House Bill 2325, introduced in the 2026 Arizona Legislature, is officially titled “Single-family homes; institutional investors.” It introduces new limits and reporting requirements for large investment entities in the Arizona single-family housing market.
What HB 2325 Actually Proposes
Under the bill:
- Defines “Institutional Investor” as any entity that owns or manages 10 or more single-family homes in Arizona.
- Limits ownership so that an institutional investor cannot own more than 50 single-family homes in the state.
- Prohibits bulk purchases, meaning institutional investors cannot acquire two or more homes in a single transaction or via multiple transactions within a 12-month period.
- Imposes a 60-day bidding restriction, barring institutional investors from submitting a bid or offer on a listed home during the first 60 days it’s publicly available.
- Requires annual reporting to the Arizona Department of Housing, detailing:
- All homes owned during the last calendar year,
- Homes bought and sold,
- Compliance with existing rental laws.
- Exempts:
- Nonprofits focused on affordable housing,
- Government housing agencies,
- Community land trusts,
- Homebuilders,
- Entities owning fewer than 50 homes,
- Pension or fiduciary funds below a certain asset threshold.
- The Attorney General or local prosecutors would enforce the rules, and investors must be given notice and a chance to be heard before enforcement actions.
The short title in the bill text is the “Own Something and Be Happy Act.”