Sternlicht Says Rental-Home Bargains Harder to Find

Barry Sternlicht, chief executive officer of Starwood Capital Group LLC, said investors still have to prove they can efficiently manage scattered rental houses as they expand in a competitive market.

Buying homes to lease has gotten more difficult after prices soared in the past two years, he said in an interview on Bloomberg Television from the Milken Institute Global Conference in Beverly Hills, California. Sternlicht’s Starwood Waypoint Residential Trust, based in Oakland, California, controls more than 5,000 rental homes, according to a January presentation to investors.