Compared to late 2024, fewer landlords plan to expand their portfolios, while more are investing in property improvements and optimizing operations, according to new survey results from RentRedi and data from BiggerPockets. RentRedi, a property management software tool and NAR REALTOR Benefits® partner, says rental property managers are demonstrating notable shifts related to investment strategies, renovation spending and business priorities.
Landlords cited property prices as the biggest barrier to buying, while nearly a quarter pointed to interest rates. Others said slow revenue growth or time commitment were their main challenges to business expansion.
Over the past six months, the share of landlords planning to buy new properties dropped from 67% in November 2024 to 53% in June 2025—a 14-point decline. During the same period, the portion of landlords with no plans to change their portfolio rose by 11% from 32% to over 43%. Fewer than 1 in 25 landlords say they plan to sell a rental property this year, according to the RentRedi survey.
Regionally, the West experienced the biggest shift in sentiment, with the number of landlords saying they have no plans to make portfolio changes rising from 39% to 53%, a 14-point increase. In contrast, the Northeast was the most acquisition-oriented region, with 57% of investors still planning to buy property in 2025, outpacing the national average, RentRedi says.
- While all portfolio sizes saw a decline in buying plans, landlords with 20 or more units remain more active than their smaller counterparts.
- As of June, 35% of landlords expect to spend more than $20,000 on property upgrades this year, up from 27% in November.
- Among large portfolios, nearly two-thirds of landlords expect to spend more than $20,000 on upgrades, up from 36% in November.
- Small landlords remained more conservative, with nearly half still budgeting under $5,000 for property upgrades.
- About 40% of landlords said they do not plan to diversify their portfolios by property type or location, and another quarter are unsure.
Landlords are managing their properties more efficiently, even as they face evolving challenges,” says RentRedi Co-founder and CEO Ryan Barone.
