houses to family 

buyers. A Republican’s bill in the Ohio state 

legislature aims to drive out institutional owners 

through heavy taxation. Lawmakers in Nebraska, 

California, New York, Minnesota and North 

Carolina are among those proposing similar laws.’’). 

3See, e.g., People Are Organizing to Fight the 

Private Equity Firms Who Own Their Homes, Vice 

(May 16, 2023), https://www.vice.com/en/article/ 

people-are-organizing-to-fight-the-private-equityfirms-who-own-their-homes/. 

4See Concurring and Dissenting Statement of 

Comm’r Andrew N. Ferguson, ‘‘In re Invitation 

Homes, Inc.’’, Matter No. 203170, at 1 (Sept. 24, 

2024). 

5See, e.g., Dissenting Statement of Comm’r 

Andrew N. Ferguson, Joined by Comm’r Melissa 

Holyoak, Regarding the Enforcement Policy 

Statement on Exemption of Protected Labor Activity 

by Workers from Antitrust Liability, Matter No. 

P251201 (Jan. 14, 2025); Dissenting Statement of 

Comm’r Andrew N. Ferguson, Joined by Comm’r 

Melissa Holyoak, Regarding the Business 

Opportunity and Earnings Claim Rulemaking 

Notices, Matter Nos. R111003 & R511993 (Jan. 13, 

2025); Dissenting Statement of Comm’r Andrew N. 

Ferguson, Regarding the Unfair or Deceptive Fees 

Rulemaking, Matter No. R207011 (Dec. 17, 2024); 

Dissenting Statement of Comm’r Andrew N. 

Ferguson, Regarding the Withdrawal of the 

Antitrust Guidelines for Collaborations Among 

Competitors, Matter No. V250000 (Dec. 11, 2024); 

Dissenting Statement of Commissioner Andrew N. 

Ferguson, Regarding the Telemarketing Sales Rule, 

Matter No. R411001 (Nov. 27, 2024). 

6 44 U.S.C. 3501, et seq. 

7 Id. 3502(3), 3506(c)(2); U.S. Gen. Servs. 

Administration and the Office of Management and 

Budget, PRA Guide, Do I Need Clearance?, https:// 

pra.digital.gov/do-i-need-clearance/. 

8See 44 U.S.C. 3503, 3507(a). 

Security number; date of birth; driver’s 

license number or other State 

identification number or foreign country 

equivalent; passport number; financial 

account number; or credit or debit card 

number. You are also responsible for 

making sure your comment does not 

include any sensitive health 

information, such as medical records or 

other individually identifiable health 

information. In addition, your comment 

should not include any ‘‘trade secret or 

any commercial or financial information 

which . . . is privileged or 

confidential’’—as provided in section 

6(f) of the FTC Act, 15 U.S.C. 46(f), and 

FTC Rule 4.10(a)(2), 16 CFR 4.10(a)(2)— 

including, in particular, competitively 

sensitive information such as costs, 

sales statistics, inventories, formulas, 

patterns, devices, manufacturing 

processes, or customer names. 

Comments containing material for 

which confidential treatment is 

requested must be filed in paper form, 

must be clearly labeled ‘‘Confidential,’’ 

and must comply with FTC Rule 4.9(c), 

16 CFR 4.9(c). The written request for 

confidential treatment that accompanies 

the comment must include the factual 

and legal bases for the request and must 

identify the specific portions of the 

comment to be withheld from the public 

record. See FTC Rule 4.9(b). Your 

comment will be kept confidential only 

if the General Counsel grants your 

request in accordance with the law and 

public interest. Once your comment has 

been posted publicly at https://

www.regulations.gov/—as legally 

required by FTC Rule 4.9(b), 16 CFR 

4.9(b)—we cannot redact or remove 

your comment, unless you submit a 

confidentiality request that meets the 

requirements for such treatment under 

FTC Rule 4.9(c), 16 CFR 4.9(c), and the 

General Counsel grants that request. 

Visit the Commission’s website, 

www.ftc.gov, to read this document and 

the news release describing it. The FTC 

Act and other laws that the Commission 

administers permit the collection of 

public comments to consider and use in 

this proceeding as appropriate. The 

Commission will consider all timely 

and responsive comments. For 

information on the Commission’s 

privacy policy, including routine uses 

permitted by the Privacy Act, see 

https://www.ftc.gov/site-information/ 

privacy-policy. 

By direction of the Commission. 

April J. Tabor, 

Secretary. 

Statement of Commissioner Andrew N. 

Ferguson Joined by Commissioner 

Melissa Holyoak 

Today the Commission takes the first in a 

series of required procedural steps toward 

launching a new study pursuant to section 

6(b) of the Federal Trade Commission Act.1

That section 6(b) study would examine the 

effects that large single-family rental (SFR) 

housing operators are having on competition 

in the housing market, including on housing 

prices. Divorced from context, this study is 

a good idea. The effects of large SFRs on 

housing prices have been the subject of 

bipartisan concern,2 and of substantial public 

outcry.3 Many Americans are justly 

concerned that their rent is too damn high.4

The Commission has an obligation to 

Congress and the American people to 

determine whether rising housing prices are 

the result of weak competition in relevant 

housing markets. This study thus makes 

sense in the abstract. 

But this study is not taking place in the 

abstract. The Biden-Harris Commission 

proposes to initiate this study merely six 

days before President Trump returns to 

office, on the heels of an election in which 

the American people decisively rejected the 

Biden-Harris Administration’s economic 

program. Since that election, I have 

vigorously objected to the Commission doing 

anything other than routine law enforcement, 

and have dissented over and over from new 

rules, regulations, guidance, and novel lawenforcement theories.5

I concur in today’s order, however, because 

it is a horse of a different color. Today’s vote 

is purely procedural. Unlike the rules, 

regulations, guidance, and enforcement 

matters from which I have dissented, the 

Trump Administration will control every 

important substantive aspect of this study— 

including the decision to launch it at all. 

Here is what I mean. In order to study the 

markets comprehensively, the Commission 

will have to issue orders to more than nine 

entities. Congress has provided in the 

Paperwork Reduction Act 6 that any time a 

Federal agency wants to issue orders to 

collect information from more than nine 

entities in a twelve-month period, it must 

first publish its proposed collection orders to 

the public for comment.7 At the conclusion 

of the sixty-day comment period, the 

Commission must then review the comments 

and submit the proposed collection orders 

(including any revisions to those orders after 

reviewing the comments), comments, and 

responses to those comments to the Office of 

Information and Regulatory Affairs within 

the Office of Management and Budget 

(‘‘OMB’’) for its review and approval.8 Thus, 

after the close of the comment period, this 

study will begin only if (1) the Commission 

chooses to submit the proposed orders to 

OMB for its review, and (2) OMB reviews and 

approves the orders. 

Both of those critical decisions will belong 

to the Trump Administration. I therefore 

concur in the Commission’s decision to 

publish the proposed section 6(b) orders for 

public comment because I agree that SFRs are 

worthy of study, and because the decision to 

launch the section 6(b) study will belong 

entirely to the Trump FTC and OMB. I look 

forward to reviewing the comments 

submitted by the public before making any 

subsequent determination about whether to 

seek the Trump OMB’s approval to 

commence the study. 

[FR Doc. 2025–01657 Filed 1–23–25; 8:45 am] 

BILLING CODE 6750–01–P 


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