Living with an invisible landlord: how tenants navigate corporate landlords in Chile’s housing market

Amid the booming rental market in Santiago, new financial and institutional actors (real estate investment funds, insurance companies, and real estate firms) have emerged to increase their investment portfolios by owning and managing residential buildings for rent. Corporate landlords manage over 196 buildings in Santiago, featuring high-rise housing in downtown areas. Today, more than 45,000 households live under the management of a corporate landlord. How are corporate landlords transforming the daily experiences of renters in Santiago, Chile? To answer this question, the research focused on (1) accessibility, (2) affordability, and (3) administration by studying the application process of tenants, building experience, and landlord-tenant relationships. Using a qualitative approach that includes 46 interviews with tenants, this paper argues that, although their experiences vary according to their socioeconomic background, tenants navigate the system on their own. Their strategies are individualized on a case-by-case basis, seeking alternatives to their feelings of frustration, neglect, and abandonment. The lack of direct communication via digital tools transforms management into an invisible landlord. Hence, there is an uneven terrain of financialization when corporate landlords are present. While an invisible landlord may be convenient for those with financial resources, it is less reliable for low-income and vulnerable families.