Corporate landlords in Latin America: Notes to an ongoing debate

Abstract

Corporate landlords seem to be transforming real estate markets across geographies. However, most academic works have centred on the ‘Global North’, where rental housing financialisation has been better documented. In aiming to contribute to current debates, this paper focuses on Latin America, a region that has witnessed a recent, albeit fragmented, body of research on the topic. Informed by a literature review and previous works on real estate financialisation, the commentary argues that the role of corporate landlords in Latin America is relatively limited in scope and tied to longstanding structural macroeconomic conditions. It focuses on how corporate landlords exploit favourable market conditions created by regulatory frameworks, employ opportunistic financial strategies and adapt to the region’s structural challenges – such as financial volatility, income inequality, informal labour markets and fragile social protections. These conditions impel a higher degree of flexibility from capital, allowing it to navigate volatile environments while hedging against risks through state support. As a result, the financialization of rental housing in Latin America remains highly selective, primarily targeting high-value urban areas and wealthier populations, and is concentrated in multifamily developments in a few major cities, such as São Paulo, Santiago and Mexico City. Finally, as a result of the lack of capital specialization, corporate landlords and financial capital remain relatively invisible to housing movements, which have directed their demands towards the state through more traditional strategies.