Its true that its a small number, but when you look at the statistics as a function of "percentage of homes purchased in 2024" instead of "total percentage ownership of homes", it is a bit more substantial: My understanding is the number is closer to 2% for Institutional investors, and as high as 4% for major markets like Phoenix and Dallas.

What it will come down to is the exact wording of what Trump means by "large institutional investors" (his exact words on Truth).