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Investment firm looks to make single-family rentals profitable in Philadelphia

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The Steinbridge Group is buying houses in Philadelphia to test its theory that single-family rentals can be both profitable and affordable. CEO Tawan Davis told Bisnow that his company wants “to focus on people who need to live in and around the urban center, but can’t afford to buy a home because the starting price to get on the homeownership ladder is so high that working people can’t start owning as early as they might like.” Steinbridge has closed on 60 homes and is in contract on 40 more in Philadelphia. By the end of 2018, Davis hopes to spend $50 million on 500 homes in the city. [Bisnow]