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[Federal Register Volume 90, Number 15 (Friday, January 24, 2025)]
[Notices]
[Pages 8133-8138]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-01657]

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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.

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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; [email protected].

SUPPLEMENTARY INFORMATION: Historically, individuals and other small 
businesses owned and operated single-family 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\
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    \1\ See 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.
    \3\ Brett Christophers, ``How and Why U.S. Single-Family Housing 
Became an Investor Asset Class'', 49 J. Urb. Hist. 430, 434-35 
(2023).
    \4\ Laurie Goodman et al., Urban. Inst. A Profile of 
Institutional Investor-Owned Single-Family Rental Properties 2 (Apr. 
25, 2023).
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    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 single-family 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

[[Page 8134]]

transactions under the Hart-Scott-Rodino Act.\9\
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    \5\ See, 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-investors-buying-up-homes.
    \6\ See, 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/.
    \7\ See, 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-big-corporate-investors-buy-up-local-homes-drive-housing-prices.
    \8\ Press 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-roll-strategies-across-us-economy.
    \9\ Letter 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-
81fb-b1a5dd54989f/8962AAFE6786417298506ACF44ABDE47.2024.5.10_-
letter-to-ftc-re-housing-and-hsr.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-ryan-demands-investigation-price-gouging-wall-street-private (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.
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    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.
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    \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.
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    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 non-public 
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.
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    \11\ See, 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-identify-investor-owned-single-family-rental-properties-lessons-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-Wstate-RaymondE-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-Wstate-SchuetzJ-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-about-institutional-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-in-investor-owned-single-family-rentals-prompts-policy-responses.
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    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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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 Single-

[[Page 8136]]

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, sale-leasebacks, 
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 Single-Family 
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 x 32 entities \12\) to

[[Page 8137]]

19,200 (600 hours x 32 companies). The number of hours required may be 
significantly lower depending on the format in which mega investors 
currently store the requested information.
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    \12\ Note 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 
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.
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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.
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    \13\ These 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.
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    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\
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                      Data           Outside
                                                                    Managers       scientists        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.
---------------------------------------------------------------------------

    \14\ Estimated lower and upper bounds for task completion times 
and costs are indicated in brackets: [estimated lower bound, 
estimated upper bound].
---------------------------------------------------------------------------

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

[[Page 8138]]

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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 46(b).
    \2\ See, 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/texas-greg-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/new-york-governor-wants-to-limit-hedge-funds-from-20025292.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-on-investors-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-spent-billions-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.'').
    \3\ See, 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-equity-firms-who-own-their-homes/.
    \4\ See Concurring and Dissenting Statement of Comm'r Andrew N. 
Ferguson, ``In re Invitation Homes, Inc.'', Matter No. 203170, at 1 
(Sept. 24, 2024).
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    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 law-enforcement theories.\5\
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    \5\ See, 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).
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    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.
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    \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/.
    \8\ See 44 U.S.C. 3503, 3507(a).
---------------------------------------------------------------------------

    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
```