Your new suburban rental has granite kitchen countertops, built to withstand even the most hard-wearing tenant. The neighbors next door have the exact same laundry machine. Welcome to the community where every detail has been designed to keep costs down for the Wall Street landlord.

Big investors are bullish about America’s family homes. So bullish they are willing to build entire new neighborhoods as it becomes harder to buy houses from the usual channels. Interest rates are at multiyear highs and fewer homes are for sale as owners don’t want to give up their cheap mortgage rates. Homes are also eye-wateringly expensive. In October, prices hit a fresh record according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.