Since the Great Recession, the rise of single-family rental companies has changed the investor ownership landscape in the U.S. Using housing transaction data, we document the rise of Long Term Rental (LTR) companies, defined as inclusive of single-family rental, rent-to-own, and real estate private equity firms, by constructing a panel of national single-family housing portfolios between 2010 and 2022. We show that LTR growth outstripped all other investor types, such as builders, iBuyers, and small investors, over the last decade. These companies geographically concentrate their holdings in select census tracts and expand their local market shares over time. To estimate LTRs’ impacts on local housing markets, we construct a novel instrument predicting LTR entry, which we name the “suitability index.” In the cross-section, this instrument leverages differential revealed preferences in product characteristics across landlord types. In the time-series, we interact these differential product preferences with a proxy for falling property management costs over time. In the first stage, more suitable locations for LTRs experience higher growth in LTR shares: a one-standard-deviation increase in the instrument implies a 54.4% higher annual growth in LTR share relative to the baseline mean. We use this instrument for LTR market entry to estimate the causal impact of LTR market share on local house prices. We find that a one-standard-deviation above the mean increase in LTR share growth leads to an annual additional house price growth of 1.24pp and additional rent growth of 2.51pp. Finally, we discuss how the reallocation of homeownership across small and large landlords, as well as owner-occupants and investors, contribute to these price increases.