[dragonwriter]

In addition, very often lots of the small landlords are hands off delegating most practical decisions on renting to a handful of large management companies, and if they were to become unsatisfied with doing that would exit the landlord role, rather than directly manage. So, in market effect, they function more like a smaller number of large landlords who happen to pay out profit shares to a larger pool of people than like a large number of landlords directly participating in the rental market.