California Apartment Association

Billions of dollars are trading hands as some of America’s richest investors snatch up single-family homes and place them on the rental market, Bloomberg reports.

The idea: Buy distressed homes now and make money renting them out as they appreciate and go back on the market in a few years.

Returns on investments in hard-hit regions, such as in Florida, could fetch returns of 6 to 8 percent, Sandeep Bordia of Barclays Plc. told Bloomberg, while places with already-high home prices — like in California — might see yields closer to 4 and 5 percent.